Abstract: The Z-score model is a multivariate model proposed by Edward Altman to measure the financial risk of an enterprise. Taking Xinjiang Tianrun Dairy Co.Ltd.as an example,this paper combined the applicability of the Z-score model with the financial statement,using traditional financial accounting risk analysis with Z - score model financial risk analysis method,to analyze the cause of the financial risk. Furthermore,this work compared Xinjiang Tianrun Dairy Co.,Ltd with its leading corporation,Inner Mongolia Yili Industrial Group Co.,Ltd. in the same dairy industry and put forward corresponding countermeasures. The research results indicated that Xinjiang Tianrun Dairy Co.,Ltd. is in a healthy financial position,and the possibility of financial crisis in the short term is relatively low. But there is still a certain gap compared with Inner Mongolia Yili Industrial Group Co.,Ltd. which is the leading enterprise in the dairy industry.

Key words: Z-score model, financial risk, Tianrun Dairy Co.,Ltd.