In chapter one , we argue about how to choose factors with influence stock market results , build orthogonal factor model and give the factors meaning of matrix . in addition , we improve apt in three ways . firstly quote suppositional variable , which makes apt in consistent with the economic objectivity in reality 同時,對原有的apt模型的作了以下改進: ( 1 )引入虛擬變量,這是因為考慮到股票市場上的人為地、不確定的因素較多,譬如交易規(guī)則的顯著變化、證券法的實施等,這樣引入虛擬變量可以使apt與現(xiàn)實經(jīng)濟的客觀性相符。