CAJ | 학술논문

在投资性房地产中，公允价值的测算可以采用成本法、市场法和收益法。成本法主要适用于既不产生现金流，又很少有交易案例的公益性房地产，其优点是数据可靠性强，易于理解，缺点是估值目标可能与公允价值的估值目标不一致；市场法主要适用于存在活跃房地产交易市场的区域，其优点是最体现公允价值的目标，但在实际过程中，判断与选择参照物高度依赖于专业知识和估值经验；收益法主要适用于能带来持续现金流的房地产，其优点是能体现公允价值的估值目标，并体现货币的时间价值以及风险与收益之间的关系．缺点是计算结果受未来现金流量和资本化率计算合理性的影响。
재투자성방지산중，공윤개치적측산가이채용성본법、시장법화수익법。성본법주요괄용우기불산생현금류，우흔소유교역안례적공익성방지산，기우점시수거가고성강，역우리해，결점시고치목표가능여공윤개치적고치목표불일치；시장법주요괄용우존재활약방지산교역시장적구역，기우점시최체현공윤개치적목표，단재실제과정중，판단여선택삼조물고도의뢰우전업지식화고치경험；수익법주요괄용우능대래지속현금류적방지산，기우점시능체현공윤개치적고치목표，병체현화폐적시간개치이급풍험여수익지간적관계．결점시계산결과수미래현금류량화자본화솔계산합이성적영향。
For investment real estate, we can adopt the cost, market or return method to measure the fair value. The cost method is suitable to non-profit real estate without cash-flow or the case of transaction; the advantage of this method is the reliable data and to be easily understood, while the disadvantage of that is the inconsistent target of valuation. The market method is suitable to active real estate exchange market; the advantage of this method is that it can reflect the target of fair value, while the disadvantage of this method is that the judgment and selection of reference will highly depend on professional knowledge and experience of valuation. The return method is suitable to real estate with continuous cash flow; the advantage of this method is that it can reflect the valuation target of fair value, the time value of currency and the relationship between risk and return, while the disadvantage of this method is that the result of measurement of fair value will be affected by the rationality of future cash flow and the calculation of capitalization rate.