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公司债券发行价格主要受债券票面利率和市场实际利率的影响。那么,债券发行价格究竟应该如何计算确定才能使之符合市场利率,使双方的成交公平合理?在笔者所见到的各种教材举例中,都是分别求出两个现值:一是到期偿还的债券面值以市场利率换算的现值,二是债券按票面利率计算的各期应付利息以市场利率换算的现值。然后将债券面值的现值和债券利息的现值相加,求得债券的发行价格。这种确定债券发行价格的计算方法显得有些繁琐。笔者认为,既然票面利率与市场利率的不一致只会引起计息各期多付或少付利息,而不会影响到期偿还的面值。换句话说,即债券的溢价和折价都只是对债券利息的合理调整,而不是对到期需要偿还的面值进行调整。那么,只需将由于利率不一致所引起的每期多付或少付利息按市场利率换算为现值,这个现值即为溢价或折价金额,债券面值加、减溢价或折价额即为债券发行价格。
The issue price of corporate bonds is mainly affected by the coupon rate of bonds and the actual market interest rate. So, the bond issue price exactly how to calculate and determine in order to make it in line with the market interest rate, so that both sides of the transaction fair and reasonable? In the author saw a variety of teaching materials examples, are obtained separately two present value: First, The par value of the repayable bonds is the present value of the market interest rate conversion and the second is the present value of the bonds payable based on the coupon rate calculated using the market interest rate. Then add the present value of the bond’s face value and the present value of the interest on the bond to get the issue price of the bond. This method of determining the price of bond issuance appears to be somewhat cumbersome. In my opinion, since the inconsistency between the coupon rate and the market interest rate will only incur more or less interest payments during each period, it will not affect the par value of repayments. In other words, the bond’s premium and discount are only reasonable adjustments to the interest on the bond, not the face value that needs to be repaid. Then, just by interest rates paid each due to pay more or less interest rates at market interest rates converted into present value, the present value is the premium or discount amount, the nominal value of bonds, minus the premium or discount is the bond issue price.