估价资本

In real estate appraisal theory,the income approach is one of important methods,and the key of the income approach is confirmation of net income and capitalization rates .

在房地产估价方法中，收益法是一种重要的方法，运用收益法的关键在于净收益和资本化率的确定。

Under the condition of investors liquidity preference, there is always a appearance of subjective discount rate is less than market non-risk late.

对于具有流动性偏好的风险规避的投资者而言，在β时股票价格会高于传统的资本资产定价模型对股票的估价。

In the last part, the paper appraises mortgage value using the former and improved capitalization rate respectively. Making using of the method of appraisal bias, the paper concludes that using the former capitalization rate results in overrating the appraisal result, while using the improved capitalization rate does not exist overrating problem. Based on that, the paper compares the former and improved capitalization rate from the following six aspects- mortgager, financial institution, appraisal institution, conservative principle of appraisal of mortgage, default risk, mortgage rate, and finally concludes that the improved capitalization rate is more scientific and accurate.

通过案例分析分别运用改进前后的资本化率进行评估，运用评估bias方法对评估结果进行研究，得出运用改进前的资本化率进行评估存在高估的现象，而运用改进后的资本化率进行评估则不存在高估的问题，在此基础上从抵押人、金融机构、评估机构、保守性估价原则、违约风险、抵押利率六个方面对改进前后的资本化率进行了系统的比较，得出改进后的资本化率更加科学精确的结论。

Therefore,on Software System, Voucher and Account Books,Estimating Value Pattern of Manpower Capital,Treatment Pattern on the Net and Developing Pattern of Software and so on,Should Meet to the New Exploration of the Development of Computerization of Manpower Resources Accounting .

因此 ，在软件系统、凭证和账簿、人力资本的估价模式、网上处理模式、软件开发方式等方面，都要进行适应人力资源会计电算化发展的新探索。

Therefore,on Software System, Voucher and Account Books,Estimating Value Pattern of Manpower Capital,Treatment Pattern on the Net and Developing Pattern of Softwa...

因此 ，在软件系统、凭证和账簿、人力资本的估价模式、网上处理模式、软件开发方式等方面，都要进行适应人力资源会计电算化发展的新探索。

The new valuation method on capital cost and the multivariant P/E-risk adjustment method for IPO are innovation of this thesis.

本文在西方估价模型的基础上，通过在我国市场中的实证研究，初步建立了股权资本成本估算模型和IPO定价模型。

So it is very indispensable to revaluate the rear hypothesis of the present capital market theory.

因此，重新估价当今资本市场理论的背后的假定是十分重要的。

Due to the above problems in ascertaining capitalization rates, it can be assumed that capitalization rate is one of the main factors in causing risks in REA. Thus, the ascertaining of capitalization determines the accuracy of profitable housing properties appraisal. On the other hand, it indirectly influences the rationality of the re-composition of capitals and the structural modulation. Furthermore, it influences the legitimate rights of the privies involved in real estate dealings; it influences the standardization of real estate markets; it influences the risks involved in real estate financing; it also influences real estate taxation.

因此资本化率的确定直接影响收益型房地产估价的准确性，间接影响资产重组和结构调整的合理性，影响房地产交易各方当事人的合法权益，影响房地产市场的规范性，影响房地产融资风险、房地产税的征管工作等各方面；而且目前，对资本化率的确定方法并不统一，有着多种做法，有时这些做法的估价结果相差极大，因此，对资本化率进行深入研究是非常有必要的。

Reporters that, in order to fund more real net worth, the valuation of the China Securities Industry Association fund organizations in the industry working group on the strength of foreign stock valuation method used for a preliminary study on the basis of The introduction of index gains law, company law than the market price of the model law, capital asset pricing model, and other four methods for fund companies for information.

记者说，为了更加真实的基金净值，对中国证券业协会工作的外国股票估价为1的基础上，初步研究小组使用的方法的优势产业基金组织的估价该指数收益法的引进，公司法律以外的示范法，资本资产定价模型的市场价格，和其他4种方法对基金公司的信息。

Five signals: Shares hit "major" minimum valuation, without taking into account the hidden costs of financing the bank under the premise that the current dynamics of PE in Shanghai and Shenzhen 300 with the valuation of industrial capital into the basic minimum.

五信号：打击不考虑资金的前提下，银行的隐性成本&主要&最低估价，股份认为目前的动态体育在上海和深圳300的工业资本流入基本最低估价。

Do you know, i need you to come back

你知道吗，我需要你回来

Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

1〕 杨银书，王祥生，李德昌。安徽省首次发现嗜群血蜱。