The restraint of financing constraints on corporate investment and financing activities has been widely concerned，but there are still some divergences on contributing factors in the existing theoretical and empirical research. This paper uses stochastic frontier model to examine the causes of financing constraints from both market and non-market factors with the data of Chinese A-share listed companies from 2009 to 2016. The empirical analysis shows that Chinese listed companies generally face serious financing constraints. As an important market factors emphasized by traditional financing constraints theory information asymmetry is a significant cause of financing constraints of Chinese listed companies. In addition，the non-market factors such as regional economic development，ownership characteristics and enterprise size are significantly related to the degree of financing constraints. The above conclusions drawn from the listed companies are also applicable to unlisted companies. According to the empirical results，this paper puts forward some suggestions from the perspective of enterprises and government respectively to relieve financing constraints.