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

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Abstract

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.

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Notes

  1. A merger refers a combination of two firms on a relatively equal basis to form a single legal entity (Hitt, Ireland, & Harrison, 2001). Examples include the Exxon-Mobil merger in 1999 and the merger of China’s top two leading taxi-hailing app-firms, Didi Dache and Kuaidi in 2015 to become one of the world’s largest smartphone-based transport services. An acquisition is “a form of merger in which one firm buys a controlling interest (up to 100 percent) in another firm, thereby making the acquired businesses a part of its own portfolio” (Hitt et al. 2001: 386). For example, the Japanese media group Nikkei bought the Financial Times from Britain’s Pearson for $1.3 billion.

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  1. HSBC Business School, University Town, Peking University, Shenzhen, China

    Hong Zhu

  2. Arizona State University, P.O. Box 874006, Tempe, AZ, 85287-4006, USA

    Qi Zhu

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Zhu, H., Zhu, Q. Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals. Asia Pac J Manag 33, 1107–1149 (2016). https://doi.org/10.1007/s10490-016-9465-0

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