How do I create a link in Windows 7 home premium as a regular user?

As stated here,

Creation of symbolic links requires the SeCreateSymbolicLinkPrivilege (“Create symbolic links”), which is granted only to administrators by default (but you can change that using security policy).

To change the policies:

1. Right click on Start→Run and launch secpol.msc.

2. Open Security Settings → Local Policies → User Rights Assignment and select Create symbolic links (that represents SeCreateSymbolicLinkPrivilege).

3. Double-click on the item and add yourself (or the whole Users group) to the list.

The changes will apply when you log out and log in again.

I just discovered that I can create a 'Junction' even when I can't create a symlink:

mklink [/D] /J junctionname filename

where /J indicates 'create a junction', and the /D is, I believe, for if the named file is a directory. (my user is currently an administrator)

However, a junction to a 'bat' file doesn't seem to be executable, so this isn't actually any use.

Does anyone understand why this is, or how it can be fixed to provide an alternative approach to the OP's problem?

I found only a non administrator can do it. Add non administrator to create symbolic links and runas non administrator. You'll have to add a person of with non admin privileges. Then you give permission to the target for the non admin, so he can do the runas mklink.