论"安全利率——市场抽取"综合法确定资本化率

收益还原法是房地产估价三种基本方法之一,但它的应用需要准确把握资本化率,这一直以来是个难题。目前国内房地产评估界尚无一个操作性、可靠性强的资本化率确定方法,这使得收益还原法无法作为一种主要的、独立的、可靠性强的估价方法得到应用,其实际应用与它的理论地位很不相符。文章从资本化率的特点入手,引入收益风险倍数和国债安全利率的概念,讨论如何将安全利率法与市场抽取法相结合,即运用“安全利率———市场抽取”综合法来确定资本化率,具有较强的现实指导意义。

Using integrated method of "Security Interest and Market Extraction" to determine the capitalization rate

Receipts reinstating is one of the three fundamental methods used in property valuation,but using it needs to know the accurate capitalization rate.In current property valuation field,there is no operational and reliable way to determine the capitalization rate.This makes it difficult for the application of the receipts reinstating method.This paper first introduces the concept of earnings multiple risk and security interest rate bonds,then discusses how to combine the security interest method with the market extraction method,with this integrated method,it is easier to determine the capitalization rate,which has its practical significance.