鑰冮粸(di菐n)锛氱洿鎺ヨ硣鏈寲娉�

1.鐩存帴璩囨湰鍖栨硶姒傝堪

璩囨湰鍖栫巼(capitalization rate锛孯)鏄埧鍦扮敘(ch菐n)鏈締(l谩i)绗竴骞寸殑鍑堟敹鐩婅垏鍏跺児(ji脿)鍊兼垨鍍�(ji脿)鏍肩殑鐧惧垎姣�銆傚埄鐢ㄨ硣鏈寲鐜囧皣鏈締(l谩i)鏀剁泭杞�(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑鐩存帴璩囨湰鍖栨硶鐨勫叕寮忕偤锛�

V=NOI/R

寮忎腑V——鎴垮湴鐢�(ch菐n)鍍�(ji脿)鍊�;

NOI——鎴垮湴鐢�(ch菐n)鏈締(l谩i)绗竴骞寸殑鍑堟敹鐩�;

R——璩囨湰鍖栫巼銆�

鏀剁泭涔樻暩(sh霉) 鏄埧鍦扮敘(ch菐n)鍍�(ji脿)鍊兼垨鍍�(ji脿)鏍艰垏鍏舵湭渚�(l谩i)绗竴骞寸殑鏀剁泭鐨勬瘮鍊�銆傚埄鐢ㄦ敹鐩婁箻鏁�(sh霉)灏囨湭渚�(l谩i)鏀剁泭杞�(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑鐩存帴璩囨湰鍖栨硶鐨勫叕寮忕偤锛�

鎴垮湴鐢�(ch菐n)鍍�(ji脿)鍊�=骞存敹鐩�×鏀剁泭涔樻暩(sh霉)

鐩存帴璩囨湰鍖栦腑鏈締(l谩i)绗竴骞寸殑鏀剁泭鏈夋檪(sh铆)鐢ㄧ暥(d膩ng)鍓嶇殑鏀剁泭杩戜技浠ｆ浛銆�

2.鏀剁泭涔樻暩(sh霉)娉曠殑绋

鐢ㄤ簬鐩存帴璩囨湰鍖栫殑鏀剁泭椤炲瀷涓昏鏈夋經鍦ㄦ瘺鏀跺叆銆佹湁鏁堟瘺鏀跺叆鍜屽噲鏀剁泭锛岀浉鎳�(y墨ng)鐨勬敹鐩婁箻鏁�(sh霉)鏈夋經鍦ㄦ瘺鏀跺叆涔樻暩(sh霉)(PGIM)銆佹湁鏁堟瘺鏀跺叆涔樻暩(sh霉)(EGIM)鍜屽噲鏀剁泭涔樻暩(sh霉)(NIM)銆�

(1)娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)娉�

娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)娉曟槸灏囦及鍍�(ji脿)灏�(du矛)璞℃湭渚�(l谩i)绗竴骞寸殑娼涘湪姣涙敹鍏ヤ箻浠ユ經鍦ㄦ瘺鏀跺叆涔樻暩(sh霉)渚�(l谩i)姹傚彇浼板児(ji脿)灏�(du矛)璞″児(ji脿)鍊肩殑鏂规硶锛屽嵆锛�

V=PGI×PGIM

娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)鏄浼兼埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞存經鍦ㄦ瘺鏀跺叆鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆锛�

PGIM=V/PGI

娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)娉曟矑(m茅i)鏈夎€冩叜鎴垮湴鐢�(ch菐n)绌虹疆鐜囧拰閬�(y霉n)鐕�(y铆ng)璨�(f猫i)鐢ㄧ殑宸暟 (娼涘湪锛岃(shu艒)鏄庢槸鏈€澶у彲鑳�)銆傚洜姝�锛屽鏋滀及鍍�(ji脿)灏�(du矛)璞¤垏鍙瘮瀵�(sh铆)渚嬬殑绌虹疆鐜囧樊鐣颁笉澶�锛屽苟涓旈亱(y霉n)鐕�(y铆ng)璨�(f猫i)鐢ㄦ瘮鐜囩浉浼�锛屽墖浣跨敤娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)娉曟槸涓€绋啊(ji菐n)鍠彲琛岀殑鏂规硶銆�

瑭叉柟娉曡純绮楃硻锛岄仼鐢ㄤ簬浼板児(ji脿)灏�(du矛)璞¤硣鏂欎笉鍏呭垎鎴栫簿搴﹁姹備笉楂樼殑浼板児(ji脿)銆�

(2)鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)娉�

鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)娉曟槸灏囦及鍍�(ji脿)灏�(du矛)璞℃湭渚�(l谩i)绗竴骞寸殑鏈夋晥姣涙敹鍏ヤ箻浠ユ湁鏁堟瘺鏀跺叆涔樻暩(sh霉)渚�(l谩i)姹傚彇浼板児(ji脿)灏�(du矛)璞″児(ji脿)鍊肩殑鏂规硶锛屽嵆锛�

V=EGI×EGIM

鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)鏄浼兼埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞存湁鏁堟瘺鏀跺叆鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆锛�

EGIM=V/EGI

鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)娉曡€冩叜浜嗘埧鍦扮敘(ch菐n)鐨勭┖缃拰鏀剁鎼嶅け鎯呮硜 銆傚洜姝�锛岀暥(d膩ng)浼板児(ji脿)灏�(du矛)璞¤垏鍙瘮瀵�(sh铆)渚嬬殑绌虹疆鐜囨湁杓冨ぇ鐨勫樊鐣帮紝鑰屼笖閫欑ó宸暟闋�(y霉)瑷�(j矛)閭勫皣绻肩簩(x霉)涓嬪幓鏅�(sh铆)锛屽墖浣跨敤鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)姣斾娇鐢ㄦ經鍦ㄦ瘺鏀跺叆涔樻暩(sh霉)鏇寸偤鍚堥仼銆�

鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)娉曠殑缂洪粸(di菐n)鏄矑(m茅i)鏈夎€冩叜閬�(y霉n)鐕�(y铆ng)璨�(f猫i)鐢ㄧ殑宸暟 锛屽洜姝や篃鍙仼鐢ㄤ簬鍋氱矖鐣ョ殑浼板児(ji脿)銆�

(3)鍑堟敹鐩婁箻鏁�(sh霉)娉�(鐢ㄧ殑鏈€澶�)

鍑堟敹鐩婁箻鏁�(sh霉)娉曟槸灏囦及鍍�(ji脿)灏�(du矛)璞℃湭渚�(l谩i)绗竴骞寸殑鍑堟敹鐩婁箻浠ュ噲鏀剁泭涔樻暩(sh霉)渚�(l谩i)姹傚彇浼板児(ji脿)灏�(du矛)璞″児(ji脿)鍊肩殑鏂规硶锛� V=NOI×NIM

鍑堟敹鐩婁箻鏁�(sh霉)鏄浼兼埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞村噲鏀剁泭鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆锛� NIM=V/NOI

鍑堟敹鐩婁箻鏁�(sh霉)娉曡兘鎻愪緵鏇村彲闈犵殑鍍�(ji脿)鍊兼脯(c猫)绠椼€�

鍑堟敹鐩婁箻鏁�(sh霉)鑸囪硣鏈寲鐜囦簰鐐哄€掓暩(sh霉) 锛岄€氬父寰堝皯鐩存帴閲囩敤鍑堟敹鐩婁箻鏁�(sh霉)娉曞舰寮忥紝鑰岄噰鐢ㄨ硣鏈寲鐜囧皣鍑堟敹鐩婅綁(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑褰㈠紡锛屽嵆锛� V=NOI/R

3.璩囨湰鍖栫巼鍜屾敹鐩婁箻鏁�(sh霉)鐨勬眰鍙栨柟娉�

璩囨湰鍖栫巼鍜屾敹鐩婁箻鏁�(sh霉)閮藉彲浠ラ噰鐢ㄥ競鍫�(ch菐ng)鎻愬彇娉�锛岄€氶亷(gu貌)甯傚牬(ch菐ng)涓婅繎鏈熶氦鏄撶殑鑸囦及鍍�(ji脿)灏�(du矛)璞＄殑鍑堟敹鐩婃祦妯″紡(鍖呮嫭鍑堟敹鐩婄殑璁婂寲銆佹敹鐩婃湡鐨勯暦(zh菐ng)鐭�)绛夌浉鍚岀殑瑷卞椤炰技鎴垮湴鐢�(ch菐n)鐨勬湁闂�(gu膩n)璩囨枡(鐢遍€欎簺璩囨枡鍙眰寰楀勾鏀剁泭鍜屽児(ji脿)鏍�)姹傚彇銆�

鍒╃敤甯傚牬(ch菐ng)鎻愬彇娉曟眰鍙栬硣鏈寲鐜囩殑鍏紡鐐猴細 R=NOI/V

鍒╃敤甯傚牬(ch菐ng)鎻愬彇娉曟眰鍙栨敹鐩婁箻鏁�(sh霉)鐨勫叕寮忕偤锛� 鏀剁泭涔樻暩(sh霉)=鍍�(ji脿)鏍�/骞存敹鐩�

4.璩囨湰鍖栫巼鑸囧牨(b脿o)閰巼鐨勫崁(q奴)鍒ュ拰闂�(gu膩n)绯�

璩囨湰鍖栫巼(R)鍜屽牨(b脿o)閰巼(Y)閮芥槸灏囨埧鍦扮敘(ch菐n)鐨勯爯(y霉)鏈熸敹鐩婅綁(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑姣旂巼锛屼絾鍏╄€呮湁寰堝ぇ鐨勫崁(q奴)鍒�銆�

璩囨湰鍖栫巼鏄湪鐩存帴璩囨湰鍖栨硶 涓噰鐢ㄧ殑锛屾槸涓€姝ュ氨灏囨埧鍦扮敘(ch菐n)鐨勯爯(y霉)鏈熸敹鐩婅綁(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑姣旂巼 ;

鍫�(b脿o)閰巼鏄湪鍫�(b脿o)閰硣鏈寲娉� 涓噰鐢ㄧ殑锛屾槸閫氶亷(gu貌)鎶樼従(xi脿n)鐨勬柟寮忓皣鎴垮湴鐢�(ch菐n)鐨勯爯(y霉)鏈熸敹鐩婅綁(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑姣旂巼銆�

璩囨湰鍖栫巼鏄埧鍦扮敘(ch菐n)鐨勬煇绋勾鏀剁泭鑸囧叾鍍�(ji脿)鏍肩殑姣旂巼(閫氬父鐢ㄦ湭渚�(l谩i)绗竴骞寸殑鍑堟敹鐩婇櫎浠ュ児(ji脿)鏍间締(l谩i)瑷�(j矛)绠�)锛屽儏琛ㄧず鏀剁泭鍒板児(ji脿)鍊肩殑姣旂巼锛屽苟涓嶆槑纰哄湴琛ㄧず鐛插埄鑳藉姏 ;

鍫�(b脿o)閰巼鏄敤渚�(l谩i)闄や竴閫ｄ覆鐨勬湭渚�(l谩i)鍚勬湡鍑堟敹鐩�锛屼互姹傚彇鏈締(l谩i)鍚勬湡鍑堟敹鐩婄殑鐝�(xi脿n)鍊肩殑姣旂巼銆�

鍦ㄥ牨(b脿o)閰硣鏈寲娉曚腑锛屽鏋滃噲鏀剁泭娴佹ā寮忎笉鍚�锛屽叿楂旂殑瑷�(j矛)绠楀叕寮忔渻(hu矛)鏈夋墍涓嶅悓銆�

渚嬪锛屽湪鍑堟敹鐩婃瘡骞翠笉璁婁笖鏀剁泭鏈熺偤鐒�(w煤)闄愬勾鐨勬儏娉佷笅锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細

V=A/Y

鍦ㄥ噲鏀剁泭姣忓勾涓嶈畩浣嗘敹鐩婃湡鐐烘湁闄愬勾鐨勬儏娉佷笅锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細

鍦ㄥ噲鏀剁泭鎸夋瘮鐜噂閫愬勾閬炲涓旀敹鐩婃湡鐐虹劇(w煤)闄愬勾鐨勬儏娉佷笅锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細

鍦ㄩ爯(y霉)鐭ユ湭渚�(l谩i)鑻ュ共骞村悗鐨勫児(ji脿)鏍肩浉灏�(du矛)璁婂嫊(d貌ng)鐨勬儏娉佷笅锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細

鍦ㄤ笂杩板洓绋儏娉佷笅鐨勫牨(b脿o)閰硣鏈寲娉曞叕寮忎腑锛孻鏄牨(b脿o)閰巼銆�

璩囨湰鍖栫巼鏄笉鍗€(q奴)鍒嗗噲鏀剁泭娴佹ā寮忕殑锛屽湪鎵€鏈夋儏娉佷笅鐨勬湭渚�(l谩i)绗竴骞寸殑鍑堟敹鐩婅垏鍍�(ji脿)鏍肩殑姣旂巼(A/V)閮芥槸璩囨湰鍖栫巼銆�

鍦ㄤ笂杩扮涓€绋儏娉佷笅锛岃硣鏈寲鐜囨濂界瓑浜庡牨(b脿o)閰巼锛屽嵆锛�

R=Y

鍦ㄤ笂杩扮浜岀ó鎯呮硜涓�锛岃硣鏈寲鐜囧氨涓嶇瓑浜庡牨(b脿o)閰巼銆傚畠鑸囧牨(b脿o)閰巼鐨勯棞(gu膩n)绯昏畩?y艒u)妞�?/p>

鍦ㄤ笂杩扮涓夌ó鎯呮硜涓嬶紝璩囨湰鍖栫巼鑸囧牨(b脿o)閰巼鐨勯棞(gu膩n)绯昏畩?y艒u)妞�?/p>

R=Y-G

鍦ㄤ笂杩扮鍥涚ó鎯呮硜涓�锛岃硣鏈寲鐜囪垏鍫�(b脿o)閰巼鐨勯棞(gu膩n)绯昏畩?y艒u)妞�?/p>

鍫�(b脿o)閰巼鑸囧噲鏀剁泭鏈韩鐨勮畩鍖栦互鍙婃敹鐩婃湡鐨勯暦(zh菐ng)鐭瓑鐒�(w煤)鐩存帴闂�(gu膩n)绯伙紝鑰岃硣鏈寲鐜囪垏鍑堟敹鐩婃湰韬殑璁婂寲浠ュ強鏀剁泭鏈熺殑闀�(zh菐ng)鐭瓑鏈夌洿鎺ラ棞(gu膩n)绯�銆� (娉ㄦ剰鍒ゆ柗椤�)

鍦ㄥ倷鎴�(zh脿n)2021骞存埧鍦扮敘(ch菐n)浼板児(ji脿)甯€冭│鏅�(sh铆)锛屽闇€瑕佹埧鍦扮敘(ch菐n)浼板児(ji脿)甯京(f霉)缈�(x铆)璩囨枡锛岃珛(q菒ng)榛�(di菐n)鎿婃枃绔犱笅鏂归張鎺�锛�銆愬厤璨�(f猫i)涓嬭級銆�瀛�(xu茅)缈�(x铆)銆�