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

摘要： 本文以A股34个行业2436个上市公司为例，采用多元线性回归、描述统计等方法在创新对企业绩效的影响，以及创新与并购之间相关关系方面进行了研究。实证分析表明：一、创新水平的提高对于公司绩效有显著的正向影响。二、参加并购的公司相对于未参加并购的公司而言，创新能力一般较弱，并且在并购前几年创新能力的提高速度明显低于未参加并购的公司。然而创新对公司并购并没有显著影响，即中国企业并购还没有以创新为动机。三、参加并购公司，第三年创新能力增长的速度要高于未参加并购的公司，并且相较于创新能力强的公司而言，先前创新能力较弱的公司通过并购提高创新能力更为有效。长期来看，在我国并购促进企业的创新，增加了企业的绩效。