论公司债券的溢价与折价

Premium on discount of bonds

发行债券会出现溢价或折价，溢价或折价取决于市场利率与票面利率的不等．溢价或折价的大小可根据公式：△＝Ｃ（ｒ－Ｒ）（１＋Ｒ）ｎ－１Ｒ（１＋Ｒ）ｎ溢价Ｃ（Ｒ－ｒ）（１＋Ｒ）ｎ－１Ｒ（１＋Ｒ）ｎ折价得出，且溢价不是给企业带来的收益。

Premium or discount may happen when bonds are issued.Premium or discount depends on the difference between coupon rate and market rate.Premium or discount is calculated from the formula:△=C(r-R)(1+R) n-1R(1+R) n\ \ \ Premium C(R-r)(1+R) n-1R(1+R) n\ \ \ Discount  Premium does not bring profit to companies,and discount does not make companies supper loss.