專業英語第四輯成本途徑（一）

主持人語：成本途徑（成本法）是資產評估三大基本途徑之一，也是我國評估界最早引進和最為熟悉的方法，但由于種種原因，我國評估界對成本途徑的認識更多是從操作性和實用性的角度，而在一定程度上忽視了其所依賴的經濟學原理。本輯擬從經濟學的角度對成本途徑及其適用范圍進行討論。

The cost approach， one of the three generally recognized valuation approaches， is based on the value theory of classical school.The classical school formulated a value theory that attributed value to the cost of production.In The Wealth of Nations(1776)， Adam Smith considered value as an objective phenomenon.The \"nature price\" of an object reflected how much the item cost to produce. In contemporary appraisal practice， the classical theory of value has influenced the cost approach. The cost approach is based on the understanding that market participants relate value to cost.

三大公認評估途徑之一的成本途徑，建立在古典經濟學派的價值理論基礎之上。古典經濟學派形成一種價值理論，將價值歸因于生產成本。亞當.斯密在《國富論》（1776年）中認為價值是一種客觀現象，一件物品的“自然價格”反映了生產該物品所耗費的成本。在現代評估實踐中，古典經濟學派的價值理論對成本途徑產生影響。成本途徑就建立在這樣的共識基礎之上：市場參與者將價值與成本建立起聯系。

Like the sales comparison and income capitalization， the cost approach to value is based on comparison. In the cost approach， the appraiser compares the cost to develop a new property or a substitute property with the same utility as the subject property. The cost approach reflects market thinking because market participants relate value to cost.

如同銷售比較途徑和收益資本化途徑一樣，成本途徑也建立在比較的基礎之上。在成本途徑中，評估師將建造一個具有相同效用的新資產或可替代資產的成本與被評估資產的成本進行比較。由于市場參與者將價值與成本聯系起來，因此成本途徑反映了市場的認同。

In the cost approach， the value of a property is derived by estimating the replacement or reproduction cost of property and then abstracting the amount of depreciation (i.e.， deterioration and obsolescence) in the property from all causes. The cost approach is particularly important when a lack of market activity limits the usefulness of sales comparison approach and when the properties to be appraised are not amenable to valuation by the income capitalization approach. For example， when market transactions of comparable property are not available， or when transactions are nonexistent， the cost approach is the preferred valuation procedure.

成本途徑中，資產的價值的確定是通過估算資產的復原重置成本或更新重置成本，進而扣除該資產由于各種原因所形成的折舊額（如損耗和貶值）。當市場活動的缺乏限制了銷售比較途徑的使用，以及被評估資產不適合采用收益資本化途徑進行評估時，成本途徑就具有特別的重要性。例如，當可比資產的市場交易（資料）無法獲得或不存在交易時，成本途徑就成為首選的評估程序。

Because cost and market value are usually more closely related when properties are new， the cost approach is important in estimating the market value of new or relatively new property. This approach is particularly useful in valuing properties that are not frequently exchanged in the market.

當資產處于新的狀態時，其成本和市場價值往往最為密切相關，因此在評估新資產或相對較新的資產時，成本途徑十分重要。在評估不常在市場上交易的資產時，成本途徑的作用就更為突出。

The cost approach can also be applied to older properties given adequate data to measure depreciation. However， appraiser should be aware that when properties are considerably older， the physical deterioration， functional obsolescence， and external obsolescence of the property are more difficult to estimate.

如果能夠獲得足夠的數據以估算折舊，成本途徑也可以用于評估舊的資產。但評估師應當知曉當資產相當陳舊時，其物理性損耗、功能性貶值和外部性貶值的估算就較為困難。

The cost approach is also used to develop an opinion of market value of proposed construction， special-purpose or specialty properties， and other properties that are not frequently exchanged in the market. If comparable sales are not available， current market indication of depreciated cost or the costs to acquire an existing property are the best reflections of market thinking and， thus， of market value.

成本途徑也可以用于估算規劃中的建筑、特殊目的或特殊資產以及其他不常在市場上交易的資產的市場價值。如果可比銷售數據無法獲得，現行重置成本或購置一個現有資產的成本則最為恰當地反映了市場對市場價值的認可。

Cost approach techniques can also be employed to derive information needed in the sales comparison and income capitalization approaches to value， such as the costs to cure items of deferred maintenance.

成本途徑也可用于形成銷售比較途徑和收益資本化途徑中所需要的數據，如對未維護事項進行維修所需的成本。

本輯詞匯

Cost Approach/method 成本途徑/法

在國內普遍稱為重置成本法（Depreciated replacement Cost， DRC），《資產評估準則——基本準則》中的標準稱法為成本法。理論上重置成本法與成本法不是同義語，重置成本法目前在國際上被認為是成本法的一種具體應用，主要適用于以財務報告為目的的評估業務，即用成本法的思路評估特殊資產的價值并在財務報告中予以披露。

Subject property， a property which is valued被評估資產(標的資產)，評估對象

substitute property 替代資產

通常是指用于與被評估資產進行比較、參考用的相似資產。

Replacement cost，The cost of replacing a similar new item having the nearest equivalent utility as the item being appraised. Replacement cost assumes the use of modern materials， techniques and designs. 更新重置成本， 重置一個與被評估物品相比具有最大程度相同功能的全新物品所需要的成本。更新重置成本假定采用現代材料、技術和設計。

Reproduction cost， The cost to create a virtual replica of the existing structure， employing the same design and similar materials.復原重置成本， 采用相同設計和相似材料，建造與現存結構幾乎完全相同的復制品的成本。

Physical deterioration 物理性貶值（實體性貶值）

Functional obsolescence 功能性貶值

External obsolescence 外部性貶值

同經濟性貶值（ economical obsolescence）

( 主持人：王誠軍 )