贵刊1993年第8期发表的张忠田、高宁同志的《如何确定公司债券的发行价格》一文,给我们一些有益的启示。但笔者觉得意犹未尽,似有深入探讨之必要。本文就影响债券发行价格的五个因素所涉及的若干理论问题谈点看法,以求教于专家同行和张忠田、高宁二位同志。企业发行债券时,由于市场利率可能与票面利率相同,也可能不同,因而其发行价格可能与面值相等, Your article entitled “How to Determine the Issuance Price of Corporate Bonds” by Zhang Zhongtian and Gao Ning in Issue No. 8, 1993, gives us some helpful enlightenments. However, I still find it quite unpleasant, it seems that there is a need for further discussion. This article talks about some theoretical issues involved in the five factors that affect the price of bond issuance, so as to seek advice from experts and colleagues and two comrades Zhang Zhongtian and Gao Ning. When an enterprise issues bonds, the market price may be the same as the coupon rate and may be different, so the issue price may be equal to the par value,