Financial ratios have been used as tools for evaluating a firm's operation and financial condition. Therefore, time series movement can benefit the management, investor, and creditor for making decisions. In this paper, we propose a four-factor model considering industry factor, manager active, inertia factor and firm life stage. Using the proposed model, we analyses the three financial ratios of 859 listed companies which have 14 period data. The results demonstrate that manage initiative is the main factor, the inertia factor of revenue is the second important factor, and industrial factor has less effect.