專業英語第六輯 收益途徑

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，贏利能力是影響資產價值的最關健因素。投資的一個最基本假定就是在風險維持不變的情況下，贏利越大，價值越大。一個投資者購買具有產生收益能力的資產，實質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。這一理論構成了收益途徑的基礎。

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，衡量的是資產所有權未來收益的現值。某項資產的（持有）收益和最終出售的價值可以資本化為現值。收益資本化有兩種方法：直接資本化和報酬資本化。在直接資本化方法中，一年收益和價值之間的關系通過資本化率或收益乘數體現出來．在報酬資本化法中，幾年的穩定收益和某一確定期間的期末終值通過收益率予以體現。報酬資本化法中最常應用的是折現現金流分析。

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，收益途徑需要進行詳實的市場研究。收益途徑中對數據的收集和分析應當在對供求關系分析的基礎上進行，后者能夠提供有關趨勢和市場預期的信息。

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.

評估師應用收益途徑時所調查的特定數據可能包括資產的預期總收入、預期年經營費用、財產收益流的模式和期間以及預期的終值。估測收益和費用后，收益流通過一個適當的比率或因子進行資本化，或者通過折現轉為現值。用于資本化或折現的比率取自相似資產的可接受回報率。

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、收益現值法或收益還原法。《資產評估準則——基本準則》中的標準稱法為收益法。

capitalization rate資本化率

income multiplier收益乘數

資本化率是我國評估界常用的概念，國外評估界在廣泛使用資本化率概念的同時，在評估實踐中還經常采用收益乘數這一概念，從數學上說，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%和選用收益乘數為10具有等同效果。

(主持人：王誠軍)