私募制度規定應募人須遵守閉鎖期即自該私募交付日起滿三年才能自由買賣及轉讓之規定，而公司以私募方式進行招募資金，參與私募者皆為機關法人或專業投資人，故引進之資金具有外部監督效果，由於過去國內較少在探討私募制度之閉鎖期前後對該私募公司經營績效的影響，以及討論公司之外部監督效果是否發揮作用。本研究自台灣經濟新報資料庫（TEJ）取得私募及財務相關資料，以資產報酬率（ROA）、股東權益報酬率（ROE）、每股盈餘（EPS）、銷售報酬率（ROS）來衡量經營績效的變化，並且以股價超額報酬來衡量股價投資報酬，計算私募前二年、私募當年、私募後六年共九個年度進行探討公司進行私募前後經營績效及股價報酬的變化，再進一步探討閉鎖期前後各三年度，私募公司經營績效及股價報酬的變化。

Because of regulations to the private system, applicants should adhere to the rules for lock-up period, which means that securities can be freely traded and transferred since the delivery date of the private placement for three years. As all applicants should be corporate bodies or professional investors when a corporate raises funds through the private placement, the introduced funding could play a supervisory role. Due to fewer domestic researches that study how the lock-up period affects the corporate performance for private placement and if the external supervisory roles work. This study has access to the data for private placement and financial intelligence from TEJ to evaluate the management performance via ROA, ROE, EPS, ROS and ROI, this study also measures the returns on stock value by stock excess returns, the sum is nine years include two-year-ago to six-year-later from private placement year, which assess performance and changes of stock prices around the private placement and lock-up period.