No-arbitrage equilibrium is the necessary result in an efficient market. But the empirical results show there are significant arbitrage opportunities between the inter-bank market and exchange market.
无套利均衡是市场有效的必然结果,但实证显示银行间和交易所两市场间存在长期明显的套利机会,这一结果也说明了中国国债市场的效率还比较低。
参考来源 - 中国国债市场有效性研究·2,447,543篇论文数据，部分数据来源于NoteExpress
股息贴现模型是估计股票内在价值的基本方法，无套利均衡是现代金融理论的基础。
The dividend discount model is the essential method used to estimate the stock intrinsic value. No-arbitrage equilibrium theory is the foundation of present financial theory.
股息贴现模型是估计股票内在价值的基本方法，无套利均衡是现代金融理论的基础。
The dividend discount model is the essential method used to estimate the stock intrinsic value.
同时，由于无风险套利活动的存在将逐渐实现金融市场的无套利均衡，导致我国股票市场的“规模效应”减弱以致消失。
As the same time, it is considered that the non-risk arbitrage result in the non-arbitrage equilibrium in the stock market which make the size effect gradually abate and disappear.
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