摘要：Different from the pure financial investors, investors of established company not only take financial returns into account, but also strategic benefits. The existence of strategic benefits distorts the behavior of industrial capital for investment. And high valuation is one of its manifestations. This paper constructs a model to illustrate the high valuation of industrial capital investment. If a complementary relationship exists between invested projects and industrial capital investor’s core business (i.e. strategic benefit is positive), then the industrial capital investment will result in high valuation; besides, if a substitute relationship exists between the invested projects and industrial capital investor’ score business (i.e. strategic benefit is negative), high valuation problem also appears. This paper highlights the origin of high valuation problem, and puts forward corresponding proposals to solve this problem.
