中国宏观经济目前已步入“新常态”，研究经济周期对微观经济体的影响具有一定的现实意义。本文运用1998年-2017年的上市公司面板数据，研究在这一时间跨度内经济周期对企业盈利波动的影响。并且，本文将金融企业也考虑入内，利用行业分类，通过对工业企业和金融企业两类主体进行固定效应回归分析，最终得出经济周期对工业企业和金融企业都具有正向影响的结论。本文还对金融企业的亲周期性的原因，即经济周期对其的作用途径进行了推测和分析。

Under the background that China’s macro economy has entered the new normal, studying the impact of business cycle on microeconomies has great practical significance. This paper studies the impact of business cycle on changes of corporate earnings during 1998 to 2017 using the panel data of listed companies. Financial companies are included in this paper which are classified according to industry classification standards from Securities Regulatory Commission. By fixed effect regressions for financial enterprises and industrial enterprises and robustness test, we finally find that business cycle has positive correlation with two types enterprises. Besides, theoretical analysis of pro-cyclicality of financial enterprises and conduction mechanism is made.