This factor measures the market value changes caused by equity issuance activities that are not attributed to stock price fluctuations by calculating the company's annual market value growth rate and deducting the stock return rate during the same period. The core concept is that when a company raises funds through additional stock issuance, part of its market value growth comes from the newly issued shares, not entirely due to the increase in the company's value. If the market value growth is significantly greater than the stock return during the same period, it may indicate that the company has conducted large-scale equity financing. A negative factor value may indicate that the company has repurchased shares or that the current market value growth is lower than the stock return. A high factor value may mean that the company has conducted large-scale equity financing, and is often interpreted by the market as a signal that future growth prospects may be poor, so this factor may have a negative correlation with future stock returns. This factor can be used as an important indicator to measure corporate financing behavior and market sentiment, and can be flexibly applied to different time intervals to capture market dynamics under different time dimensions.