摘要：融内涵提升与外部成长于一体的技术能力驱动并购，在经济转型期日益受到企业的青睐。通过对2002～2004年我国沪深证券市场中以上市公司为主并方的185起并购事件的实证研究，文章得出以下结论：技术进入型并购短期内导致公司经营绩效下滑；而技术升级型和技术互补型并购将提高公司经营绩效；公司并购前非流通股比例、股权集中度、每股未分配利润以及公司规模与并购绩效之间存在显著关系。

Abstract: Technology-motivated acquisition is a combination of connotation development with external growth, which becomes the focus of more an more enterprises. Taking 185 M&A events of Chinese listed companies from 2002 to 2004 as an example, the empirical research shows that the acquiring firms’ performance for the technology entering M&A decreased in short-term, however technology upgrading M&A and technology complementary M&A emerge a prominent effect on operational performance of the firms. And the results also show that there is a significant relation among non-tradable shares proportion, ownership concentration, undistributed profit per share, firm size before M&A, and M&A performance.