This study aims to analyze the relationship between the financial crisis of Korean construction companies and macroeconomic fluctuations. In this study, current ratio used an acting variable for liquidity ratio, and debt ratio for leverage ratio. GNI, L, exchange rate, interest, and CPI were used for the macroeconomic variables. VECM consisted of Model 1 and Model 2 to analyze the relationship between current ratio and macroeconomic variables, and between debt ratio and macroeconomic variables, in order to analyze each model through variance decomposition and impulse response function. This study is a useful research to analyze the dynamic relationship between the financial crisis of construction companies and macroeconomic fluctuations. The financial ratios of construction companies are directly used for analysis, making this a more practical analysis than studying the relationship between macroeconomic fluctuations and the comprehensive indexes of construction business. The collected data are limited, as the time series data of current ratio and debt ratio were secured based on the financial statements of the most capable 50 constructions companies in Korea. If the sample companies were divided in future research according to scale, in order to analyze the relation between financial crisis and macroeconomic fluctuation by company scale, a more developed result could be obtained.