斯蒂芬·罗斯在1976年提出了套利定价理论，它是对资本资产定价模型的丰

Stephen Rose proposed the arbitrage pricing theory in 1976, which is a rich and complementary to the capital asset pricing model. The theory uses the equilibrium principle to determine the conditions and opportunities of arbitrage. Arbitrage behavior is a characteristic of the effectiveness of the modern market, an important mechanism for promoting the formation of equilibrium prices, and a lubricant for the modern capital asset market. Stephen Rose believes that risk assets are related to many factors, many of which are similar to linear relationships. By looking for their mathematical relationships, if market prices deviate, there is a risk-free arbitrage trading opportunity. Arbitrage pricing theory believes that in an equilibrium market, the prices of different investment objects should be equal, otherwise there will be arbitrage opportunities. Under the arbitrage behavior of market participants, unreasonable price relationships will quickly return and eventually lose no risk Arbitrage opportunities. Arbitrage pricing theory is a supplement to the theoretical basis of capital asset pricing. The theory clearly proposes that arbitrage opportunities exist in the market under uneven conditions, and finds arbitrage relations for various complex asset arbitrage.

Stephen Ross proposed arbitrage pricing theory in 1976, which is a rich and complementary to the capital asset pricing model, which uses the principle of equilibrium to determine the conditions and opportunities for arbitrage. Arbitrage behavior is the characteristic of modern market effectiveness, an important mechanism to promote the formation of equilibrium prices, and a lubricant of the modern capital asset market. Stephen Ross argues that risky assets are related to a variety of factors, many of which are similar to linear relationships, and that by looking for their mathematical relationships, there is a risk-free arbitrage trading opportunity if the market price deviates. Arbitrage pricing theory holds that in the equilibrium market, the prices of different investment objects should be equal, otherwise there will be arbitrage opportunities, in the market participants arbitrage behavior, the unreasonable price relationship will be quickly returned, and ultimately lose the risk-free arbitrage opportunity. Arbitrage pricing theory is a supplement to the theoretical basis of capital asset pricing, which clearly puts forward the existence of arbitrage opportunities in the market under the unbalanced situation, and seeks arbitrage relationship for all kinds of complex asset arbitrage.

In 1976, Stephen Roth put forward the theory of arbitrage pricing, which is the enrichment and supplement of capital asset pricing model. The theory uses the equilibrium principle to determine the conditions and opportunities of arbitrage. Arbitrage is the characteristic of modern market efficiency, an important mechanism to promote the formation of equilibrium price, and a lubricant of modern capital asset market. According to Stephen Roth, risk assets are related to a variety of factors, many of which are similar to linear relationships. By finding their mathematical relationships, if the market price deviates, there will be risk-free arbitrage opportunities. According to the theory of arbitrage pricing, in the equilibrium market, the prices of different investors should be equal, otherwise there will be arbitrage opportunities. Under the Arbitrage Behavior of market participants, the unreasonable price relationship will get a rapid return, and finally lose the risk-free arbitrage opportunities. The theory of arbitrage pricing is a supplement to the theoretical basis of capital asset pricing. It clearly points out that there are arbitrage opportunities in the market under the unbalanced situation, and seeks for arbitrage relationships for all kinds of complex asset arbitrage.