ACR SMT CAPT TAXIED ONTO ACTIVE RWY WITHOUT CLRNC AND FORCED GO AROUND.

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TAXIING OUT FOR DEP; WE REQUESTED OUR IFR CLRNC BACK TO HONOLULU. THE TWR CALLED AND READ THE CLRNC. I READ IT BACK WHILE TAXIING; AND WITH NO FURTHER INSTRUCTIONS OTHER THAN TAXI TO RWY 5; I ENTERED THE RWY AND BEGAN TO DEPART. ALTHOUGH I CHKED THE BASE LEG AND THE DOWNWIND; I FAILED TO SEE THE ACFT ON FINAL FOR OUR RWY. THE TWR THEN SAID CLRED FOR IMMEDIATE TKOF; WHICH WE DID; AND THE TFC ON FINAL WAS INSTRUCTED TO GO AROUND. IT SEEMS THAT AFTER THE TWR 'READ BACK CORRECT;' THEY COULD HAVE ADDED; 'AND HOLD SHORT RWY 5;' THAT MIGHT HAVE AVERTED THIS PROB AND APPARENTLY; THE OTHER ACFT WAS CLRED TO LAND APPROX 4 1/2 TO 5 MI OUT (BEFORE WE EVEN HAD STARTED #1 WHILE STILL IN THE CHOCKS); MAYBE TO SAVE CLR TO LAND FOR FINAL APCH OR EVEN IN THE PATTERN WOULD BE BETTER. CALLBACK CONVERSATION WITH RPTR REVEALED FOLLOWING INFO. RPTR STATED THAT THE PRINCIPAL CAUSE OF THE RWY INCURSION WAS A MISTAKE ON HIS PART. HE WAS DISTRACTED BY THE PRE-TKOF CHKLIST AND THE COPYING OF THEIR ENROUTE CLRNC AND WHEN HE ARRIVED AT THE END OF THE RWY; HE LOST SIGHT OF THE TAXI INSTRUCTIONS AND TAXIED ONTO THE RWY WITH AN ACFT ON SHORT FINAL. HIS TAXI INSTRUCTIONS WERE; 'TAXI TO RWY 5.' RPTR ADMITTED KNOWING THAT TAXI TO A RWY DID NOT CONSTITUTE PERMISSION TO TAXI ONTO THAT RWY. HE DOES FEEL; HOWEVER; THAT CTLRS SHOULD ALWAYS SAY; 'HOLD SHORT;' WITH EVERY TAXI INSTRUCTION.