Asia Pacific Journal of Management

, Volume 33, Issue 4, pp 1107–1149 | Cite as

Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals

  • Hong Zhu
  • Qi Zhu


In recent years, an increasing number of Chinese firms have been engaged in acquisitions both inside and outside of China. Nevertheless, our understanding of Chinese merger and acquisition (M&A) activity is limited because a majority of M&As in the past 100 years have been performed by firms from developed countries and it is those M&As that have been the focus of prior research. Thus this paper aims to address the following research questions: What are the new insights gained from Chinese M&A research? What are the emerging future directions of Chinese M&A research? To address those questions, this article provides a thorough literature review of the most recent M&A research in top journals and studies of M&As both inside and outside of China. Consequently, we identify both new insights from Chinese M&A research and the research gaps that Chinese M&A research needs to fulfill compared with general M&A research in top journals. We further highlight the important and unique characteristics of Chinese M&As and call for future research.


Mergers & acquisitions (M&As) Chinese M&As General M&A research Antecedents and outcomes of M&As 


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Copyright information

© Springer Science+Business Media New York 2016

Authors and Affiliations

  1. 1.HSBC Business School, University TownPeking UniversityShenzhenChina
  2. 2.Arizona State UniversityTempeUSA

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