Risk Assessment on Construction Cost of Green Buildings Based on Structural Equation Model

In the construction stage, green buildings have increased cost input compared with traditional buildings, and their cost is threatened by numerous risk factors. Various stakeholders have an influence on construction cost that cannot be ignored. However, the existing research rarely analyzed the construction cost risk of green buildings from the perspective of stakeholders. In order to close such research gap, this study used structural equation modeling to explore key stakeholders and key risk factors that affect the construction cost of green buildings, and to conduct risk assessment on it. Initially, literature bibliometrics and semi-structured interviews were conducted to identify 31 cost risk factors related to various stakeholders and 3 components of green building construction cost. Questionnaire survey was used to collect data and structural equation modeling was then used for verifying the model hypothesis to identify key stakeholders and key risk factors. The identified key stakeholders and key risk factors were evaluated according to the impact coefficient, and finally divided into three levels. Results show that the design unit has the greatest impact on the construction cost of green buildings, followed by the construction unit, while the government sector seems to have the least impact. In addition, in the classification of risk levels, the key risk factors are mainly related to the owner, the design unit, the construction unit, and the material supplier. Findings of this study provide a theoretical basis for effective management on key risk factors for green building construction cost, which will further promotes the practical development of green buildings in China.