The real estate industry is an important industry in the national economy and belongs to the leading industry. After more than ten years of development, China's real estate finance has tried almost all financial instruments or models in the world, such as residential savings banks, provident funds, housing cooperatives, housing mortgage loans, etc., but has not yet formed a real estate finance model suitable for China's real estate industry and the development of the national economy. The real estate financial system is not perfect, and the management system needs to be improved, such as pre- intervention mechanism, whole-process management mechanism, scientific decision- making mechanism, risk early warning mechanism, etc. These are all pregnant with potential risks. Therefore, the study of real estate financial risks has become a very important topic. First of all, this paper constructs a real estate company's solvency index scoring model, which can effectively measure the financial risk of real estate companies. Secondly, this paper conducts an empirical analysis on the impact of real estate operation indicators and financial indicators on the solvency and stock price of real estate companies, and finds that sales and land reserves have a significant impact on the solvency of real estate companies. At the same time, this paper finds that the net debt level of real estate companies, return on net assets and the ratio of net cash to interest-bearing debt have a significant positive impact on a company’s stock price. Lastly, this paper examines the impact of corporate operations on the stock prices after incorporating corporate micro-solvency. The conclusion indicates that the growth rate of advanced receivables has a significant positive impact on the stock price without considering the financial factors. Upon the inclusion of the financial factors, there is a significant positive impact of the average premium for new land acquisitions on the stock prices.