This paper describes the financial situation of companies Hebei, based on the use of Altman's Z score model, and in 2010, Hebei 31 A-share listed companies as samples, the financial risk of their empirical research. The results show that, Z score model in the forecast financial risk of listed companies has a positive significance and for the future development of China's listed companies have an important role. The social foundation project in hebei province of 2010: Enterprise investment value evaluation and risk aversion