A. The principle of non-arbitrage balance, which is emphasized by aft, is based on the exclusion of arbitrage equilibrium opportunities, and market arbitrage forces are bound to re-establish equilibrium if there is an imbalance in the market, thus making arbitrage balance analysis the basic method of research in modern finance, which provides a basic idea for the pricing of financial assets; while capm is a market balance that is typically dominated by a risk-benefit balance relationship and is the result of the balanced outcomes of many investors in the market
B. Capm is a highly ideal model based on a range of assumptions, including those made when the mean-variant model was set up by markowitz, and the apt premise is much simpler, thus making apt not only a significant reduction in the amount of capm's effective frontier calculations but also a more realistic approach to the functioning of financial markets
C. Capm only considers the risks from the market, emphasizing the risk of securities by using the beta coefficient of a given security relative to its market portfolio, which only tells investors the size of the risk, but does not tell investors where it comes from. Apt, on the other hand, takes into account not only the risks of the market itself, but also the risks outside the market, in particular the multiple-factor arbitrage theory, and the fact that the returns on securities are influenced by a number of factors, which are more explained by the rate of return on securities
D. Apt emphasizes the principle of zero arbitrage, which is based on a fully decentralized portfolio analysis and does not necessarily lead to a pricing conclusion for individual assets. In accordance with the principle of market balance emphasized by capm, all investors under capm conditions will simultaneously adjust their investment positions to rebalance when a single asset is unbalanced in the market
E. Capm assumes a type of investor's treatment of risk, i. E., a risk-averse investor, while apt does not provide for investor's risk preferences, thereby greatly enhancing the adaptability of arbitrage pricing theory
