This paper takes 164 ST listed companies and the 328 matched normal companies of China's stock market as samples for data mining. The Logistic multiple regression model is used for developing multiple-step regression analysis and for analyzing the relationship between the company's financial risk and financial and non-financial indicators. The results of the study show that, unstabitily of the market is the main reason for this financial crisis. Debt levels, expansionary, assets liquidity, and operation cycle are the four most influential factors for companies' financial risk. Governance factors for the companies characterized by ownership concentration possess a significant influence on the prediction models of financial risk of companies.