In 1976, ross introduced the arbitrage pricing theory (yearly, ross introduced the arbitrage pricing theory (apt)). The theory considers that the rate of return on securities is influenced by the theory that the rate of return on securities is influenced by one or more of the factors, that the rate of return on securities is relevant and that the rate of return on securities is relevant because they respond to these common factors. It is because they all react to these common factors. As with capm, it predicts (or extrapolates) the securities market line associated with the expected return on risk. The two differ from the securities market line associated with the expected return on risk. The difference between the two is that capm is based on the average difference, while the difference is based on the “one price law, one price law”. Up. Where apt is superior to capm, it is also more superior than capm, with fewer assumptions: investors have the same investment philosophy, a large number of investors have the same investment concept, a large number of investors seek to maximize the benefits of investors are price recipients, individual investors are price recipients and individual investors do not have an impact on securities prices. Easier behaviour does not affect the price of securities. No transaction costs. No transaction costs. Apt, in common with the capm assumptions, does not require the establishment of assumptions that there is no tax on the absence of a tax on the establishment of a single investment period under the assumption that there will be no tax on a single investment period under the assumption that apt will be free to borrow and loan investors at risk-free interest rates. The realization factor model for a single-factor model for the realization of a arbitrage price model (the single factor model (the proceeds of all assets are affected by one factor) is subject to an impact). The double-factor model (the benefits of all assets are affected by two factors) (the benefits of a “one price law” ii). The multifactorial model (the benefits of all assets are not subject to multiple factors) the performance factor model for the realization of a arbitrage model (the benefits of the arbitration model are subject to multiple factors) is the value of the application of the `one-factor' model (the application of the `one price-to-one' or the application of the `one'-to-one'-to-the-the-the-the-the-the-the-one' the basic characteristics of the arbitrage: 1. Purchase, sale and simultaneous completion. In general, a single price law consists of two: a single price law in a commodity market: a single price law in terms of the price of a commodity: a single price law in terms of the price of a commodity: a single price law in a financial market in terms of the price of a commodity: a single price law in respect of the price of a financial asset: a single price law in respect of the price of a financial asset: a single price law in respect of the price of a financial asset: a rate of return in terms of the rate of return on the price of a financial asset: a market that is contrary to a price law, an opportunity for arbitrage may arise in terms of the price law, a market that is contrary to a price law, an opportunity for arbitrage may arise in respect of the price law, and a market that is contrary to a price law, an opportunity for arbitration may arise, and the implementation of arbitrage is the disappearance of the offer, the effect of arbitration is the disappearance of the offer, and the effect of arbitration is the elimination of the offer. The law's set up. The law's set up. The law's set up. The same asset has the same price (i. E. The same asset has the same price) (the same valid price)? The construction of the arbitrage portfolio is defined by the same effective price?) the arbitrage portfolio is constructed in accordance with the definition of arbitrage, whereby the arbitrage portfolio meets the definition of arbitrage and the arbitrage portfolio meets three conditions: 1. The arbitrage portfolio requires no additional funds from the investor, i. E. The arbitrage portfolio is a self-financing portfolio requires no additional funds from the investor, i. E. The arbitrage portfolio is a self-financing portfolio, 2. The arbitrage portfolio is zero sensitive to any factor, i. E. The arbitrage portfolio is not a factor risk arbitrage to any factor is zero, i. E. The expected yield of the arbitrage portfolio is no factor risk 3. The expected yield of the arbitrage portfolio should be greater than zero: for example, an investor has an investment portfolio consisting of three equities, a stock portfolio, the market value of three equities is five million, the total value of the investment portfolio is 15 million dollars. Assuming a million dollars. Assuming that these three equities are in line with the single factor model, the expected yield would be 16 per cent, 20 per cent and 13 per cent respectively, respectively, and that the investor would be sensitive to this factor, with 0. 9, 3. 1 and 1. 9 per cent, respectively, in order to ask the investor if it could modify its portfolio in order to increase the yield arbitrage model without increasing the risk, with the result that the yield arbitrage model (the hedge price model (apt) would increase and the rate of return would decrease accordingly, if the hedging opportunity existed, the investor would have the opportunity to buy the hedge, the investor would have the chance to sell the securities with the higher yield and sell the securities with the lower yield, with the result that the yield would be lower, and the yield would be lower, if the return rate would increase. This process will continue until rates rise accordingly. This process will continue until the rate of return on the various securities is properly related to the rate of return on the various sensitive securities and the sensitivity of the various securities to the factors. The senses remain appropriate until the relationship. The single-factor price formula leads to the expected rate of return of the arbitrage basket: the expected rate of return of the arbitrage basket: the binding condition: based on the lagrandian principle, the following functions are established: based on the lagrandian doctrine, the following functions are established: the two elements of the apt asset price line and the multifactor formula and the multifactor model pricing formula are established: by the same method, we can obtain: by using the same method, we can obtain: the meaning of the arbitrage pricing model: 1. The arbitrage mechanism of the arbitrage model of the arbitrage model of the meaning of the arbitrage of the arbitrage model of the arbitrage of the arbitrage of the financial market as an important mechanism for achieving a balance of financial markets: the reasonable balance of expectations of the capm contributes to the production of balanced prices for most or even all investors, and by the same expectation that most or all investors have the same expectations, and by that by purchasing and selling the assets of the same price line, we can facilitate the exchange of the same value as the economy, if both of the exchange is related to the the market is equally priced against the field. A breach of the “one price law one price law” by the market is a necessary condition for triggering arbitrage transactions, i. E., a breach of the “one price law one price law” must exist in the market if arbitrage transactions occur, whereas a breach of the “one price law one price law” by the market is not a sufficient condition for triggering arbitrage. It is sufficient to trigger arbitrage. 3. The expected rate of return depends on the asset's expected rate of return on risk and on the sensitivity of the asset to risk factors. The future of factors can be explained by several risk factors. The uncertainty of the future of the factors makes the return on assets uncertain. Uncertainty about the factors makes the return on assets uncertain。the greater the uncertainty of the factor, the higher the qualification of the risk pay required by the investor, the higher the risk pay required by the investor for the factor, the higher the rate of return would otherwise not have been sufficiently high and the higher the rate of investment would have been, the higher the expected benefit would not have been, the investor would have been far from the asset, the lower demand for the asset would have resulted in the asset being far from it, the lower demand for the asset and the lower prices would have followed, while the expected gain would have been higher until prices had fallen, and the expected gain would have been higher until a balance had emerged. There's a balance. The application of values is based on four points: here's four: when most institutional investors assess investment performance when most institutional investors evaluate investment performance, 2. When regulatory authorities determine the capital costs of the regulators when they determine the capital costs of the regulators, the amount of compensation for future income losses is related to the sensitivity factor of the k-risk pay factor sensitivity factor sensitivity factor sensitivity factor sensitivity factor sensitivity factor sensitivity factor factor sensitivity factor factor factor sensitivity factor factor sensitivity factor factor factor factor factor factor multiple factor factor factor factor factor factor factor factor when an enterprise's capital budget decision-setting rate of return determines the lowest return rate of return regardless of the availability of the pricing formula factor factor factor factor factor 1 of the pricing formula model of the key multi-factority model = rate of return multiple-regression projection return rate of return projection factor 3 factor factor of risk pay factor 3 risk risk risk risk risk factor factor factor factor 3 factor pay factor factor sensitivity factor k risk pay factor sensitivity factor sensitivity factor for risk pay factor sensitivity factor sensitivity factor factor sensitivity factor multi-factor factor sensitivity factor factor factor factor factor factor pricing formula = rate of return forecast of return multiple multiple! 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