The multi-carrier code dividing multiplex transfer system of the present invention includes a direct demodulator that discriminates transmitted signals according to a receiving signal point composed of a combination of receiving values in a spread state of sub-carriers in a range where one modulated symbol is spread, and according to reference signal composing values that can be taken by the combination of the receiving values in the spread state of the sub-carriers. As a result, it is possible to prevent from affects of inter-code interference, and improve receiving characteristics as well.