Ｎｏ－ａｒｂｉｔｒａｇｅ Ａｎａｌｙｓｉｓ ｏｆ Ｆｒｉｃｔｉｏｎａｉ Ｍａｒｋｅｔｓ Ｕｎｄｅｒ ｔｈｅ Ｇｅｎｅｒａｌ Ｔｒａｎｓａｃｔｉｏｎ Ｃｏｓｔｓ

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The modern financial theory originates in the portfolio theory which was put forward by H.Markowitz at the beginning of the fifties of the 20th century; it is the modem finance's begin-ning of the quantitative research. Then on later stage of the fifties of the 20th century， F.Modigiliani and M.Miller put forward the analytical method of \"No-arbitrage\"， when they studied the rela-tions between enterprise's capital structure and enterprise's value (M-M theory). It indicates finance is totally separated on the research approach from economies. Therefore， analytical method of No-arbitrage is thought to be a revolution in methodology in the modern finance. A series of breakthrough research that have been made in the financial theoretical research， such as Pricing Theory of Arbitrage (APT) and Option Pricing theory (OPT)，which can be rated as the remarkable application of the analytical method of No-arbitrage. Balanced analysis of No-arbitrage has caught the most essential characteristic of financial market， so it is an important field in which the finance to be studied all the time， and a large number of research documents emerged.