This paper, which takes 208 cases of listed companies' acquisitions during the years of 2000 2004 in China's stock market as samples, researches the sample acquiring companies' long-term capital market performance after their acquisitions. The results generally show that the shareholders of acquiring companies have suffered a wealth loss from the perspective of long run. Meanwhile, this paper also analyzes the sample companies' performance by classifying them into categories: the acquisitions performance of state-holding companies are better than non-state-holding companies, local acquisitions perform better than inter-provincial ones, the acquisitions in the same industrial sector is better than that of diversifying acquisitions, the companies having no largest shareholder whose voting power is higher than 25% are better than those having; furthermore, compared with assets acquisitions, the performance of equity acquisitions is better in the long run.
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