摘 要：近年来，随着技术的快速发展和产品升级速度的加快，并购成为企业获取技术创新能力的重要方式。 本文通过构建负二项回归经济计量模型，以企业专利数作为技术创新能力并购绩效的衡量标准，对中国制造业上市公司1999-2013年的并购行为进行了实证研究。研究表明：技术并购能促进并购公司创新绩效，非技术并购对创新绩效无显著影响；目标公司知识基础绝对规模对并购创新绩效产生倒U型的影响，并购公司知识基础绝对规模对创新绩效无显著影响；相比类似性技术和不相关性技术，互补性技术并购能够显著促进并购公司创新绩效。

Abstract: In recent years, with the rapid development of technology and the speeding of product updating, M&A has become an important way for enterprises to obtain technology innovation ability. By establishing a negative binomial regression econometric model, and measuring the M&A performance of technology innovation ability with enterprise patent number, this paper does empirical research of the M&A behavior of Chinese manufacturing listing corporations from year 1999 to year 2013. The results show: the technological M&A can promote innovation performance, non-technological M&A has no significant effect on innovation performance; absolute scale of the acquired firm knowledge base has inverted U type influence on M&A innovation performance, while absolute scale of the acquiring firm knowledge base has no significant effect on innovation performance; compared with similar technology and unrelated technology, complementary technology can significantly promote the enterprise innovation performance.