关键词: 次贷危机, 实体经济, 微观数据, 传播渠道

Abstract: Using the data samples of 976,500 Chinese manufacturing enterprises from 2006 to 2009, the research is on the effects of The Subprime Mortgage Crisis on the Chinese real economy. It distinguishes two channels of the crisis effects on the firms’ profits growth: trade channel and financing channel. It finds that the crisis has obviously negative impact on the firms with greater share of trade in sale and with greater ratio of short liability in total asset，which indicates that The Subprime Mortgage Crisis does have the negative effect on the enterprise performance through the trade channel and the financing channel, and the conclusion is still valid after a series of robust tests. The evidence also shows that the transmission channels of The Subprime Mortgage Crisis on enterprises performance existed differences in scale, ownership, region and industry, showing obviously directional feature.

Key words: The Subprime Mortgage Crisis, Real economy, Firm-level data, Transmission channels