中文摘要：

集内涵提升与外部成长于一身的技术并购，在经济转型发展期愈来愈受到相关企业的青睐，成为资本市场一道靓丽的风景线。本文通过对1999—2004年发生技术并购事件的沪深A股上市公司创值能力的实证研究，得出以下结论：技术并购对并购公司的创值能力产生了积极效应；业务开拓型技术并购的创值能力低于行业巩固型技术并购的创值能力；同属管辖内的关联交易增加技术并购的创值能力；代理成本对技术并购的创值能力有抑制作用。研究结果为公司技术并购决策及相关政策的制定提供了实证依据。

英文摘要：

Tecnology - oriented M＆A is a combination of connotation development with external growth, which receiving increasing attention from enterprises and relatives. Taking technology -oriented M＆As of Chinese listed companies ranging from 1999 to 2004, the empirical research shows that technology M＆A has a positive effect on the value added of the acquiring firm; The extensive technology - oriented M＆A is worse than the intensive technology - acquisition in the viewpoint of value added, related transactions within identical administrative division has a positive effect on the value added of the acquiring firm; Agent cost has a negative effect on the value added of the acquiring firm.