股票市场上 ,重大信息的到达都会导致股票价格的不连续变化或跳跃 ,但以往都假定信息的重要性与由此而引起的相对跳跃高度无关 ,这与实际存在较大的偏差。在假设信息的重要性与跳跃的相对高度有关的情况下 ,利用无套利机会 ,推导出期权价格必须满足的偏微分方程 ,进而给出期权定价公式 In the stock market, the arrival of significant information leads to discontinuous changes or jumps in stock prices. However, it has been assumed in the past that the importance of information has nothing to do with the relative jump caused by this, which is a big deviation from the actual. Under the assumption that the importance of information is related to the relative height of jump, the author uses the no-arbitrage opportunity to derive the partial differential equation that the option price must satisfy, and then gives the option pricing formula