NOn October 23, 2009, China's growth enterprise market was officially established, which does not need to meet the harsh conditions of listing on the main board, so enterprises can raise funds from the market. However, risks and benefits coexist. Due to the low threshold of entering the market, many enterprises are competing for listing, but in fact, they are not mature, the scale is small, various rules and regulations need to be improved, and the ability to resist risks is low, resulting in the company's raising After the fund-raising, it can not be properly managed and utilized, but accelerate the decline of enterprises. Therefore, if enterprises want to be listed on gem for long-term and stable development, they need to formalize the risks of GEM market, improve the risk prevention mechanism, control the risks faced by enterprises within the tolerable range as much as possible, and obtain the maximum benefits. There are all kinds of risks in the growth enterprise market, mainly including the inherent risks of the market and the operational risks of the enterprise itself. This paper focuses on the financial risks faced by the enterprise. Taking Hebei Changshan Biochemical Pharmaceutical Co., Ltd. (Changshan pharmaceutical for short) as an example, this paper analyzes the financial statement data of Changshan pharmaceutical and makes a comprehensive analysis based on the Z-score Model Changshan pharmaceutical industry may have financial risks, make trend forecast and put forward its own suggestions.