The performance of 18 listed privatized companies was evaluated for the period of three years after privatization. The evaluation of performance was classified into operating and long-term investment performance. Five financial ratios were used to measure the operating performance. In evaluating the long-term investment performance, the buy-and-hold abnormal return and cumulative abnormal return are measured. In order to find out the factors which influence the changes of performance, the percentage of shares held by individual investors, the percentage of shares held by directors, the percentage of shares held by managers, the percentage of shares held by government, the privatization year, the industry factor, the performance before the privatization year, and GDP growth rate were considered as independent variables to carry out the regression analysis. It is showed that only total assets turnover was increased after privatization but not significant. The factors influencing the performance show that the lower percentage of shares held by individual investors or the better the performance before the privatization year, the better operating performance and the long-term investment, but also not significant. The percentage of shares held by directors and government have positive and negative impact to the asset turnover.