Abstract: This paper empirical study on the implementation effect of green loan policy of our country since July 2007. The results show that banks for approval of long-term loans will be more concerned about the companies' solvency and green loan policy only reflected in the behavior of companies' short-term borrowings. After consider the factor of financial crisis, the effect of green loan on the behavior of short-term borrowings only appear after the financial crisis. On the situation of short supply, banks not only consider some important financial indicator like solvency, but also pay more attention to the issues of company's sustainable development and environmental protection as selecting loan objects. So this conforms to the requirement of green loan policy, the requirement of state's industrial development, and the requirement of banks’ sustainable development. However, the interest rate of short-term loans is lower, the difference is not significant, and effect of green loan does not reflect in the cost of borrowing.