本研究探討私募宣告事件之資訊內涵，以瞭解私募宣告事件對公司整體價值所造成之影響，進而探討影響私募宣告效果的可能因素，並比較具備投資機會組與不具備投資機會組之累積平均異常報酬。 實證結果發現以股東大會日為宣告日之私募股權宣告具有資訊內涵，而且宣告效果提早反應。影響私募宣告後累積異常報酬之因素包括價格壓力、投資機會、發行價格及資訊不對稱程度。股票流動性高、股價波動程度低、具備投資機會、發行價格高或資訊不對稱程度高時，私募宣告後之累積平均異常報酬會較高。在事件日前，無投資機會組比具備投資機會組有較高之累積平均異常報酬；在事件日之後，具投資機會組比無投資機會組有較高之累積平均異常報酬。 / This study examines the information content of private placement announcement to unveil its impact on firm value, explores the factors affecting the effect of private placement announcement, and compares the market performance of firms with investment opportunities and those without investment opportunities. The results indicate that the information content of private placement announcement exists with early information leakage. Firms with higher stock liquidity, lower stock price variation, more investment opportunity, higher subscribed price or higher degree of information asymmetry will have higher cumulative average abnormal returns after the announcement. The cumulative average abnormal returns of companies without investment opportunity are higher than those with investment opportunity before the announcement date.