我國為因應企業籌資之需求於2002年2月實施私募制度。由於過去國內探討私募長期績效之議題較少,再者,過去文獻指出,私募對象的不同會影響公司私募後之長期績效。因此,本研究利用198家私募公司之有效大樣本,來檢驗公司私募後是否有異常報酬的存在並分析向不同類型之應募人是否會對公司之長期績效有影響,結果發現公司私募後一年全樣本及積極型私募案件有顯著為正的長期異常報酬存在,實證結果符合監督理論與公司價值認證假說。 Private placement system has been implemented since February 2002 in Taiwan to cater for the financial need of enterprises. Previous studies indicate that the long-term performance of investment varies with different investors. The study, therefore, examines whether abnormal returns exist and how the investor types influence the long-term performance by analyzing 198 sets of data from private equity companies. Results show that one year later after private equity, abnormal returns significantly exist not only in all samples but also in active private placement cases. These findings are consistent with certification hypothesis and monitoring theory.