CAJ | 학술논문

绿色建筑的推广需从投资者和社会的角度对绿色建筑项目进行科学评价。以“有无对比”的原则，对绿色建筑项目增量成本和增量效益进行全面识别和计量。通过增量财务现金流量与增量经济费用流量的对比分析，由于绿色建筑的经济外部性，财务效益不显著，单从投资者的角度对推广绿色建筑项目积极性不大。政府需依据经济分析结果进行适当的财政补贴，使其具有财务可行性。同时，由于投资者对是否开发绿色建筑项目具有选择权，使绿色建筑项目具有实物期权价值。运用实物期权法对绿色建筑项目进行科学评价，更有利于绿色建筑项目的推广。
록색건축적추엄수종투자자화사회적각도대록색건축항목진행과학평개。이“유무대비”적원칙，대록색건축항목증량성본화증량효익진행전면식별화계량。통과증량재무현금류량여증량경제비용류량적대비분석，유우록색건축적경제외부성，재무효익불현저，단종투자자적각도대추엄록색건축항목적겁성불대。정부수의거경제분석결과진행괄당적재정보첩，사기구유재무가행성。동시，유우투자자대시부개발록색건축항목구유선택권，사록색건축항목구유실물기권개치。운용실물기권법대록색건축항목진행과학평개，경유리우록색건축항목적추엄。
The promotion of green building requires the scientific evaluation on the green building project from the perspective of the investors and the social. The paper uses"with and without comparison"principle to recognize and measure comprehensively the incremental cost and incremental benefit of the green building project. By comparing the incremental financing cash flow and economic increment of cost flow analysis, it is found that there is no significant financial benefit viewed from the perspective of investors little enthusiasm for the promotion of green building project because of the economic externality of green building. The government should offer appropriate financial subsidies according to the economic analysis results and improve the financial feasibility. At the same time , because of the investors has the right to choose whether to develop green building project or not, the green building project has real option value. Using real option method to evaluate green building projects could be more conductive to the promotion of green building project.