Abstract
Since Taiwan has modified Securities and Exchange Act in 2002, a new fundraising private way had been appeared. The purpose of this study is to investigate the short-term and after the end of the period of lock-up operating performance changes and Private placement reasons of listed companies that have privately funded Private placement during the period from 2003 to 2013. The operating performance will be studied based on four variables including return on assets(ROA), return on equity(ROE), net income and net profit margin, using the Taiwan Economic Journal (TEJ) to collect data and Capture private placement and performance data one year before the year of private placement, the first year of private placement, the third year of private placement, and the fourth year of private placement, the results of the study showed that： 1. the companies had significantly improved their ROA, ROE, net income, and debt ratio in the first year after private placement. 2.The purpose of non-strategic private placement, ROA, ROE, net income, and debt ratio in the first year after private placement are most significant. Keywords： Private placement, Lock-up period, Private placement reason, Operating performance