Chinese　government　wishes　implementing　the　green　credit　policy　to　fund　the　environmental　protection　industry.　Traditional　KMV　model　used　to　compute　default　point　by　giving　the　empirical　weight,　but　this　paper　uses　minimum　miscalculation　to　modify　it.　The　purpose　of　this　paper　is　to　examine　empirically　credit　risk　of　green　industry　represented　by　wind　power　and　photovoltaic＇s　industries　by　searching　listed　companies＇　empirical　data　of　the　two　industries　from　2011-2013.　And　compare　the　results　with　those　of　traditional　industries　to　discuss　the　characters　of　green　industry.　In　contrast　with　expectation,　it　finds　that　the　credit　risks　of　the　two　industries　are　not　higher　than　that　of　traditional　industries.　However　the　gap　of　credit　risks　among　companies　inside　the　two　industries　is　large　and　some　companies　are　still　faced　with　high　risks.　Meanwhile,　as　being　supported　deeply　by　the　green　credit　policy,　their　market　performance　is　much　affected　by　policies.　There　are　many　unstable　factors　influencing　their　profitability.