收益法係將不動產未來所能產生之期待收益，以適當的資本化率折算為現在價值，以推得勘估標的價值的方法。依不動產估價技術規則的規定，收益資本化率的求取，得以市場萃取法「選擇數個與勘估標的相同或相似之比較標的，以其淨收益除以價格後，以所得之商數加以比較決定之。」惟於實務作業中，於比較案例相似、但不相同下，資本化率上如何比較、調整、決定之？由於缺乏相關之研究，對此專業知識之瞭解有限，故於估價師的作業中，其決定之過程缺乏理論之支持，較無說服力。近年來，隨著都市更新的興起，不動產價格呈現隨時間經過而遞減後遞增的逆折舊現象下；於租金收益隨時間經過而遞減折舊變動、不動產價格隨時間經過而遞減後遞增逆折舊下，資本化率之動態變動情形，更需加以深入探討、分析。本計畫擬於建立不動產價值包含使用價值與再開發實質選擇權價值之理論模型下，以台北市房地產交易價格與租賃租金資料進行複迴歸分析，分別建立不動產租金、價格實證模型，作為推估不動產租金、價值，計算不動產資本化率之基礎。其後，以資本化率與屋齡建立迴歸模型，比較、分析不同地區、不同景氣階段資本化率的動態變動情形。
Income approach is an approach to estimate the value of the subject property which apply an appropriate capitalization rate on the date of value opinion to capitalize the average objective annual NOI in the future into an indication of value. According to the Regulations on Real Estate Appraisal, capitalization rate could be calculated by the marketing extracting method, which is "selecting several comparable properties, which are identical with or similar to the subject property, followed by dividing their respective net operating income with price and comparing the resulting to determine quotients the capitalization rate." In practice when comparatives are similar but not identical, how to compare, adjust and determine the capitalization rate? Because of the lack of relevant researches, the professional knowledge on the non-identical comparatives is limited. It is the reason why in practice of real estate appraisers, the process of determining the capitalization rate is not supported. With the development of urban renewal, real estate value would display the reversion pattern of "decrease first and do increase" over time. With the decrease of rent income and the depreciation reversion, the changes of capitalization rate needs in-depth analysis. This project would model the real estate value with the use value and redevelopment option value model, using the transaction record of properties and renting price data in Taipei City to run the multi-regression analysis, forming real estate renting and pricing model, using the model to calculate property rent and price and the capitalization rate. Then form the regression model with capitalization and age of property, compare and analyze the effect by different area and different prosperity on the dynamic movement of capitalization rate.
