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主持人语：成本途径（成本法）是资产评估三大基本途径之一，也是我国评估界最早引进和最为熟悉的方法，但由于种种原因，我国评估界对成本途径的认识更多是从操作性和实用性的角度，而在一定程度上忽视了其所依赖的经济学原理。本辑拟从经济学的角度对成本途径及其适用范围进行讨论。
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.
三大公认评估途径之一的成本途径，建立在古典经济学派的价值理论基础之上。古典经济学派形成一种价值理论，将价值归因于生产成本。亚当.斯密在《国富论》（1776年）中认为价值是一种客观现象，一件物品的“自然价格”反映了生产该物品所耗费的成本。在现代评估实践中，古典经济学派的价值理论对成本途径产生影响。成本途径就建立在这样的共识基础之上：市场参与者将价值与成本建立起联系。
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.
如同销售比较途径和收益资本化途径一样，成本途径也建立在比较的基础之上。在成本途径中，评估师将建造一个具有相同效用的新资产或可替代资产的成本与被评估资产的成本进行比较。由于市场参与者将价值与成本联系起来，因此成本途径反映了市场的认同。
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.
成本途径中，资产的价值的确定是通过估算资产的复原重置成本或更新重置成本，进而扣除该资产由于各种原因所形成的折旧额（如损耗和贬值）。当市场活动的缺乏限制了销售比较途径的使用，以及被评估资产不适合采用收益资本化途径进行评估时，成本途径就具有特别的重要性。例如，当可比资产的市场交易（资料）无法获得或不存在交易时，成本途径就成为首选的评估程序。
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.
当资产处于新的状态时，其成本和市场价值往往最为密切相关，因此在评估新资产或相对较新的资产时，成本途径十分重要。在评估不常在市场上交易的资产时，成本途径的作用就更为突出。
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.
如果能够获得足够的数据以估算折旧，成本途径也可以用于评估旧的资产。但评估师应当知晓当资产相当陈旧时，其物理性损耗、功能性贬值和外部性贬值的估算就较为困难。
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.
成本途径也可以用于估算规划中的建筑、特殊目的或特殊资产以及其他不常在市场上交易的资产的市场价值。如果可比销售数据无法获得，现行重置成本或购置一个现有资产的成本则最为恰当地反映了市场对市场价值的认可。
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.
成本途径也可用于形成销售比较途径和收益资本化途径中所需要的数据，如对未维护事项进行维修所需的成本。
本辑词汇
Cost Approach/method 成本途径/法
在国内普遍称为重置成本法（Depreciated replacement Cost, DRC），《资产评估准则——基本准则》中的标准称法为成本法。理论上重置成本法与成本法不是同义语，重置成本法目前在国际上被认为是成本法的一种具体应用，主要适用于以财务报告为目的的评估业务，即用成本法的思路评估特殊资产的价值并在财务报告中予以披露。
Subject property, a property which is valued被评估资产(标的资产),评估对象
substitute property 替代资产
通常是指用于与被评估资产进行比较、参考用的相似资产。
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, 重置一个与被评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现代材料、技术和设计。
Reproduction cost, The cost to create a virtual replica of the existing structure, employing the same design and similar materials.复原重置成本, 采用相同设计和相似材料，建造与现存结构几乎完全相同的复制品的成本。
Physical deterioration 物理性贬值（实体性贬值）
Functional obsolescence 功能性贬值
External obsolescence 外部性贬值
同经济性贬值（ economical obsolescence）
( 主持人：王诚军 )
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.
三大公认评估途径之一的成本途径，建立在古典经济学派的价值理论基础之上。古典经济学派形成一种价值理论，将价值归因于生产成本。亚当.斯密在《国富论》（1776年）中认为价值是一种客观现象，一件物品的“自然价格”反映了生产该物品所耗费的成本。在现代评估实践中，古典经济学派的价值理论对成本途径产生影响。成本途径就建立在这样的共识基础之上：市场参与者将价值与成本建立起联系。
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.
如同销售比较途径和收益资本化途径一样，成本途径也建立在比较的基础之上。在成本途径中，评估师将建造一个具有相同效用的新资产或可替代资产的成本与被评估资产的成本进行比较。由于市场参与者将价值与成本联系起来，因此成本途径反映了市场的认同。
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.
成本途径中，资产的价值的确定是通过估算资产的复原重置成本或更新重置成本，进而扣除该资产由于各种原因所形成的折旧额（如损耗和贬值）。当市场活动的缺乏限制了销售比较途径的使用，以及被评估资产不适合采用收益资本化途径进行评估时，成本途径就具有特别的重要性。例如，当可比资产的市场交易（资料）无法获得或不存在交易时，成本途径就成为首选的评估程序。
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.
当资产处于新的状态时，其成本和市场价值往往最为密切相关，因此在评估新资产或相对较新的资产时，成本途径十分重要。在评估不常在市场上交易的资产时，成本途径的作用就更为突出。
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.
如果能够获得足够的数据以估算折旧，成本途径也可以用于评估旧的资产。但评估师应当知晓当资产相当陈旧时，其物理性损耗、功能性贬值和外部性贬值的估算就较为困难。
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.
成本途径也可以用于估算规划中的建筑、特殊目的或特殊资产以及其他不常在市场上交易的资产的市场价值。如果可比销售数据无法获得，现行重置成本或购置一个现有资产的成本则最为恰当地反映了市场对市场价值的认可。
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.
成本途径也可用于形成销售比较途径和收益资本化途径中所需要的数据，如对未维护事项进行维修所需的成本。
本辑词汇
Cost Approach/method 成本途径/法
在国内普遍称为重置成本法（Depreciated replacement Cost, DRC），《资产评估准则——基本准则》中的标准称法为成本法。理论上重置成本法与成本法不是同义语，重置成本法目前在国际上被认为是成本法的一种具体应用，主要适用于以财务报告为目的的评估业务，即用成本法的思路评估特殊资产的价值并在财务报告中予以披露。
Subject property, a property which is valued被评估资产(标的资产),评估对象
substitute property 替代资产
通常是指用于与被评估资产进行比较、参考用的相似资产。
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, 重置一个与被评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现代材料、技术和设计。
Reproduction cost, The cost to create a virtual replica of the existing structure, employing the same design and similar materials.复原重置成本, 采用相同设计和相似材料，建造与现存结构几乎完全相同的复制品的成本。
Physical deterioration 物理性贬值（实体性贬值）
Functional obsolescence 功能性贬值
External obsolescence 外部性贬值
同经济性贬值（ economical obsolescence）
( 主持人：王诚军 )