Because of a series of harsh hypothetical conditions in the traditional CAPM, it is still questioned by the empirical research. Based on the amendment made by Edward M. Miller to the CAPM, this paper surveys and calculates the total risk level, the systematic risk and the expected return of Chinese stock market from 1995 to 2000. It shows that the characteristic of the systematic risk covering mainly the total risk in Chinese stock market has not been essentially changed, but the expected return of investors has decreased, that is to say investors in China tend to be rational.