流动性风险和企业控制权这两个因素共同影响着股东投资于股票的意愿,进而影响着股票的价格。本文采用Pratt-Arrow对风险溢酬的度量方法,分析了有投票权和无投票权股票的流动性风险溢酬。分析表明,这两种股票的流动性风险溢酬由投资者的风险厌恶程度、预期消费流量的方差以及股票变现的概率等因素决定。最后,本文对这两种股票的价格进行了比较分析,揭示出驱动这两种股票间价格差别的主要动因在于流动性与企业控制权的共同作用。 Both liquidity risk and corporate control affect the shareholders’ willingness to invest in the stock, which in turn affects the price of the stock. In this paper, we use Pratt-Arrow to measure the risk premium and analyze the liquidity risk premium with and without voting stock. The analysis shows that the liquidity risk premium of these two stocks is determined by the risk aversion of investors, the variance of expected consumption flow and the probability of stock realization. Finally, a comparative analysis of the prices of these two stocks reveals that the main reason for the price difference between these two stocks is the synergy between liquidity and corporate control.