本研究係蒐集自1988年至2005年間曾發行特別股之上市(櫃)公司為研究對象，共計33件樣本數，運用各種不同的績效衡量方法，探討公司以發行特別股來進行融資，是否能提高公司價值及增進股東財富，以及對於經營績效是否有顯著的影響。研究結果指出： 一、上市(櫃)公司發行特別股後之長期投資績效： 投資者若於公司發行特別股時買進持有該公司之普通股股票，其無法獲取優於基準之長期平均報酬，又或許顯示公司管理當局發行特別股之決策，長期平均而言，並無法增加股東更多之財富。 二、上市(櫃)公司發行特別股後之長期營運績效： 從衡量長期營運績效財務比率得知，上市(櫃)公司發行特別股後的長期營運績效表現，在獲利能力是呈現衰退之趨勢，而公司的資產運用效率與償債能力亦没有獲得較好的改善。 The present study investigates the TSEC & OTC listed companies which issued Preferred Stocks between 1988 to 2005. A total of 33 companies were investigated in this study. A variety of performance assessment methods were adopted to explore the effects of financing by issuing Preferred Stocks on raising a company’s value and promoting shareholders’ wealth. The study also explores whether it has a significant impact on operation performance if a company conducts fund-raising by issuing Preferred Stocks. The following are the major findings of the study. 1.Long-run investment performance of the TSEC & OTC listed companies after issuing Preferred Stocks:If investors who bought the company’s stocks when it issued Preferred Stocks failed to receive long-run average return which was better than benchmark，it probably indicates that the company administration’s policy of issuing Preferred Stocks can’t bring shareholders more wealth in the long run. 2.Long-run operation performance of the TSEC & OTC listed companies after issuing Preferred Stocks:By evaluating the financial ratios of long-run operation performance, we can find that in terms of long-run operation performance of the TSEC & OTC listed companies issuing Preferred Stocks, there is a tendency to decline in making a profit. Neither assets utilization nor repaying capability improves.