【摘要】This paper selects 21 public companies from Chinese public companies,and studies their M&A activities between 1999 and 2002.We empirically analyze the relationship between the time the company's M&A happened and its profit-earning level.As this paper indicates,the time of initiative M&A has no significant correlativity with an internet industry public company's profit-earning level.But the time of passive M&A has significant correlativity with it.