关键词: 传统企业 , 转型升级 , 并购 , 战略性新兴企业

Abstract: The typical feature of traditional companies acquiring emerging companies is that they are in different stages of industry life cycleProgressing in business of the industry is called the transformation and upgrading effect of acquisitionsBased on industry life cycle theory，this paper analyzes three factors affecting the transformation and upgrading effect，ieendowment structure and financing level of traditional companies，gradual marketization environment of acquisitionsBy collecting the events of traditional companies in the Ashare market acquiring strategic emerging companies，empirical research has following findingsExternal financing of traditional companies and its adaptation of factor endowment structure to emerging companies have a positive influence on transformation and upgrading effect，whereas the institutional distance between traditional and emerging companies has a negative influence

Key words: traditional companies , transformation and upgrading , acquisitions , strategic emerging companies