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.