In recent years, online short videos have become more popular, especially as an online advertising intermediary. To better understand their effects as advertisements, it is essential to analyze the causal relations of online short videos on consumer behaviors. Our study is based on fine-grained consumer behavior data from a world-leading e-commerce platform, i.e., Taobao.com. We first decompose the total causal effects into informative effects and persuasive effects following a common practice in the economic literature. Moreover, we extract the subjectivity scores of short videos through a dictionary-based subjectivity analysis model and evaluate the correlation between the subjectivity scores and each causal effect. The findings of this paper are as follows: First, both causal effects (i.e., informative and persuasive effects) are significant. Second, these effects have a strong correlation with the short videos' subjectivity scores. Third, the signs of these correlations vary with the prices of the products. Our results not only shed light on the research of how short videos exert influence on online consumers, but also give sellers advice on better video design and recommendation.