会计学院知识库

2019年12月，城市更新首次在我国经济工作会议中被提出，由此存量土地开始进入开发视角，而棕地正是存量土地的一种。随着产业升级的影响，使得大量污染企业关停或搬迁，而被遗留下来的大量土地就成为了棕地。同时，由于经济高质量的发展和城市更新的推进，棕地进入了开发视角，而棕地价值评估是棕地再开发的重要一环，能够让投资方更加明确棕地的投资收益和相应的风险，但是我国对于棕地的研究资料较为缺乏，相关交易案例还存在不足，棕地价值评估的技术操作也存在不足。在此背景下，本文意在构建完善的成本法估值模型，为我国棕地评估理论研究和技术操作提供新思路。

为此，本文首先从棕地定义、价值构成、评估方法等对国外与国内相关的文献进行梳理，阐述研究现状，并针对棕地、污名和棕地价值进行概念界定，然后阐述了与棕地估值相关的理论，包括产权、特征价格、区位和外部经济理论，为棕地价值评估研究提供理论基础。其次在对成本法、收益法以及市场法分析的基础上，选择了成本逼近法评估棕地价值，而对于成本法评估棕地价值的各项参数，本文结合市场法确定未受污染土地价值，采用特征价格法量化污名损失，并引入治理成本和使用限制损失，最终构建了适合我国棕地价值评估的成本法模型。最后，选取FEC公司A地块为例，并运用构建的模型评估FEC公司A地块价值。

本文的研究结果表明：（1）本文所构建的棕地估值成本逼近法模型具有一定的合理性。可以为棕地价值评估实务提供一定的参考，同时有利于提升棕地价值评估技术层面的规范化和科学化；（2）运用特征价格法可以有效量化污名损失。运用特征价格法，能够减少评估专业人员在量化过程中的主观性，以期能进一步充实棕地价值评估方法研究；（3）不良外部环境对住宅价值存在负影响。棕地会导致周边住宅价格的下降，并且棕地对住宅价格的影响程度随着距离棕地的增加而下降。基于此，希望本文的研究能够为棕地价值评估提供新思路，并进一步推动和完善我国棕地评估理论研究和技术操作。

In December 2019, urban renewal was first proposed at the China Economic Work Conference, and as a result, existing land began to enter the development perspective. As a formal form of existing brownfield, with the impact of industrial upgrading, a large number of polluting enterprises will be shut down or relocated, and the remaining large amount of land will become brownfield. With the rapid development of the economy and the advancement of urban renewal, brownfield has entered a development perspective, and brownfield value evaluation is an important part of brownfield redevelopment, which can help investors more clearly understand the investment returns and corresponding risks of brownfield. However, there is a lack of research data on brownfield in China, and there is still insufficient information on related transaction cases. The technical operation of brownfield value evaluation is also insufficient. In this context, the aim of this article is to construct a comprehensive cost based valuation model, providing new ideas for the theoretical research and technical operation of brownfield evaluation in China.

Therefore, this article first reviews the relevant literature on the definition, value composition, and evaluation methods of brownfield both domestically and abroad, elaborates on the research status, and defines the concepts of brownfield, stigma, and brownfield value. Then, it elaborates on the theories related to brownfield valuation, including property rights, characteristic prices, location, and external economic theories, providing a theoretical basis for brownfield value evaluation research. Secondly, based on the analysis of cost method, income method, and market method, the cost approximation method was ultimately chosen to evaluate the value of brownfield. For the various parameters of the cost method for evaluating brownfield value, this article combines the market method to determine the value of unpolluted land, uses the characteristic price method to quantify stigma loss, and introduces governance costs and usage restriction losses. Finally, a cost method model suitable for evaluating brownfield value in China was constructed. Finally, taking FEC Company's A plot as an example, the constructed model is used to evaluate the value of FEC Company's A plot.

The research results of this article indicate that: (1) the brownfield valuation cost approximation model constructed in this article has certain rationality. It can provide a certain reference for the practical evaluation of brownfield value, and at the same time, it is conducive to improving the standardization and scientificity of brownfield value evaluation technology; (2) The use of feature price method can effectively quantify stigma loss. The application of feature price method can reduce the subjectivity of evaluation professionals in the quantification process, in order to further enrich the research on brownfield value evaluation methods; (3) The adverse external environment has a negative impact on the value of housing. brownfield can lead to a decrease in the prices of surrounding residential properties, and the impact of brownfield on residential prices decreases as the distance from brownfield increases. Based on this, it is hoped that the research in this article can provide new ideas for the evaluation of brownfield value, and further promote and improve the theoretical research and technical operation of brownfield evaluation in China.