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.
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