The strategy of mergers and acquisitions (M&As) have gained in popularity over the last decade. This paper studied the effect of M&As and technology-driven M&As on post-M&A technological innovation performance of acquiring firms and builted theory model “strategic motives-different types of acquisitions-technological performance” based on the logic mentality "motivation-conduction-performance" through literature study and interview. In the end, some limitations of this research and important future directions for further research are pointed out.