2017年以来,因美国对中资并购审查持续加强,我国企业对德国的技术获取型并购明显增加,但由此也带来德国政府和民众对中资企业技术获取型并购的忧虑上升。在此背景下,本文首先分析了自2010年中德签署《中德关于全面推进战略伙伴关系的联合公报》以后,中国企业在德国技术获取型并购的变化趋势及特点。通过构建PEST-SWOT模型,本文从内外部两个角度分析中企在德国技术并购当前所处的整体环境,并总结出中企在德技术并购面临的主要风险：投资政策收紧推升的并购审查风险、技术战略重叠引发的技术竞争风险、企业透明度不高以及经营经验不足带来的风险。基于以上分析,本文从国家和企业两个角度分别提出风险应对建议。

Since 2017,because the US continues to strengthen the Chinese M A review, Chinese enterprises have significantly increased their technology-acquisition investment in Germany, but this has also brought the German government and the public to be wary of Chinese companies" technology-acquisition mergers and acquisitions. In this context, this paper first analyzes the trends and characteristics of Chinese technology acquisition M A in Germany since China and Germany sign“Sino-German joint communique on comprehensive promotion of strategic partnership”,and secondly, through the construction of PEST-SWOT model from both internal and external perspectives. This paper analyzes the current environment of Chinese technology acquisition M A in Germany, and concludes that the technology acquisition of German enterprises in Germany is mainly faced with the political risk of German foreign investment security review, the competition risk of Sino-German technical strategy and The risk of low transparency and lack of business experience. Based on the above analysis, this paper proposes targeted recommendations from both the national and enterprise perspectives.

本文系国家自然科学“资源和需求非均衡格局下区域能源系统绿色低碳发展转型路径研究”(项目编号：71701087)；南方电网公司2017年科技项目“境外电力企业价值评估和监测机制及国际化发展路径研究”(项目编号：ZBKJXM10170095)的部分研究成果。