Since the difference between internal and external financing costs, enterprises are facing financing constraints. Outbreak of financial crisis affected the degree of financing constraints, then influenced corporate value. This paper uses financial data of Chinese listed manufacturing enterprises from 2005 to 2013, builds a model of financing constraints index with logistic regression and a model of financing constraints-corporate value with panel regression method to assess the impact of financial crisis on financing constraints and corporate value. The findings are shown as follow: (1) Reducing asset-liability ratio, increasing liquidity ratio, enterprise scale and return on equity will improve financing constraints. (2) Loosening financing constraints, decreasing asset-liability ratio, increasing gross profit margin, enterprise scale and earnings per share will promote corporate value. (3) Shock of financial crisis affects financing constraints significantly. (4) Outbreak of financial crisis deepens the degree of financing constraints, then reduces corporate value significantly.