ID211分期产权房的定价分析.pdfVIP

分期产权房的定价分析 易其文1 （1.重庆交通大学土木建筑学院，重庆 400074） 摘要：房地产市场和住房问题关系国计民生。分期产权既能降低企业的持有成本 和民众的购房门槛，又能创建约束开发商的市场机制以保证房源品质。作为该理 论的后续研究之一，分期产权房定价模型的建立至关重要。基于改进的折旧方法 和各种收益率，先得出各期的折旧后值和期值，再计算出五种交易类型的首付和 月供。各期房款的对比清晰展现了该模型的推演过程和数学意义，并回归到现实 中自住型和投资型消费者的市场取向。相对购买力的大大提高和总房款的减少， 表明了分期产权交易相对于全产权交易的经济优越性。最后，通过借鉴房地产投 资信托，分期产权的应用方式也得以探讨。 关键字: 分期产权；定价；折旧；收益率 The Pricing Analysis of the Property Right in Installments 1 YI Qi-wen (1. College of Civil Engineering and Architecture, Chongqing Jiaotong University, Chongqing 400074, China ） Abstract ：Real estate market and housing problems are closely related to national welfare and peoples livelihoods. The property right in installments can not only lower holding cost of developer and initial cost of consumers, but also form a self-regulating mechanism of developer to ensure building quality. As one of succeeding study of this theory, It is important to establish the pricing model of the property right in installments. Firstly, the value of depreciation and expectation are calculated in each period, based on an improved depreciation method and various yields. Then it is easy to work out down payment and monthly payment of five kinds of transactions. The contrast of payment in each period shows a distinct derivation process and mathematical sense. Besides, this mode also distinguishes the living-oriented and investment-oriented consumers. It is indicated that the property right in installments is superior to traditional ones in enhancement of purchasing power and reduction of total payments. In the last, referring to the real estate investment trusts, the application of the property right in installments is discussed as well. Keywords：Property right in installments; Prici