已经有很多“市值”低于“净资产”的上市公司了。“股票投资人”情绪悲观,对于公司破产的风险,他们只能被动地接受,并给予风险折价。但是,对于“产业投资人”来说,这正是他们主动出击的机会,通过投资和补充流动资金,来完成对上市公司资产价值的开发。在行业高峰期,产业投资人应当保守,但在行业低谷期,则应更加激进。这就是“产业投资人”对“股票投资人”的套利。 There are already many listed companies with “market capitalization” below “net worth”. “Stock Investors ” Emotional pessimistic, for the risk of bankruptcy, they can only passively accept and give the risk discounted. But for “industrial investors,” this is exactly the chance for them to take the initiative to complete the development of the value of listed companies’ assets by investing and replenishing their liquidity. In the peak of the industry, industrial investors should be conservative, but in the trough of the industry, it should be more radical. This is the arbitrage for “industrial investor” to “stock investor”.