As far as I know, yes, it does. When you apply for green card you express your intention of remaining in the United States which contradicts your intention of returning to your country after the completion of your studies - the intention you expressed when applying for F1 Visa. So, if your green card motion is turned down you will have to leave United States. But the process is very lengthy, so you will be eligible to remain in the United States until the immigration court gives the final verdict.