主持人語：從本輯開始我們將逐步介紹收益途徑。

From an investor’s point view，earning power is the critical element affecting property value.One basic investment premise holds that the higher the earning， the higher the value， provided the amount of risk remains constant. An investor who purchases income-producing property is essentially trading present dollars for the expectation of receiving future dollars. This theory forms the basis for Income capitalization Approach.

從投資者的角度出發(fā)，贏利能力是影響資產(chǎn)價(jià)值的最關(guān)健因素。投資的一個(gè)最基本假定就是在風(fēng)險(xiǎn)維持不變的情況下，贏利越大，價(jià)值越大。一個(gè)投資者購買具有產(chǎn)生收益能力的資產(chǎn)，實(shí)質(zhì)上就是以目前的美元金額（貨幣量）獲取未來美元金額（貨幣量）期望值的交易。這一理論構(gòu)成了收益途徑的基礎(chǔ)。

In the income capitalization approach， the present value of the future benefits of property ownership is measured. A property’s income and resale value upon reversion may be capitalized into a current value. There are two methods of income capitalization: direct capitalization and yield capitalization. In direct capitalization， the relationship between one year’s income and value is reflected in either a capitalization rate or an income multiplier. In yield capitalization， the relationship between several year’s stabilized income and a reversionary value at the end of a designated period is reflected in a yield rate. The most common application of yield capitalization is discounted cash flow analysis.

在收益途徑中，衡量的是資產(chǎn)所有權(quán)未來收益的現(xiàn)值。某項(xiàng)資產(chǎn)的（持有）收益和最終出售的價(jià)值可以資本化為現(xiàn)值。收益資本化有兩種方法：直接資本化和報(bào)酬資本化。在直接資本化方法中，一年收益和價(jià)值之間的關(guān)系通過資本化率或收益乘數(shù)體現(xiàn)出來．在報(bào)酬資本化法中，幾年的穩(wěn)定收益和某一確定期間的期末終值通過收益率予以體現(xiàn)。報(bào)酬資本化法中最常應(yīng)用的是折現(xiàn)現(xiàn)金流分析。

Like the sales comparison and cost approach， the income capitalization approach requires extensive market research. Data collection and analysis for this approach are conducted against a background of supply and demand relationships， which provide information about trends and market anticipation.

同市場途徑和成本途徑一樣，收益途徑需要進(jìn)行詳實(shí)的市場研究。收益途徑中對(duì)數(shù)據(jù)的收集和分析應(yīng)當(dāng)在對(duì)供求關(guān)系分析的基礎(chǔ)上進(jìn)行，后者能夠提供有關(guān)趨勢(shì)和市場預(yù)期的信息。

The specific data that an appraiser investigates in the income capitalization approach might include the property’s gross income expectancy， the anticipated annual operating expenses， the pattern and duration of the property’s income stream， and the anticipated reversionary value. After income and expense are estimated， the income streams are capitalized by applying an appropriate rate or factor or converted into present value through discounting. The rates used for capitalization or discounting are derived from acceptable rates of returns for similar properties.

評(píng)估師應(yīng)用收益途徑時(shí)所調(diào)查的特定數(shù)據(jù)可能包括資產(chǎn)的預(yù)期總收入、預(yù)期年經(jīng)營費(fèi)用、財(cái)產(chǎn)收益流的模式和期間以及預(yù)期的終值。估測收益和費(fèi)用后，收益流通過一個(gè)適當(dāng)?shù)谋嚷驶蛞蜃舆M(jìn)行資本化，或者通過折現(xiàn)轉(zhuǎn)為現(xiàn)值。用于資本化或折現(xiàn)的比率取自相似資產(chǎn)的可接受回報(bào)率。

本期詞匯

Income capitalization approach/method 收益途徑/方法，也稱為income approach/method， 在我國通常稱為收益法、收益現(xiàn)值法或收益還原法。《資產(chǎn)評(píng)估準(zhǔn)則——基本準(zhǔn)則》中的標(biāo)準(zhǔn)稱法為收益法。

capitalization rate資本化率

income multiplier收益乘數(shù)

資本化率是我國評(píng)估界常用的概念，國外評(píng)估界在廣泛使用資本化率概念的同時(shí)，在評(píng)估實(shí)踐中還經(jīng)常采用收益乘數(shù)這一概念，從數(shù)學(xué)上說，除以10%與乘以10具有等同效果。因此，在收益途徑中選用的資本化率為10%和選用收益乘數(shù)為10具有等同效果。

(主持人：王誠軍)