In multi-infeed HVDC system, the interactions and influences between DC systems AC systems are complex as the electrical distances among DC converter stations which are relatively short. Multi-infeed interaction factor (MIIF) can effectively reflect the interaction among DC systems. The paper theoretically analyzes the impact factors of MIIF like the electrical distances between two DC converter stations and the equivalent impedance of the receiving end AC system. By applying the Kirchhoff’s current law on the inverter AC bus, the paper deduces the analytical expressions for MIIF. From the expression, it is clear how the equivalent impedance of AC system and coupling impedance can affect MIIF. PSCAD simulations validate the effectiveness and the correctness of the proposed expression and some useful conclusions are drawn.