The BA scale-free network is used to depict the investor relationship in the stock market, and the multi-agent simulation is realized by using Netlogo software. The improved panic contagion model, considering the impact of population mobility on the spread of panic in the investor network, the process of panic spread is simulated to explore the influencing factors of panic spread. At the same time, we also simulate the spread process of investment panic in dynamic WS small world network and dynamic Facebook friend relationship network (empirical network). The results show that: the degree of dissemination nodes at the initial time will affect the spread range of panic; by comparing with the spread model of panic with fixed total population, it is found that the spread model of panic with the characteristics of floating population accelerates the spread speed of panic and expands the spread range of panic; The small world characteristics will accelerate the spread of panic; The real complex network has both scale-free characteristics and small world characteristics, so it has a wider spread range and faster spread speed.