Based on the Chinese manufacturing industry data,probed into the role of technology proximity in M&A.Start-ing from the four subsystems of the system dynamics,simulated and analyzed the influence of technology proximity on in-novation performance in the mergers and acquisitions process.It shows that the influence of technology proximity on inno-vation performance inverted U type;there exists a critical point that can achieve the optimal innovation performance.%以中国制造业相关数据为基础，研究技术相似度在并购创新系统中的作用。从系统动力学4个子系统入手，模拟并分析企业并购过程中技术相似度对创新绩效的影响。结论表明：并购双方技术相似度对创新绩效的影响呈现倒U型；技术相似度存在临界点，处在这一临界点的创新绩效最优。
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