Abstract: This paper takes 2436 Corporations of A shares as an example, using multiple linear regression descriptive statistics examines whether the technological innovation is a factor that affects the company's acquisition and how an acquisition affects technological innovation in subsequent years. Empirical analysis shows that：First， innovation level has a positive effect on increasing the company's performance，in other words， the innovation level can improve the performance of the company. Second， the companies who are weaker in innovation ability than others participate in the merger，overall the companies participate in the merger have a lower rising speed in innovation before merging than the companies did not participate ,though the empirical analysis shows innovation level have no significant effect on company M & A. Third， three years after merging ，the companies participated in the merger have a higher growth level of innovation capability than the companies did not participate in the merger， and the companies previously who are weaker in innovation capability are more effectively to enhance innovation ability through mergers and acquisitions .In a word，the mergers and acquisitions promoted the innovation of the enterprise ，and increased the performance of the enterprises in China