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中文摘要：
融内涵提升与外部成长于一体的技术并购，在经济转型期日益受到企业的青睐。对2002～2004年我国沪深两地上市公司中185起并购事件的研究表明：技术进入型并购短期内导致公司经营绩效下滑；而技术升级型和技术互补型并购提升了公司经营绩效。进一步的因子分析得出如下结论：并购前的非流通股比例、股权集中度、每股未分配利润以及公司规模等因子，对上市公司技术并购绩效有显著影响。
英文摘要：
Technology-motivated acquisition is a combination of connotation development with external growth, which is on the focus of more and more enterprises. Taking 185 M＆A events of Chinese listed companies ranging from 2002 to 2004, the empirical research shows that the acquiring firms＇ performance of Technology Entering M＆A decreased in short-term, but Technology Upgrading M＆A and Technology Complementary M＆A have a prominent effect on operating performance. And the results also shows that there is a significant relation among the non-tradable shares proportion, ownership concentration, undistributed profit per share, firm size and M＆A performance.
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