中文：

资本化率是指将未来无限期预期收益折算成现值的比率，也就是将未来收益转化为现值的利率。简单来说，资本化率就是用来把未来的收益转化为现在的价值，类似于折现率。

资本化率的计算通常基于未来收益和风险等级的预期，风险越高，资本化率也就越高。例如，一个高风险的投资项目，其资本化率可能会达到20%，而一个低风险的投资项目，其资本化率可能会只有5%。

在房地产领域，资本化率通常用来计算房地产的公平市场价值。具体来说，就是将房地产的未来净收益折算成现值，从而得到该房地产的公平市场价值。这个公平市场价值可以用来评估房地产的投资价值，也可以用来衡量房地产的盈利能力。

英文：

The capitalization rate is the ratio of converting future无限discounted cash flows into present value. In other words, it is the interest rate used to convert future收益into present value, similar to the discount rate.

The calculation of the capitalization rate is usually based on the expected future收益and risk level. The higher the risk, the higher the capitalization rate. For example, for a high-risk investment project, the capitalization rate may reach 20%, while for a low-risk investment project, the capitalization rate may only be 5%.

In the field of real estate, the capitalization rate is usually used to calculate the fair market value of real estate. Specifically, it is to convert the future net income of real estate into present value, so as to obtain the fair market value of this real estate. This fair market value can be used to evaluate the investment value of real estate, as well as to measure the profitability of real estate.