Abstract:    Since the beginning of the 1990s, the system of "market-for-technology" was launched as a national innovation strategy of China′s reform and opening-up. The purpose of this strategy is to improve the technological level of Chinese enterprises by transferring/opening the huge market of China to foreign enterprises and introduce and absorb foreign advanced technologies. However, the market practice in the past 30 years shows that "market opening" has not made local enterprises obtain advanced technology well, and most of them are lost in the cycle of technological "catching up, lagging behind, catching up and lagging behind again". Thus, under the policy of "market-for-technology", how to develop an appropriate market and technology strategy for domestic enterprises to catch up with foreign companies? In this paper, we adopt the single-case exploratory research method, take two typical M&A cases of Sanhua with Lankel, and Sanhua with Danfoss as the research object, and then obtain the following research conclusions. First, the institutional logic changes in the process of competition and cooperation between Chinese and foreign companies under the framework of "market-for-technology" include two mechanisms: reform-oriented logic transformation and development-type logic transformation. Further, the reform logic transformation usually takes place in the emerging markets with relatively low product technology threshold and huge market potential to be developed. Its logic basis is that the market positions of the two parties in the competition and cooperation will be completely changed with the change of the competition and cooperation relationship. In the process of reform-oriented logic transformation, based on market-first strategy, local enterprises adopt the market heuristic strategy which is isolation first and then follow-up, and the technology accumulation paradigm which is exploration first and then use. Second, developmental logic is usually generated in a relatively mature market with a high technical threshold of products. Its logical basis lies in the fact that the market positions of the competing and cooperating parties are relatively equal. Through the transformation of the situation from cooperation to competition, the competitiveness of the enterprise is finally strengthened. In the process of development-type logic transformation, based on technology-first strategy, Chinese enterprises adopt the market heuristic strategy which is follow-up first and then isolation, and the technology accumulation paradigm which is use first and then exploration.This paper contributes to institutional logic theory through understanding the system of " market-for-technology" of domestic enterprises and foreign enterprises dominate the system logic change and its driving mechanism between them. First of all, based on China′s system of "market-for-technology" logic presupposition, Chinese enterprise market heuristic mechanism can be summarized as isolation mechanism and follow up strategy, at the same time, the technology accumulation is divided into independent exploration and external utilization. Secondly, the dynamic interaction between the market heuristic mechanism and the technology accumulation mode is discussed from the micro perspective of the logical transformation of the enterprise system. The relevant conclusions are of enlightening significance to explain the reliability of " market-for-technology" since the reform and opening up.The practical implications of this paper are as follows. On the one hand, for untapped and emerging markets with low technological requirement, Chinese enterprises with technological disadvantages should explore and develop low-end products independently, and occupy the domestic market quickly through market isolation strategy, so as to obtain the capital of key technology transfer negotiations with foreign leading enterprises, and provide technical support for comprehensively occupying the international market. On the other hand, in a mature market with relatively high technological requirements, in order to enter the international market, local enterprises should pay special attention to product technology improvement, and a relatively balanced market position can ensure local enterprises achieving technological leadership when enterprises jointly operate in the domestic market.

Key words: "market-for-technology", institutional logic change, market heuristic, technology accumulation