This study examined whether corporate financial constraint could drive subsequent corporate financial crises by using sample firms that had experienced financial crises and matching firms on the Taiwan Stock Exchange and Taiwan OTC Exchange. We subsequently investigated whether financial constraint is a factor in corporate financial crises based on the model of Maestro, Miquel, and Pindado (2003) to distinguish between financial and nonfinancial constraints. Our findings revealed that corporate financial constraint was significantly positively linked with subsequent corporate financial crises, implying that financial constraints could result in corporate financial crises. Additionally, our evidence indicated that corporate financial constraint was significantly positively related to losses caused by corporate financial crises, indicating that a more severe financial crisis could accompany higher losses.