In the past decades, analyzing the relationship between stock returns and bond issuance has been an inevitable topic, because the sign of this relationship plays a pivotal role for asset allocation, portfolio optimization, and risk management. Bond yields provide steady income, and stock yields reward investors for taking on risk. In a dynamic environment, investors can diversify their risk by choosing a portfolio that includes these two asset classes and adjusting their ratios. The studies conducted do not have a consensus opinion about the variable nature of stock and bond returns. The purpose of the article is to investigate the effect of stock market returns on the issuance of bonds of companies admitted to the Tehran Stock Exchange. The data needed to calculate the model for the companies accepted in the Tehran Stock Exchange and Bahadar have been collected using the information included in the audited financial statements of the companies from the software of Rehvard Navin and Codal. The variables used in the research were measured by Excel 2010 and Eviews 10 software. The statistical population of this research includes all the companies accepted in the Tehran Stock Exchange from 2017 to 2011 and the sample members were selected from among the statistical population by simple random method. According to the mentioned conditions, the number of 141 companies was determined as the statistical sample of the research. The results showed that the cumulative normal and abnormal returns of the stock market have a direct effect on bond issuance.