二、上市(櫃)公司發行普通公司債後之長期營運績效： 從衡量長期營運績效財務比率得知，上市(櫃)公司發行普通公司債後的長期營運績效表現，在獲利能力方面是呈現衰退之趨勢，而公司的資產運用效率與償債能力亦没有獲得較佳的改善。 The present study investigates the TSEC & OTC listed companies which issued corporate bonds between 1994 to 2006. A total of 164 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of financing by issuing corporate bonds on raising a company’s value and promoting shareholders’ wealth. Three years after the issuance were evaluated in the long-run investment performance. The five operating performance indicators including return on assets, return on shareholders’ equity, equity multiple, rate of net income, and assets turnover, were used to measure the operating performance after three years of issuance. I.Long-term investment performance of the TSEC & OTC listed companies after issuing corporate bonds： If investors who bought the company’s stocks when it issued corporate bonds failed to receive long-term average return which was better than benchmark，it probably indicates that the company administration’s policy of issuing corporate bonds can’t bring shareholders more wealth in the long run. II.Long-term operation performance of the TSEC & OTC listed companies after issuing corporate bonds： By evaluating the financial ratios of long-term operation performance, we can find that in terms of long-term operation performance of the TSEC & OTC listed companies issuing corporate bonds, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.