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The aim of this thesis is an evaluation of influence of privatization methods on performance and effectiveness of firms which were directly privatized especially to the hands of foreign holders. Within its theoretical framework, the thesis performs crucial aspects and the historical development of the entire privatization process. Nonetheless, the core of the theoretical part of the study contains the argument for usage a different privatization forms in terms of options for foreign investors' participation. The main subject to the practical part of thesis is the quantitative analysis of a broad sample of companies privatized by both Czech and foreign capital. Subsequently, the qualitative analysis extends the robustness of the outcomes. The basic criteria for valuation of enterprises performance are the indicators of profitability, leverage and productivity. The main outcome of the thesis is the verification of the hypothesis that enterprises privatized by foreign capital reported higher performance at the all examined sub-periods covering the period 1995 -- 2005. At the end of the examined period, the trend of performance convergence between Czech and foreign owned firms took place. Conclusions are supported by the relevant and broad database and therefore it may be accepted as a significant contribution to the research which refutes the statements of some politicians and citizens about the negative influence of foreign capital on Czech economy.