By in t roducing t rade vo lum e to po rtfo lio select ion model, th is paper ob tain s an analyt ic fo rm u la of a new eff icien t f ron t ier. It p roves the relat ion betw een new eff icien t f ron t ier and eff icien t f ron t ier neglect ing t rade vo lum e, and m akes an analysisw ith sub stan t ial evidence th rough the data of Shenzhen StockM arket and verif ies th is relat ion p relim inarily.