台灣自2002年修訂證券交易法後，增加了一個可以募資之管道¬–「私募」，本研究旨於探討2003年至2013年間，曾進行私募之上市(櫃)公司之短期及閉鎖期結束後之長期績效變化與私募原因對於公司私募後第一年之經營績效影響，其中經營績效將以資產報酬率、股東權益報酬率、稅後淨利及稅後淨利率等四個變數及其成長率進行研究，利用台灣經濟新報(TEJ)進行資料蒐集，並擷取私募前一年、私募當年、私募後第一年、私募後第二年、私募後第三年及私募後第四年之資訊進行運用，其研究結果顯示：
一、 台灣曾進行私募之上市(櫃)公司，其私募後第一年之資產報酬率、股東權益報酬率及稅後淨利率皆有明顯改善。
二、 以非策略引資為私募目的之私募，其進行私募後第一年之資產報酬率、股東權益報酬率、稅後淨利及負債比率之改善最為顯著。

關鍵字：私募、閉鎖期、私募原因、經營績效

Since Taiwan has modified Securities and Exchange Act in 2002, a new fundraising private way had been appeared.
The purpose of this study is to investigate the short-term and after the end of the period of lock-up operating performance changes and Private placement reasons of listed companies that have privately funded Private placement during the period from 2003 to 2013. The operating performance will be studied based on four variables including return on assets(ROA), return on equity(ROE), net income and net profit margin, using the Taiwan Economic Journal (TEJ) to collect data and Capture private placement and performance data one year before the year of private placement, the first year of private placement, the third year of private placement, and the fourth year of private placement, the results of the study showed that：
1. the companies had significantly improved their ROA, ROE, net income, and debt ratio in the first year after private placement.
2.The purpose of non-strategic private placement, ROA, ROE, net income, and debt ratio in the first year after private placement are most significant.

Keywords： Private placement, Lock-up period, Private placement reason, Operating performance

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