In this paper, we selected 98 listed companies as simples and by studying their investment behavior before and after the U.S. subprime mortgage crisis in 2008, we make an empirical analysis of the effect of the balance sheet channel on China's enterprises. Adopt changes in net assets due to changes in asset prices as a variable measure of the balance sheet channel effects, reflecting the impact of the mechanism of direct investment. The results show that: before the crisis, the balance sheet channel effect for low interest coverage ratio greater corporate influence; after the crisis, the impact of the mechanism for the enterprise becomes low interest coverage ratio is not significant, but the impact of high interest coverage ratio of enterprises is still significant, and the impact is greater than before.