This paper proposes a companding scheme, where small signals are enlarged and large signals are reduced, to reduce the Peak-to-Average Power Ratio(PAPR). Computer simulation results show that the proposed technique has two advantages at least when compared with the conventional methods such as partial transmit sequence, selective mapping and the previous companding. First, it gets better PAPR performances with a lower complexity. Second, the scheme achieves greater performances gain with hardly any damnification of OFDM signals in some degree.