This study investigates the effects of financial constraints on the cost of capital, and differences in said effects between the electronics industry and non-electronics industry as well as the differences in said effects between when a financial crisis occurs and when a financial crisis does not occur. The empirical results indicate that financial constraint indices exert significant and positive effects on the cost of capital; that is, raising financial constraints can increase the cost of debts. Furthermore, between the electronics industry and non-electronics industry, raising financial constraints also leads to an increase in the cost of debts. Lastly, between when a financial crisis occurs and when a financial crisis does not occur, all financial constraint indices exhibit significant and positive effects on the cost of debts.