(3) the model controls the company scale lnszizei, t and market macro factors, as well as the influence of fundamental factors. The following variables were added: book to market ratio (BTM), return on total assets (ROA) and leverage ratio. F test and Hausman test were used to test the data, and the results showed that the individual fixed effect model should be used. After returning, we found D. The W value of the model is too small, so we add AR (1) to correct it.