Abstract: Based on the theories of resource-based view， organizational learning and technology sourcing overseas M&A innovation performance， etc.， this paper points out the relationship between technological similarity， technological complementarity， exploitation innovation and exploratory innovation， as well as the moderating role of overseas M&A experience. A theoretical model is then constructed. Chinese companies which have completed the M&A deal during 2003-2013 are selected as samples. The negative binomial regression model is used in the empirical analysis of the relationship between technological similarity， technological complementarity， exploitation innovation and exploratory innovation， as well as the moderating role of overseas M&A experience. The results show that technological relevance (including technological similarity and technological complementarity) has a positive impact on the acquirers' exploitation innovation and exploratory innovation. The experience from overseas M&A plays a positive moderating role in the relationship between technological relevance and exploitation innovation performance. It is suggested that mergers can select target enterprises matching their own technical resources and rationally utilize overseas M&A experience.

Key words: technology sourcing overseas M&A, technological relevance, exploitation innovation, exploratory innovation