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.

摘要： 本文针对我国2007年7月实施绿色信贷以来的效果进行经验检验，结果发现，银行对于长期借款的审批更多关注企业的偿债能力，绿色信贷政策仅体现在企业的短期借款行为上。在考虑金融危机的因素后，绿色信贷政策对短期借款行为的效果在金融危机后出现，信贷市场就出现了供少于求的局面，银行在选择信贷对象时除了会考虑偿债能力等必要的财务指标外，也会更加关注企业本身的可持续性发展能力和环境保护问题，这不仅符合绿色信贷政策的要求，也是符合国家的产业发展要求，更符合银行的可持续发展要求。而短期信贷的利息率较低，且差异并不显著，绿色信贷的效果并未体现在借款成本上。