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房地产抵押资产评估研究
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资产评估
房地产抵押资产评估研究房地产抵押资产评估研究
    源于美国的次贷风波是近年来对全球经济造成了严重影响的经济危机,2008年4月8日国际货币基金组织在其一年一度公布的《全球金融稳定性报告》中预测:美国房价的不断下跌以及被银行收回的房屋数量增加,有可能导致抵押贷款市场产生5650亿美元的损失,加上与商业房地产、消费信贷和企业贷款相关的证券行业,损失总额可达9450亿美元。同时IMF报告还指出,金融危机所带来的经济风险不断增大,次贷危机产生的后果正全面侵蚀着美国实体经济,并将导致消费下降、失业增加、经济增长放缓。与此同时,德国经济却能一支独秀,生产、消费、工业订单、就业率等指标逆势上扬,特别是房地产市场运行稳定,金融机构并未因本国的房地产融资业务受到影响。在各国经济联系不断密切的今天,德国经济特别是德国房地产金融何以独善其身?通过从评估学角度对这场危机的研究,笔者认为两国不同文化背景下的房地产抵押资产评估理论与实践差异是造成两国间巨大差异的重要原因。
    从我国的房地产抵押资产评估实践与理论研究来看,我国的房地产抵押资产评估实践还存在着许多不规范现象,房地产抵押资产评估制度还很不完善,房地产抵押资产评估理论研究与世界前沿房地产抵押资产评估理论进展仍有较大差距。这种房地产抵押资产评估的现状,在当前国内房地产市场经历了快速大幅上扬后的回落调整背景下,不仅会影响评估业的社会公信力,还将通过对房地产金融资产的风险管理控制,进而对我国的宏观国民经济造成较大影响。因此房地产抵押资产评估,作为金融业重要的风险管理工具,其研究具有重要而紧迫的历史意义和现实意义。
    本文对房地产抵押资产评估课题的研究,是在对我国房地产抵押资产评估实践和国际经验进行归纳分析和借鉴后,从评估学理论出发,分别以评估对象、评估目的、价值类型和评估方法为研究对象对这个课题进行展开,从而构建起房地产抵押资产评估的技术框架体系,并提出了房地产抵押资产评估应使用包含“市场价值”、“抵押贷款价值”和“清算价值”的价值类型体系,以满足评估报告使用者对房地产抵押资产价值信息需求的核心观点。本文设定了如下分析结构:文章从房地产抵押资产评估研究必要性和我国房地产抵押资产评估存在问题入手,以“评估对象—评估目的—价值类型—评估方法”为逻辑主线展开分析。文章共分为六个章节:第一章在国内外相关研究综述的基础上,提出研究目的、研究对象、研究思路、研究方法,并介绍了论文的创新和不足;第二、三章从现实的角度,对房地产抵押资产评估研究的必要性、房地产抵押资产评估实践中存在的主要问题及原因进行了分析,其中第二章是通过房地产抵押资产评估对在银行信贷资产中居于重要地位的抵押贷款的风险管理作用,巴塞尔新资本协议对房地产抵押资产评估的新规定新要求等,对房地产抵押资产评估研究的必要性进行分析,第三章是对我国房地产抵押资产评估现状的分析;第四、五章从评估理论和方法的角度,对房地产抵押资产评估的评估对象、评估目的、价值类型和评估方法进行分析,并着重介绍了hedonic评估模型、Ellwood评估模型在房地产抵押资产评估中的运用和批量评估方法;第六章是房地产抵押资产评估的国际借鉴,在论文的结尾部分,专门介绍了具有鲜明特点的德国房地产市场及抵押贷款价值评估在德国的运用,并由此与中国当前的房地产抵押资产评估实践相结合,对国内抵押资产评估进行了更全面与切合实际的探索。 [英文摘要]:       International Monetary Fund estimated in his annual Global Financial Stability Report that losses in U.S. assets due to the fallout from the subprime mortgage crisis could reach  $1 trillion, and house prices were also softening in other advanced markets including Spain, Ireland and Britain and there were rising concerns over future loan losses in the mortgage, construction and commercial property areas. While at the same time, Germany economic still keep its steps , The index of Germany production、consumption、industrial order ect, keep rising ,and Germany financial institutes have not been affected by the subprime mortgage crisis. For what it happened? From the view of evaluation theory ,the writer have the idea that one of the reasons is the difference of evalution theory and experience between two contries .
      Property, serving as collateral, valuation is one of the most important risk management instruments in real estate finance. But there are still many questions in the field of our country’s property valuation for lending purpose. So the study of the property valuation is very important and nessary for our country.
    The goal of this paper is to establish the framework of the property valuation for lending purpose, from valuation object、valuation purpose、value definition  and valuation methods.  The whole dissertation falls into six chapters. Chapter 1 presents an introduction to the research problems, research perspectives and frame design; Chapter 2 gives a analysis for the necessity of property valuation research for lending purpose, and introduces some details in the Basel Ⅱand new accounting standard in our country ,which concern about property valuation ; Chapter 3 is about the questions exist in the field of our country’s property valuation, the analysis come from the point of the client、the valuer、the report user and the management. In the end of this chapter is the analysis from the point of game theory; Chapter 4 concerns the valuation object and value definition, and suggests that valuer should use “market value”、 “forced sale value” and “mortgage lending value” in the valuation report to meet the need of report user; Chapter 5 is devoted to the valuation methods: the compare method 、cost method and income method , there are also some examples in the automatic valuation method and the hedonic model、Ellwood model in the valuation for the credit security purpose; Chapter 6 mainly focuses on the international property valuation practices and experiences, concerns about the financial crisis、International valuation standards and the mortgage lending value in German real estate market.    
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