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The income capitalization approach to value consists of methods, techniques, and mathematical procedures that an appraiser uses to analyze a property抯 capacity to generate benefits and convert these benefits into an indication of present value.
收益途径由评估师用以分析资产获利能力并将收益转化为现值的各种方法、技术和数学程序组成。
The analysis of cost and sales data is often an integral part of the income capitalization approach, and capitalization techniques are frequently employed in the cost and sales comparison approaches. Capitalization techniques are commonly used to analyze and adjust sales data in the sales comparison approach; in the cost approach, obsolescence is often measured by capitalizing an estimated income loss. The income capitalization approach is described as part of the systematic valuation process, but the various methods, techniques, and procedures used in the approach are general-purpose analytical tools applicable in the valuation and evaluation of income-producing properties.
对成本和销售数据进行分析通常是收益途径不可缺的组成部分之一，资本化技术也广泛运用于市场途径和成本途径中。在市场途径中，各种资本化技术也常常用于分析和调整销售数据；在成本途径中，贬值通常是通过将预计的收益损失进行资本化而得以计量。收益途径被描述为系统性评估程序的一部分，但该途径中使用的各种方法、技术和程序则是适用于评估和评价具有收益能力资产的通用工具。
The principle of anticipation is fundamental to the income capitalization approach. Value is created by the anticipation of benefits to be derived in the future. All income capitalization methods, techniques, and procedures attempt to consider anticipated future benefits and estimate their present value. This may involve either forecasting the anticipated future income or estimating a capitalization rate that implicitly reflects the anticipated pattern of change in income over time.
预期原则对于收益途径是十分重要的。价值是由预期的未来收益形成的。所有收益资本化方法、技术和程序都是考虑预期的未来收益并估计其现值。这可能包括预测未来预期收益或估算一个资本化率，以反映对未来收益变化的预期。
The principle of supply and demand and the related concept of competition are particularly useful in forecasting future benefits and estimating rates of return in the income capitalization approach. The rents charged by the owners of a motel, a shopping center, and office building, an apartment building, or any income-producing property usually do not vary greatly from those charged by owners of competing properties.
在运用收益途径预测未来收益和估算回报率时，供求原则以及与之相关的竞争概念具有特别的重要性。汽车旅馆、购物中心、写字楼、公寓楼或任何具有收益能力资产的所有者所要求的租金水平，通常不会与相应竞争资产的所有者所要求的租金有显著差别。
If the demand for a particular type of property exceeds the existing supply, owners may be able to increase rents, The developers may find new construction profitable. Property values may increase until the supply satisfies demand. On the other hand, if the demand for the property is less than the existing supply, rents may decline and vacancy rates may increase. Therefore, to estimate rates of return and forecast future benefits, appraisers consider the demand (both present and anticipated) for the particular type of property and how the demand relates to supply.
如果某类特定资产的需求超过了现时的供给，该资产所有者就能够提高租金。开发商会发现新开工项目能够盈利。资产的价值会上升直到供给能够满足需求。另一方面，如果某类资产的需求小于现时的供给，租金则会下降，闲置率也会上升。因此，为了估计报酬率和预测未来收益，评估师需要考虑对某类特定资产的需求（包括现时需求和预期未来需求），以及需求与供给的关系。
本期词汇：
Capitalization资本化
At a given date the conversion into equivalent capital value of net income or a series of net receipts, actual or estimated, over a period.
在某一特别时点，将一段时期的实际或预计的净收益或一系列净收入转换为等值的资本价值，即资本化。
In business valuation, the term may refers to the capital struc-
ture of a business enterprise/entity.
在企业价值评估中，该术语可能指一个企业（实体）的资本结构。
In business valuation, the term also refers to the recognition of an expenditure as a capital asset rather than a period expense.
在企业价值评估中，该术语也可指将某项支出视为资本资产，而不是期间费用。
Income-producing properties 具有获利能力的资产
Principle of anticipation预期原则
Principle of supply and demand供求原则
（主持人：王诚军）
收益途径由评估师用以分析资产获利能力并将收益转化为现值的各种方法、技术和数学程序组成。
The analysis of cost and sales data is often an integral part of the income capitalization approach, and capitalization techniques are frequently employed in the cost and sales comparison approaches. Capitalization techniques are commonly used to analyze and adjust sales data in the sales comparison approach; in the cost approach, obsolescence is often measured by capitalizing an estimated income loss. The income capitalization approach is described as part of the systematic valuation process, but the various methods, techniques, and procedures used in the approach are general-purpose analytical tools applicable in the valuation and evaluation of income-producing properties.
对成本和销售数据进行分析通常是收益途径不可缺的组成部分之一，资本化技术也广泛运用于市场途径和成本途径中。在市场途径中，各种资本化技术也常常用于分析和调整销售数据；在成本途径中，贬值通常是通过将预计的收益损失进行资本化而得以计量。收益途径被描述为系统性评估程序的一部分，但该途径中使用的各种方法、技术和程序则是适用于评估和评价具有收益能力资产的通用工具。
The principle of anticipation is fundamental to the income capitalization approach. Value is created by the anticipation of benefits to be derived in the future. All income capitalization methods, techniques, and procedures attempt to consider anticipated future benefits and estimate their present value. This may involve either forecasting the anticipated future income or estimating a capitalization rate that implicitly reflects the anticipated pattern of change in income over time.
预期原则对于收益途径是十分重要的。价值是由预期的未来收益形成的。所有收益资本化方法、技术和程序都是考虑预期的未来收益并估计其现值。这可能包括预测未来预期收益或估算一个资本化率，以反映对未来收益变化的预期。
The principle of supply and demand and the related concept of competition are particularly useful in forecasting future benefits and estimating rates of return in the income capitalization approach. The rents charged by the owners of a motel, a shopping center, and office building, an apartment building, or any income-producing property usually do not vary greatly from those charged by owners of competing properties.
在运用收益途径预测未来收益和估算回报率时，供求原则以及与之相关的竞争概念具有特别的重要性。汽车旅馆、购物中心、写字楼、公寓楼或任何具有收益能力资产的所有者所要求的租金水平，通常不会与相应竞争资产的所有者所要求的租金有显著差别。
If the demand for a particular type of property exceeds the existing supply, owners may be able to increase rents, The developers may find new construction profitable. Property values may increase until the supply satisfies demand. On the other hand, if the demand for the property is less than the existing supply, rents may decline and vacancy rates may increase. Therefore, to estimate rates of return and forecast future benefits, appraisers consider the demand (both present and anticipated) for the particular type of property and how the demand relates to supply.
如果某类特定资产的需求超过了现时的供给，该资产所有者就能够提高租金。开发商会发现新开工项目能够盈利。资产的价值会上升直到供给能够满足需求。另一方面，如果某类资产的需求小于现时的供给，租金则会下降，闲置率也会上升。因此，为了估计报酬率和预测未来收益，评估师需要考虑对某类特定资产的需求（包括现时需求和预期未来需求），以及需求与供给的关系。
本期词汇：
Capitalization资本化
At a given date the conversion into equivalent capital value of net income or a series of net receipts, actual or estimated, over a period.
在某一特别时点，将一段时期的实际或预计的净收益或一系列净收入转换为等值的资本价值，即资本化。
In business valuation, the term may refers to the capital struc-
ture of a business enterprise/entity.
在企业价值评估中，该术语可能指一个企业（实体）的资本结构。
In business valuation, the term also refers to the recognition of an expenditure as a capital asset rather than a period expense.
在企业价值评估中，该术语也可指将某项支出视为资本资产，而不是期间费用。
Income-producing properties 具有获利能力的资产
Principle of anticipation预期原则
Principle of supply and demand供求原则
（主持人：王诚军）