Based On Of Friction Market In General Transaction Costs No Arbitrage Portrayed

No-arbitrage analysis is the basic method of studying modern finance, it is important to a series of results of finance, and it is also the basic method of production's devising, developing and applying. Of course, No-arbitrage analysis is playing a crucial role in the theory and practicing of finance. The paper discusses no-arbitrage on the case of common transaction costs and preferential transaction costs function.There is 4 chapters in this paper, its' main contents are:Chapter 1 is begin with the background and significance of No-arbitrage analysis, and then introduce the currently works of No-arbitrage analysis and the work of this paper.Chapter2 studies the characterizations of friction markets with fixed transaction costs on the basis of relevant literatures; by defining extending state price, we proof no arbitrage is equal to the existence of state price, and give some characterizations of no arbitrage; by characterizing no arbitrage with the existence of optimal consumption solution; we using the minimum initiate wealth of hyper-replicate some return in future to describe no arbitrage.In Chapter 3, on the case of normal transaction costs function, we give an essential -sufficient condition and a sufficient condition to no arbitrage, and then the paper discuss -es the case of preferential transaction costs function in practical markets, and show the strong arbitrage's relation between this markets and no-transaction costs markets. We obtain an essential- sufficient condition to strong arbitrage, namely, using the existence of positive solution of a group of linear inequations to characterize no strong arbitrage. At last, we characterize no strong arbitrage with some optimal problems.