Collateral Evaluation and Credit Risk Management抵押品评估课件.pptVIP

Income Capitalization Approach III收益还原法 Basic concept of the capitalization rate收益还原法的基本概念 “The capitalization rate itself is a function of the investor’s desired return and a combination of the costs of debt and equity employed in making the investment.” (Bower 2001)还原率是投资者希望获得的收益率，和借款和股权投资的成本。 Factors affecting investors’ desired return on real estates影响投资者对房地产期望收益的因素 Culture, economic trends, other investment property type, other investment opportunities, etc.文化、经济趋势，其他投资财产，其他投资机会等 In practice在实践中 The most simplified way is to use available loan interest rates for such an investment as a