在大力发展科技创新创业的时代背景下，科技并购正在成为我国并购市场上增长最快的一个分支，其市场特性和发展质量将极大地影响我国科创发展的长远前景。研究数据表明：（1）VC/PE正是该充满活力市场的主力军，不仅是最积极的卖家，同时也是最积极的买家，为推动我国科技发展做出了显著贡献；（2）由于战略投资者偏爱海外科技项目甚至偏爱非科技类项目，导致我国并购市场目前只是帮助国内科技项目在财务投资者之间进行了转手，股权并未在整体上从短期投资者移向长期投资者，即财务投资者尚未能借助并购市场实现真正的退出；（3）两类投资者在科技项目投资策略上的颇大差异性带来两大警示，一是需警惕科技投资热在我国出现过度投机与泡沫，二是需警惕VC/PE投资国内科技项目陷入退出难的困境。上述两大警示即关系到我国科技投资热能否可持续健康发展的潜在问题，应引起投资界及决策层的足够重视。

With the prevalent trend of technological innovation in China,it is no surprise to see the technology industry becoming the fastest growing sector in China's M&A market. The market characteristics and development quality will vitally influence its long-term prospects. The evidence has shown that:(1)VC/PE are becoming major players in this invigorated market,not only as the main seller but also as the main buyer. VC/PE have contributed vastly to the technological development in China;(2)due to the fact that strategic investors are more prone to foreign technology projects or even non-technology projects,most domestic cases of M&A were conducted between domestic financial investors,which means that the shareholding structure of the target companies have not shifted from short-term investors to long-term ones,therefore the financial investors have not finally exited their invested projects successfully by means of the M&A transactions;(3)the major difference between the investment strategies of the above two types of investors indicates two warning signs, the first being the possibility of opportunism and thus bubbles in technology investments in China,and the second being the difficulty in final exiting the domestic technology projects owned by VC/PE. These potential problems will have an impact on whether technological investments in China continues to develop strongly and consistently and therefore should draw attention from investors and policy makers.