Using the sample of Chinese listed A-shares from 1998 to 2015, this article investigates the explanatory power of Fama-French five factor model in explaining the asset growth effect. Empirical results show that the model has strong power in explaining the effect, and the investment risk factor is priced. Among the five factors, only the size factor and the investment factor are predictive for forecasting A-share's cross-sectional stock returns. Based on these findings, we find the investigation of risk factors and appropriate asset pricing models are vital for improving the resource allocation function of Chinese Stock Market.