Based　on　DSSW　model,　this　paper　introduces　the　noise　traders　with　heterogeneous　belief.　With　an　equilibrium　analysis,　this　paper　examines　the　return　of　risky　asset.　The　results　show　that　the　belief　biases,　the　probability　of　economy　state,　the　degree　of　the　heterogeneous　noise　trader＇s　aversion　risk,　the　coefficient　between　heterogeneous　noise　traders　are　all　the　factors　that　have　effects　on　the　risky　asset　pricing　and　the　return　of　risky　asset.