as explicitely said in its perldoc:

Said and shown :)

my $name = 'fred';
substr($name, 4) = 'dy';         # $name is now 'freddy'
my $null = substr $name, 6, 2;   # returns "" (no warning)
my $oops = substr $name, 7;      # returns undef, with warning
substr($name, 7) = 'gap';        # raises an exception
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Note that the lvalue returned by the three-argument version of substr() acts as a 'magic bullet'; each time it is assigned to, it remembers which part of the original string is being modified; for example:

$x = '1234';
for (substr($x,1,2)) {
    $_ = 'a';   print $x,"\n";    # prints 1a4
    $_ = 'xyz'; print $x,"\n";    # prints 1xyz4
    $x = '56789';
    $_ = 'pq';  print $x,"\n";    # prints 5pq9
}
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Wow, I can copy/paste :)