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对有交易费的资产模型，本文引入了市场有套利机会的一般定义，并利用辅助鞅和资产折算函数方法，讨论了无套利市场的基本性质，即在可允许投资策略下市场不存在套利机会．
For asset models with transaction costs, this paper introduces the general definition of arbitrage opportunities in the market, and uses the auxiliary martingale and asset conversion function methods to discuss the basic properties of arbitrage-free markets, that is, there is no arbitrage opportunity in the market under the allowable investment strategy .