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.