Abstract: This paper Used BVD database Zephyr 2006-2014 data, to compile statistics OECD35 member enterprises overseas Merger and Acquisitions' data, to research enterprise acquisitions overseas and home technology progress problems. I draw the conclusion: home country technology progress comes from its stock of human capital, research and development funding and enterprise acquisitions overseas reverse technology spillover effect；Merger and Acquisitions Overseas drive the national technology progress through reverse R&D overflow and reverse way of human capital overflow. Empirical tests that enterprise acquisitions overseas has significant effects on motherland technology progress , human capital and R&D funding set a minimum "threshold" for home enterprise acquisitions overseas. When the number of enterprise acquisitions overseas surpass the minimum "threshold", the R&D of home country investment and human capital stock will function and home country will obtain advanced technology absorption of Mergers and Acquisitions , we define it "assimilation" effect, on the contrary, the number of enterprises overseas Mergers and Acquisitions are under minimum threshold, home country will "reject" to obtain advanced technology absorption of Mergers and Acquisitions. Therefore, the enterprise overseas Mergers and Acquisitions are influenced by home inherent R&D capital stock and human capital stock, there is a threshold effect.

摘要： 本文利用BVD子数据库Zephyr1990——2014年数据，统计OECD35个成员国企业海外并购数据，研究企业海外并购与母国技术进步问题，得出结论：母国技术进步源于本国人力资本存量、研发资金投入与企业海外并购逆向技术溢出效应，企业海外并购通过逆向研发资金溢出与逆向人力资本溢出方式带动国家技术进步，其对母国技术进步影响显著，母国人力资本存量与研发资金投入为企业海外并购设置了最低“门槛值”，当企业海外并购数量超过最低“门槛值”时，母国对并购企业获得的先进技术吸收存在“同化吸收”作用，反之，当企业海外并购数量低于最低门槛要求时，母国对并购企业获得的先进技术吸收存在“异化排斥”作用，因此，企业海外并购受到母国固有研发资金存量与人力资本存量影响，存在最低门槛效应。