不動產收益資本化率研究-市場萃取法之分析

Abstract

收益資本化率是不動產淨收益推估不動產價值時所採用的比率，與不動產市場上習慣所稱的報酬率、收益率不同，市場慣用的報酬率是以毛租金收益為基礎，收益是未扣除相關稅費及折舊的毛租金收益，其與不動產價值比率即為報酬率，與金管會要求保險業之年化收益率定義一致。估價報告書的收益資本化率則是淨收益與不動產價值的比值，而估價師推估之收益資本化率又因折舊費用提存方式不同而產生數值之差。\n本文以台北市商業辦公室作為研究對象，從實務角度以332本估價報告書之估值結果分析估價師評估收益資本化率方法及過程，進而比較估價師以市場萃取法推估之收益資本化率與特徵價格模型衡量結果是否存有差異。實證結果顯示，估價師運用市場萃取法所估計之毛租金資本化率，在台北市行政區域中除大安區外，其餘行政區均於高於金管會規定保險業之最低年化收益率，但相對於市場案例所建構租買廻歸模型之預測值，估價師萃取之毛租金資本化率有低估現象，以致不動產價值整體約高估3%-5%，以個別行政區來看，對估值影響介於 -6% ~ 12%間，整體而言，尚在估價技術規則規範之不動產買賣議價空間範圍內。建議估價師在技術規則未明確規範前，應自律將萃取區間限縮在20%以內，以提升估價報告書之公信力。

Capitalization rate is the ratio used to covert net income into the real estate value, which is different from the rate of return. The rate of return is based on the gross income before deducting the vacancy and collection loss, operating expenses, and depreciation. It is consistent with the definition of the annualized rate of return of the life insurance industry required by the Financial Supervisory Commission (FSC).\nThis paper takes the commercial office buildings in Taipei as research samples, and compares the capitalization rates from 332 appraisal reports through market extract method with those estimated from the Hedonic Price Model. Results show that gross capitalization rates from the market extract method by appraisers are higher than the minimum annualized rate of return of the insurance industry required by the FSC in all administrative districts except Da-An District, but lower than the predicted value from the Hedonic Price Model. The value of real estate is thus estimated to be over-estimated by 3%-5%. In terms of individual administrative regions, the deviation on valuation is between -6% and 12%, which still falls within the accepted range required by the Appraisal Ordinance. This paper finally implies that the capitalization rate through the extract method should be limited within 20% to enhance the creditability of appraisal reports.