基于市場(chǎng)法的投資性房地產(chǎn)價(jià)值評(píng)估問題研究
本文選題:投資性房地產(chǎn)評(píng)估 + 市場(chǎng)法 ; 參考:《江西財(cái)經(jīng)大學(xué)》2017年碩士論文
【摘要】:隨著市場(chǎng)化改革的深入,房地產(chǎn)評(píng)估伴隨著國內(nèi)房地產(chǎn)行業(yè)的繁榮逐漸發(fā)展起來。房地產(chǎn)評(píng)估是專業(yè)的評(píng)估師依據(jù)特定目的對(duì)房地產(chǎn)特定權(quán)益在某一特定時(shí)點(diǎn)的價(jià)值進(jìn)行估算的行為。在該過程中,投資性房地產(chǎn)和其他類型房地產(chǎn)的評(píng)估有較大的差異。投資性房地產(chǎn)指企業(yè)為了對(duì)建筑物進(jìn)行出租而收取租金或?yàn)榱速Y本增值,或二者兼而有之而持有的房地產(chǎn)。在評(píng)估實(shí)務(wù)中經(jīng)常使用到的評(píng)估方法有市場(chǎng)法、成本法及收益法,由于投資性房地產(chǎn)市場(chǎng)價(jià)值波動(dòng)較大,成本法一般不適合應(yīng)用于投資性房地產(chǎn)的價(jià)值評(píng)估,收益法由于受到估值參數(shù)的影響較大也不適合應(yīng)用于投資性房地產(chǎn)的評(píng)估,所以在投資性房地產(chǎn)評(píng)估中經(jīng)常使用的方法是市場(chǎng)法。本文在論述投資性房地產(chǎn)價(jià)值評(píng)估相關(guān)理論的基礎(chǔ)上,系統(tǒng)分析了市場(chǎng)法的基本原理并闡述了市場(chǎng)法在投資性房地產(chǎn)價(jià)值評(píng)估中的應(yīng)用,進(jìn)而通過分析投資性房地產(chǎn)評(píng)估中的具體案例,并結(jié)合投資性房地產(chǎn)評(píng)估的特殊性進(jìn)行了影響因素調(diào)整,最后根據(jù)市場(chǎng)法的評(píng)估步驟得出評(píng)估結(jié)果。但是市場(chǎng)法中的因素修正主要依賴于評(píng)估師的經(jīng)驗(yàn)與判斷,沒有考慮到各因素的權(quán)重,所以為彌補(bǔ)市場(chǎng)法的不足,本文在對(duì)案例調(diào)查和研究的基礎(chǔ)上,從眾多影響因素中選取與待估對(duì)象相關(guān)的影響因素,在此基礎(chǔ)上建立和完善指標(biāo)體系,然后用專家打分法給這些指標(biāo)打分使其量化,最后用層次分析法計(jì)算出這些指標(biāo)的權(quán)重并得出相應(yīng)的評(píng)估結(jié)果。結(jié)果發(fā)現(xiàn)利用層次分析法以及量化打分方法對(duì)市場(chǎng)法系數(shù)權(quán)重修正后,評(píng)估結(jié)果的誤差更小。本文第一部分對(duì)文章的研究背景和意義進(jìn)行了概括性論述,分析了全文的思路、框架、貢獻(xiàn)及不足。第二、三部分討論了投資性房地產(chǎn)的相關(guān)理論、市場(chǎng)法的基本原理及在投資性房地產(chǎn)評(píng)估中的應(yīng)用,為文章案例分析部分奠定了理論基礎(chǔ)。第四部分是一個(gè)具體案例研究,為了將理論運(yùn)用于實(shí)踐,本章選擇一個(gè)投資性房地產(chǎn)評(píng)估的具體案例,采用改進(jìn)之后的市場(chǎng)法進(jìn)行了案例評(píng)估,并對(duì)評(píng)估結(jié)果進(jìn)行了比較和分析。第五部分為本文主要結(jié)論與政策建議,本部分綜合文章的研究成果,得到本文主要的研究結(jié)論同時(shí)提出政策建議。本文的創(chuàng)新之處有兩點(diǎn):一是結(jié)合評(píng)估對(duì)象的行業(yè)特征對(duì)投資性房地產(chǎn)價(jià)值評(píng)估中各參數(shù)進(jìn)行了系統(tǒng)修正,有助于實(shí)務(wù)中的具體應(yīng)用;二是將層次分析法引入市場(chǎng)法的具體應(yīng)用中并取得了較好的評(píng)估結(jié)果,有助于后續(xù)的推廣應(yīng)用。
[Abstract]:With the deepening of market-oriented reform, real estate evaluation is gradually developing along with the prosperity of domestic real estate industry. Real estate evaluation is the behavior of professional appraisers to estimate the value of real estate rights and interests at a certain time. In this process, the evaluation of investment real estate and other types of real estate has great differences. Investment real estate refers to the real estate that enterprises hold in order to rent the buildings or to increase the value of capital or both. The evaluation methods often used in evaluation practice include market method, cost method and income method. Because the market value of investment real estate fluctuates greatly, cost method is not suitable for the value evaluation of investment real estate. The income method is often used in the evaluation of investment real estate because it is influenced greatly by the valuation parameters and is not suitable for the evaluation of investment real estate. On the basis of discussing the relevant theories of investment real estate value evaluation, this paper systematically analyzes the basic principle of market method and expounds the application of market method in investment real estate value evaluation. Then through analyzing the concrete case of investment real estate evaluation and combining the particularity of investment real estate evaluation, this paper adjusts the influencing factors, and finally obtains the evaluation result according to the evaluation steps of market method. However, the correction of factors in the market method mainly depends on the experience and judgment of the appraiser, and does not take into account the weight of each factor, so it can make up for the deficiency of the market method. This paper makes up for the deficiency of the market method. This paper selects the influential factors related to the object to be evaluated from many influential factors, establishes and consummates the index system on this basis, and then uses the expert scoring method to mark these indicators to make them quantificational. Finally, the weights of these indexes are calculated by AHP and the corresponding evaluation results are obtained. The results show that the error of the evaluation results is smaller after the weight of the market method coefficient is modified by the AHP and the quantitative scoring method. In the first part of this paper, the research background and significance of the article are discussed, and the ideas, framework, contributions and shortcomings of the full text are analyzed. Second, the third part discusses the related theories of investment real estate, the basic principle of market method and its application in the investment real estate evaluation, which lays a theoretical foundation for the case analysis of the article. The fourth part is a specific case study, in order to apply the theory to practice, this chapter selects a specific case of investment real estate evaluation, using the improved market method to evaluate the case. The evaluation results are compared and analyzed. The fifth part is the main conclusions and policy recommendations. The innovation of this paper has two points: first, the parameters of the investment real estate value evaluation are systematically revised in combination with the industry characteristics of the evaluation object, which is helpful to the concrete application in practice; Secondly, the analytic hierarchy process is introduced into the concrete application of the market method, and good evaluation results are obtained, which is helpful to the further popularization and application.
【學(xué)位授予單位】:江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2017
【分類號(hào)】:F299.23
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