讨论了股票价格过程遵循几何分式B row n运动的欧式期权定价.由于该过程存在套利机会使得传统的期权定价方法(如资本资产定价模型(CAPM),套利定价模型(APT),动态均衡定价理论(DEPT))不可能对该期权定价.利用保险精算定价法,在对市场无其它任何假设条件下,获得了欧式期权的定价公式.并讨论了在有效期内股票支付已知红利和红利率的推广公式. We discuss that European stock option pricing follows the geometrical formula B row n. Because of the arbitrage opportunity in the process, traditional options pricing methods such as Capital Asset Pricing Model (CAPM), Arbitrage Pricing Model (APT), Dynamic Equilibrium Pricing (DEPT), it is impossible to price the option.Using Actuarial Actuarial Pricing, the pricing formula of European option is obtained without any other assumptions on the market, and the known dividend and bonus rate The promotion formula.