本研究以適用於民國九十九年九月修法前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司，並有內部人參與之私募案為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討私募應募人行為對經營績效與異常報酬之影響。 實證結果發現，當辦理私募公司前一年度為稅後淨損，並有內部人參與之私募案，若內部應募人於私募前後三個月內有老股出售之情事者，其私募後之會計經營績效較私募前差，但私募後之公司價值卻較佳。再將這類公司與其他私募案相比，其會計經營績效較差，公司價值仍較佳，皆顯示這類公司會計經營績效與公司股價於私募後未呈同向變化。另外，以事件研究法測試有內部人參與之私募案，發現其在董事會決議日前後確實有異常報酬，顯示私募訊息在董事會決議日前已走漏，陸續反映於股價。 / Based on firms’ net profit/loss before private placement and inside investors stock selling, this study classifies private placements with inside investors into four types to examine the effect of insiders’ activities and the operating condition on firm performance after private placement and the abnormal returns around private placement events. It’s shown that for firms with net loss before private placement while the insiders selling stocks around the event, the accounting performance worsens but Tobin’s Q gets better after the event. In addition, inside investors gain abnormal return around the board meeting. It implies that information leakage before board meeting is severe and the investors even gain abnormal return after the meeting.