资产评估收益法公式及其习题总结.ppt

1、,Income approach,Basic concept,Income approach normal net income of the future is predicted value object, then choose proper capitalization rate or return rate, income multiplier converts it to a value to calculate the estimated value of the object.,The applicable objects and condition,Real estate f

2、uture earnings can be accurately quantified Risk can be accurately quantified,Applicable earnings or potential benefits of real estate Such as business, hotel, restaurant, office buildings, apartments, amusement parks, factories, farmland and other real estate For gains or potential gains are diffic

3、ult to quantify the assessment of real estate prices is not applicable Such as government offices, schools, parks, libraries, museums ， public real estate valuation,Condition,Applicable objects,Aannual net earnings (assuming that occur at the end of the year) r capitalization rate (discount rate),Be

4、nefits of infinite and other factors unchanged,（1）Net income is A per year （2）Capitalization rate r the same each year and greater than zero （3）n, infinite,Condition:,The benefits of limited and other factors unchanged,Condition:,（1）Net income is A per year （2）Capitalization rate r the same each yea

5、r and greater than zero （3）n, limited,r=0,Net income before change in the next several year,limited,infinite,（1）Net income before t years (including the first t years) have change, respectively is A1, A2,. , the at t, in no change to A later （2）r is greater than zero （3）n, infinite,（1）Net income bef

6、ore t years (including the first t years) have change, respectively is A1, A2,. , the at t, in no change to A later （2）r is greater than zero （3）n, limited,A particular property is built on the government paid transfer of land development, land fixed number of year for 50 years, has been used for 10

7、 years. The property under normal circumstances the annual net income of 200000 yuan, the capitalization rate is 10%, the profit for the price of real estate?,Answer:,【Exercise】,A companys revenue is expected next five years amounted to 150,000, 180,000, 200,000, 240,000 and 200,000. Assumed from th

8、e sixth year after the annual income of 20 million, the capitalization rate to determine the discount rate and 10%. Evaluate the asset in assessed value under sustainable management.,Answer:,1、151/（1+10%）+181/（1+10%）2+201/（1+10%）3+241/（1+10%）4+201/（1+10%）5 =150.9091+180.8264+200.7513+240.6830+200.62

9、09=72.3 2、2010%1/(1+10%)5=2000.6209=124.18 3、72.3+124.18=196.48,Expected an earning assets incomes over the next five years is 80,000 yuan, 100,000 yuan, 130,000 yuan, 150,000 yuan and 200,000 yuan. after the 6th year, the annual revenue of 200,000 yuan, the discount rate is 8%. Earnings period is 3

10、5 years, using the income approach to determine the appraised value of the asset.,Analyze:,Answer:,A company acquisition of a excavator on June 1, 2003, Evaluators prepare for excavator to assess the value on 1 June 2006, Similar devices on the market transactions through understanding of the situat

11、ion, Selection and evaluation of two similar devices as a reference, Data in the following table;,Year prior to the valuation, the monthly price change of similar equipment, Average monthly increase of 0.5%, Functionality and price is directly proportional,Assess the value of the excavator on 1 June 2006,Answer:,Quantitative Trading Hours: A:103/100=1.03 B:101.5/100=1.015 Functional f