Some decision-making questions about innovation strategies need to be addressed in order to improve the innovation performance of corporate enterprises via independent research and technological acquisition. We select acquisition events of listed companies in China and analyzes the impact of technological acquisition on their innovation output performance. The results show that technological acquisitions and independent research and development (R&D) promote innovation performance, and enterprises can expand this promotion channel through continuous innovation investment to enhance their own innovation efficiency. Unlike previous studies, the acquirer improves its innovation efficiency leading to the siphon effect, and the efficiency mediator reduces independent research in the short term and replaces technological acquisition to improve innovation. The technological overlap within acquisition significantly impacts innovation performance in the short term, but has a negative effect in the long term. There are also some mitigating effects between the technological overlap and technological efficiency.