本研究以台灣468筆私募增資案，探討應計基礎和實質盈餘管理的決定因素，及盈餘管理對宣告效果的影響。我們發現當投資人類別分為內部人及外部人時，於私募增資前一年，兩者的盈餘管理程度有顯著地不同。並發現相較於應計基礎盈餘管理，實質盈餘管理與宣告效果呈顯著負相關。研究結果顯示與內部人的私募案相比，外部人的私募案，其盈餘管理程度較低，宣告時市場給予較高的異常報酬，且盈餘管理會顯著地負向影響宣告時的報酬。 / We employ 468 private placements in Taiwan to examine the determinants of accrual-based earnings management and real earnings management (REM), as well as the impact of earnings management on announcement returns. The results indicate that the type of investors affects earnings management prior to private placements. Compared with discretionary current accruals (DCA), REM is significantly and negatively related with announcement returns. Outsider placements are associated with lower earnings overstatement and higher announcement returns. Outsider placements also exhibit a significantly negative relation between earnings management and announcement returns.