这种溢价来源于中国的资本控制，这种控制造成大量股市流动性集中在沪深股市中。
The premiums stem from China's capital controls, which trap a lot of stock-investing liquidity within the Shanghai and Shenzhen markets.
英国国家经济社会研究院(National Institute of Economic and Social Research)则强调了风险价格的上升——这会增加资本的有效成本，包括股市溢价上升。
The UK National Institute highlights a higher price for risk, which would increase the effective cost of capital, involving a higher equity premium in the stock market.
作为对持续下跌的市场的额外预防措施，Narayanan建议建立“安全系数”：一个超过最低预期资本回收率3% - 5%的溢价。
As an extra precaution against an ongoing down market, Narayanan suggests building in a "margin of safety" : a 3 to 5 percent premium over the target hurdle rate.
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