【作者】 张炳信；

【导师】 刘圣欢；

【作者基本信息】 华中师范大学 ， 区域经济学， 2007， 硕士

【摘要】 随着我国房地产市场体系逐步确立并走向完善，作为中介服务行业的房地产估价工作在房地产市场中扮演着越来越重要的角色，并且服务范围越来越广。房地产估价有助于推动房地产价格正常化，保障房地产公平交易，建立健康的房地产市场体系和公正合理的交易秩序。目前我国房地产估价理论与方法仍处在探索阶段，房地产估价需要多元化拓展，因而积极探索更为科学的估价方法具有重要的理论意义和现实意义。第一章，回顾了国内外房地产估价理论与方法的研究现状，介绍了研究的问题及研究意义。第二章，在分析了房地产价格的影响因素的基础上，系统地论述了目前房地产价格评估中应用较为广泛的三种方法：市场法、成本法、收益法的内容体系，对各类估价方法的理论依据、适用条件和范围等进行了较为系统的比较分析。指出现行的三种房地产估价方法本身有局限性，主要是其忽视了房地产估价对象具有的不确定性和动态灵活性所带来的价值。第三章，简要介绍了实物期权理论，包括定义、种类以及实物期权的定价方法，并重点介绍了布莱克——舒尔斯定价模型和二叉树定价模型，分析了期权发展到实物期权，各理论参数的重新识别和转化。第四章，探讨了房地产估价对象中存在的不确定性，根据房地产估价对象中所具有的实物期权特征，提出了在房地产估价中引用实物期权的思维方式，并建立了实物期权方法的应用框架和计算思路。同时，将实物期权理论应用到房地产估价中，识别了现实房地产存在的四种实物期权，并对实物期权定价模型进行修正；提出了基于实物期权的房地产估价表达式。第五章，运用房地产估价的实物期权评价方法，结合某房地产估价的案例进行了实证研究。第六章，综合阐明本文观点，并展望其发展应用。本文通过理论研究和实例分析，研究了基于实物期权的房地产估价方法，它比现行的房地产投估价更加科学有效，并具有较强的可操作性。此估价方法对我国房地产估价是一个有益的探索，具有较高的理论意义和实用价值。更多还原

【Abstract】 With the establishment and gradual perfection of the system of the real estate market in China, exercise of appraisal, as the agent in the real estate industry, plays an increasingly important role and serves in the increasingly broader scope in the real estate market. Real estate appraisal goes a long way to promote the normalization of the real estate price, to ensure the fair transaction in the real estate market, and to set up sound market system and reasonable order of transaction. Currently, the theories of real estate appraisal are still at the probing stage in our country; moreover, real estate appraisal calls for multi-dimensional development, therefore, the probe into the more scientific approaches is of both theoretical and practical significance.Chapter 1 reviewed the present situation of the real estate estimate theory and the method research both domestic and foreign, introduced the research topic and the research significance.Chapter 2, on the basis of analyses and studies on the real estate appraisal in terms of, its status quo at home and abroad, and the price property, and the factors influencing the real estate prices, systematically explicates three appraisal approaches widely-used at present-market comparison approach, income approach and cost approach, analyzing respectively the theoretical grounds, the application scope and the evaluation procedures of each approach. Point out the limit of three approaches is mainly that it ignores real estate value brought about by uncertainty and development flexibilityChapter 3 generally introduces real options theory, including definitions, sorts and pricing model, especially Black-Scholes model and Binomial -tree model. Meanwhile, it re-analyzes the transition from option to real options about relative variables and parameters.Chapter 4 discusses uncertain factors in real estate investment and points out the shortcoming of present approach. Then according to the characteristics in real estate appraise, it proposes a motion that real options approach should be adopted in real estate appraising but also provides applying framework and calculating steps. Distinguishes 4 kinds of real options in real estate appraise, and finds out potential value in qualitative and quantitative aspects. Later, it offers simply and concrete analyzing tools for value- appraising. Finally, proposed expression of the real estate appraise based on the real options theory.Chapter 5 used the real option method of real estate to study a case of real estate appraise.Chapter 6 generalizes the main points of this paper, and forecasts its development to apply.To analyze the case of real estate appraise, it is proved that the real option method is more available and maneuverable than the present method of real estate appraise. As a useful attempt to evaluate real estate , it is significant to apply the real option theory to study the appraise of real estate in China.更多还原