本研究以在民國96~98年間辦理私募引進策略性投資人之公司為樣本，檢視宣告日前後異常報酬之走勢，並探討私募後研發投資及會計績效是否顯著增加。 本研究以事件研究法測試企業利用私募方式引進策略性投資人，發現宣告日前後之異常報酬率確實有顯著增加，表示投資人看好私募公司未來的發展，但在利用Healy, Palepu and Rubak (1992)模型檢驗現金流量報酬率、EPS、營業利潤率、資產報酬率與股東權益報酬率及Tobin’s Q等不同的經營績效指標，比較公司私募前後經營績效時，卻發現私募後兩年內，公司之績效並未如市場之預期顯著地提升。但私募後公司在研發費用確實有顯著的提升，代表公司在投資方面有顯著的成長，或許這類私募公司需要更長的時間，會計績效才有可能會顯著的提升。 / This study investigates two issues, the abnormal return and the R&D investment and accounting performance before/after the announcement of the strategic private placement. We found that investors gain abnormal return before/after the announcement of the strategic placement. It indicates that the information leakage before the announcement is severe and, as investors expected, they gain high abnormal return even after the strategic placement. However, based on Healy, Palepu and Rubak (1992) model, we found that the accounting performances after strategic placements are not as investors expected when they are measured in terms of cash flow returns on investments, EPS, gross profit, ROA, ROI and Tobin’s Q. On the other hand, the companies do invest more R&D input after strategic private placement. Observing these two facts together, we may conclude that the strategic private placement makes firms input more R&D expenditure but couldn’t gain significant accounting performance within 2 years.