Research On Theories And Methods Of Sea Appraising

The Law of the Sea Area has established the policy of the paid use of the sea area in China while the Law of Property confirms the use right of the sea area as profitable property and the one who possesses the use right has the rights of transfer, mortgage, shareholding and compensation, etc.Under the condition of market economy, scientific methods of appraising are needed to value the use right of the sea area through the leverage of price. The appraising of the sea area seeks to find such methods to provide reference to tax on the paid use of the sea for the state and the two sides of the trading in order to ensure the implement of the policy of paid use of the sea and to advance the marketization of the sea area.Recent studies of sea area appraising in China mainly serve the classification of the sea area and the policy making on tax of the paid use of the sea; appraising of the use right value of the sea area has been less touched. In appraising of the sea area, approaches of land value estimates are more adopted by capital and land appraising bureaus while the characteristics of the sea area are neglected. Because of the specialness of the sea area, the popular methods of capital appraising are limited in use in the sea area appraising. Substitutable case studies of sea area trading are hard to find in the present condition, which limited the application of the trading rule: Changes of the related parameters such as large investment, high profit, high risks, and low capitalization rate can influence the price of the use of the sea area greatly; whereas the precise capitalization rate can't be computed; the income approach can't ensure the objectivity of the appraising results. What's more, as a kind of resource capital, the appraising of the tax on sea area use in the way of transfer can't be assessed with income approach.Based on the characteristics of the sea area appraising, this paper provides a summary of every economical theory that is applicable in sea area appraising and intends to explore how to use them in this area. In combination with the present practices in sea area appraising, the author improves the market comparison techniques, income approach and cost approach; puts up the equality comparison approach, uses the equation groups to value the use fees of the sea area; analyses the adaptive conditions of the above value approaches. In so doing, a relatively complete method system of sea area appraising is built up.Finally, with the studies of the cases the paper concludes that equality comparison approach is the most appropriate in the present study as the sea area market is far from mature and the real cases are barely accessible.