meili 发表于 2022-10-18 19:40:54

公司治理

<p>  2015复习正是强化复习阶段,在考研英语中占了40分,所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读,快速提高考研英语阅读水平。  <span word="Corporate">Corporate</span> <span word="Governance">Governance</span>  公司治理  <span word="Anything">Anything</span> <span word="you">you</span> <span word="can">can</span> <span word="do">do</span>, <span word="Icahn">Icahn</span> <span word="do">do</span> <span word="better">better</span>  无论你做什么,伊坎总能做得比你好  <span word="The">The</span> <span word="pressure">pressure</span> <span word="on">on</span> <span word="companies">companies</span> <span word="from">from</span> <span word="activistshareholders">activistshareholders</span> <span word="continues">continues</span> <span word="to">to</span> <span word="grow">grow</span>  激进投资人对公司的压力正与日俱增  <span word="TIM">TIM</span> <span word="COOK">COOK</span> <span word="S">S</span> <span word="nightmare">nightmare</span> <span word="is">is</span> <span word="over">over</span>, <span word="but">but</span> <span word="John">John</span> <span word="Donahoe">Donahoe</span> <span word="s">s</span> <span word="has">has</span> <span word="just">just</span> <span word="begun">begun</span>.  蒂姆库克的噩梦算是结束了,可约翰多纳霍的噩梦才刚刚开始。  <span word="On">On</span> <span word="February">February</span> 10<span word="th">th</span> <span word="Carl">Carl</span> <span word="Icahn">Icahn</span>, <span word="the">the</span> <span word="godfather">godfather</span> <span word="of">of</span> <span word="activist">activist</span> <span word="shareholders">shareholders</span>, <span word="ended">ended</span> <span word="his">his</span> <span word="campaign">campaign</span> <span word="toget">toget</span> <span word="Mr">Mr</span> <span word="Cook">Cook</span>, <span word="the">the</span> <span word="boss">boss</span> <span word="of">of</span> <span word="Apple">Apple</span>, <span word="to">to</span> <span word="return">return</span> <span word="some">some</span> <span word="of">of</span> <span word="its">its</span> 160 <span word="billion">billion</span> <span word="cash">cash</span> <span word="mountain">mountain</span> <span word="toshareholders">toshareholders</span> <span word="through">through</span> <span word="share">share</span> <span word="buy">buy</span>-<span word="backs">backs</span>.  2月10号,激进投资界的教父级人物卡尔伊坎停止了对苹果总裁库克的公开施压。伊坎此次行动的目标是让苹果通过股权回购,将其1600亿美元的巨额资产部分返还给股东们。  <span word="Mr">Mr</span> <span word="Icahn">Icahn</span> <span word="declared">declared</span> <span word="victory">victory</span>, <span word="althoughApple">althoughApple</span> <span word="is">is</span> <span word="not">not</span> <span word="handing">handing</span> <span word="back">back</span> <span word="as">as</span> <span word="much">much</span> <span word="of">of</span> <span word="its">its</span> <span word="cash">cash</span> <span word="as">as</span> <span word="he">he</span> <span word="had">had</span> <span word="wanted">wanted</span>.  伊坎宣告获胜,尽管苹果并未打算把钱悉数奉上。  <span word="His">His</span> <span word="next">next</span> <span word="target">target</span> <span word="is">is</span> <span word="eBay">eBay</span>, <span word="which">which</span> <span word="he">he</span> <span word="is">is</span> <span word="pressuring">pressuring</span> <span word="to">to</span> <span word="spin">spin</span> <span word="off">off</span> <span word="PayPal">PayPal</span>, <span word="its">its</span> <span word="online">online</span>-<span word="paymentsbusiness">paymentsbusiness</span>.  如今他正向他下一个目标易趣施压,要求其剥离线上支付业务<span word="Paypal">Paypal</span>。  <span word="Mr">Mr</span> <span word="Donahoe">Donahoe</span>, <span word="eBay">eBay</span> <span word="s">s</span> <span word="boss">boss</span>, <span word="has">has</span> <span word="told">told</span> <span word="Mr">Mr</span> <span word="Icahn">Icahn</span> <span word="to">to</span> <span word="get">get</span> <span word="lost">lost</span>, <span word="but">but</span> <span word="surely">surely</span> <span word="knows">knows</span> <span word="he">he</span> <span word="cannot">cannot</span> <span word="brush">brush</span> <span word="offthe">offthe</span> <span word="pugilistic">pugilistic</span> <span word="investor">investor</span> <span word="so">so</span> <span word="easily">easily</span>.  易趣总裁约翰多纳霍已经跟伊坎表示让他滚开,但他当然明白要摆脱这位强势的投资人可没那么容易  <span word="A">A</span> <span word="visit">visit</span> <span word="from">from</span> <span word="an">an</span> <span word="activist">activist</span> <span word="shareholder">shareholder</span> <span word="is">is</span> <span word="now">now</span> <span word="a">a</span> <span word="possibility">possibility</span> <span word="for">for</span> <span word="any">any</span> <span word="publicly">publicly</span> <span word="traded">traded</span> <span word="company">company</span>:  现在的公开上市公司,随时都可能碰上某位激进投资人的莅临访问。  <span word="if">if</span> <span word="not">not</span> <span word="the">the</span> 77-<span word="year">year</span>-<span word="old">old</span> <span word="Mr">Mr</span> <span word="Icahn">Icahn</span>, <span word="then">then</span> <span word="one">one</span> <span word="of">of</span> <span word="the">the</span> <span word="growing">growing</span> <span word="army">army</span> <span word="of">of</span> <span word="younger">younger</span> <span word="imitators">imitators</span> <span word="he">he</span> <span word="hasinspired">hasinspired</span>.  就算不是77岁的卡尔伊坎,也可以是他鼓动的越来越多的年轻效仿者之一。  <span word="Mr">Mr</span> <span word="Cook">Cook</span> <span word="was">was</span> <span word="first">first</span> <span word="put">put</span> <span word="under">under</span> <span word="pressure">pressure</span> <span word="to">to</span> <span word="stop">stop</span> <span word="hoarding">hoarding</span> <span word="cash">cash</span> <span word="last">last</span> <span word="year">year</span> <span word="by">by</span> <span word="David">David</span> <span word="Einhorn">Einhorn</span>, <span word="bossof">bossof</span> <span word="Greenlight">Greenlight</span> <span word="Capital">Capital</span>, <span word="a">a</span> <span word="hedge">hedge</span> <span word="fund">fund</span>.  首先是去年对冲基金绿光资本老总大卫艾因霍恩要求蒂姆不要再继续囤积现金。  <span word="Having">Having</span> <span word="shaken">shaken</span> <span word="up">up</span> <span word="Yahoo">Yahoo</span> <span word="s">s</span> <span word="management">management</span> <span word="and">and</span> <span word="strategy">strategy</span> <span word="in">in</span> 2012, <span word="Dan">Dan</span> <span word="Loeb">Loeb</span> <span word="and">and</span> <span word="his">his</span> <span word="fund">fund</span>, <span word="ThirdPoint">ThirdPoint</span>, <span word="have">have</span> <span word="turned">turned</span> <span word="their">their</span> <span word="attention">attention</span> <span word="to">to</span> <span word="Sony">Sony</span>, <span word="calling">calling</span> <span word="for">for</span> <span word="it">it</span> <span word="to">to</span> <span word="separate">separate</span> <span word="its">its</span> <span word="electronics">electronics</span> <span word="andentertainment">andentertainment</span> <span word="arms">arms</span>; <span word="to">to</span> <span word="Sotheby">Sotheby</span> <span word="s">s</span>, <span word="an">an</span> <span word="auction">auction</span> <span word="house">house</span> <span word="they">they</span> <span word="want">want</span> <span word="to">to</span> <span word="repurchase">repurchase</span> <span word="shares">shares</span>; <span word="and">and</span> <span word="toDow">toDow</span> <span word="Chemical">Chemical</span>, <span word="which">which</span> <span word="they">they</span> <span word="want">want</span> <span word="to">to</span> <span word="shed">shed</span> <span word="its">its</span> <span word="petrochemicals">petrochemicals</span> <span word="business">business</span>.  继2012年整顿完雅虎的管理及战略,丹勒布和他的第三点基金开始将目光转向索尼、苏富比拍卖行和陶氏化学,要求拆分索尼的电子和娱乐业务,回购苏富比股权,剥离陶氏化学的石油化工业务。  <span word="Nelson">Nelson</span> <span word="Peltz">Peltz</span>, <span word="who">who</span> <span word="has">has</span> <span word="been">been</span> <span word="a">a</span> <span word="shareholder">shareholder</span> <span word="activist">activist</span> <span word="almost">almost</span> <span word="as">as</span> <span word="long">long</span> <span word="as">as</span> <span word="Mr">Mr</span> <span word="Icahn">Icahn</span>, <span word="last">last</span> <span word="monthjoined">monthjoined</span> <span word="the">the</span> <span word="board">board</span> <span word="of">of</span> <span word="Mondelez">Mondelez</span>, <span word="a">a</span> <span word="snacks">snacks</span> <span word="business">business</span> <span word="he">he</span> <span word="had">had</span> <span word="targeted">targeted</span>.  上月,资历和伊坎相差无几的激进投资人尼尔森佩尔兹加入了亿滋董事会,一个他决定收拾的食品公司。  <span word="TCI">TCI</span>, <span word="a">a</span> <span word="London">London</span>-<span word="based">based</span> <span word="fund">fund</span> <span word="run">run</span> <span word="by">by</span> <span word="Chris">Chris</span> <span word="Hohn">Hohn</span>, <span word="has">has</span> <span word="rediscovered">rediscovered</span> <span word="its">its</span> <span word="activist">activist</span> <span word="mojo">mojo</span> <span word="after">after</span> <span word="havingbeen">havingbeen</span> <span word="badly">badly</span> <span word="hurt">hurt</span> <span word="by">by</span> <span word="the">the</span> <span word="financial">financial</span> <span word="crisis">crisis</span>.  <span word="TCI">TCI</span>基金在遭受金融危机重创之后,重新发现了激进投资的魔力。  <span word="Last">Last</span> <span word="year">year</span> <span word="it">it</span> <span word="urged">urged</span> <span word="EADS">EADS</span> <span word="to">to</span> <span word="sell">sell</span> <span word="its">its</span> <span word="military">military</span>-<span word="planes">planes</span> <span word="business">business</span>, <span word="and">and</span> <span word="took">took</span> <span word="on">on</span> <span word="the">the</span> <span word="management">management</span> <span word="ofJapan">ofJapan</span> <span word="Tobacco">Tobacco</span>.  该基金总部位于伦敦、总裁为克莱斯霍恩。去年,它要求欧洲航空防务航天公司出售其军用飞机业务,还和日本烟草产业公司较上了劲。  <span word="Steve">Steve</span> <span word="Ballmer">Ballmer</span> <span word="was">was</span> <span word="helped">helped</span> <span word="on">on</span> <span word="his">his</span> <span word="way">way</span> <span word="out">out</span> <span word="of">of</span> <span word="Microsoft">Microsoft</span> <span word="s">s</span> <span word="top">top</span> <span word="job">job</span> <span word="by">by</span> <span word="ValueAct">ValueAct</span> <span word="Capital">Capital</span>, <span word="run">run</span> <span word="byMason">byMason</span> <span word="Morfit">Morfit</span>.  史蒂夫鲍尔默丢掉微软<span word="CEO">CEO</span>一职,也多亏了梅森默菲特的<span word="ValueAct">ValueAct</span>资本的帮忙。  <span word="Last">Last</span> <span word="month">month</span> <span word="Bill">Bill</span> <span word="Ackman">Ackman</span> <span word="sPershing">sPershing</span> <span word="Squaremade">Squaremade</span> <span word="a">a</span> <span word="tasty">tasty</span> <span word="profit">profit</span> <span word="when">when</span> <span word="Suntory">Suntory</span> <span word="acquired">acquired</span> <span word="Beam">Beam</span>,<span word="which">which</span> <span word="had">had</span> <span word="been">been</span> <span word="spun">spun</span> <span word="out">out</span> <span word="of">of</span> <span word="Fortune">Fortune</span> <span word="Brands">Brands</span> <span word="as">as</span> <span word="a">a</span> <span word="result">result</span> <span word="of">of</span> <span word="his">his</span> <span word="activism">activism</span>.  上月,三得利收购<span word="Beam">Beam</span>让比尔阿克曼的对冲基金潘兴广场狠赚了一笔。阿克曼的积极运作促成<span word="Beam">Beam</span>脱离富俊集团,  <span word="But">But</span> <span word="Mr">Mr</span> <span word="Ackman">Ackman</span> <span word="has">has</span> <span word="also">also</span> <span word="demonstrated">demonstrated</span> <span word="that">that</span> <span word="activists">activists</span> <span word="have">have</span> <span word="no">no</span> <span word="monopoly">monopoly</span> <span word="on">on</span> <span word="wisdom">wisdom</span>: <span word="RonJohnson">RonJohnson</span>, <span word="the">the</span> <span word="new">new</span> <span word="boss">boss</span> <span word="he">he</span> <span word="lobbied">lobbied</span> <span word="for">for</span> <span word="J">J</span>.<span word="C">C</span>. <span word="Penney">Penney</span> <span word="to">to</span> <span word="install">install</span> <span word="in">in</span> 2011, <span word="made">made</span> <span word="things">things</span> <span word="worse">worse</span> <span word="at">at</span> <span word="thestruggling">thestruggling</span> <span word="retailer">retailer</span>, <span word="and">and</span> <span word="lasted">lasted</span> <span word="just">just</span> 17 <span word="months">months</span>.  但也正是他让人们发现激进分子并不是永远正确:2011年阿克曼鼓动彭尼百货把总裁之位交给荣约翰逊,而约翰逊却让这个麻烦不断的零售商雪上加霜,17个月后他便离职了。  <span word="Mr">Mr</span> <span word="Ackman">Ackman</span> <span word="has">has</span> <span word="been">been</span> <span word="at">at</span> <span word="loggerheads">loggerheads</span> <span word="with">with</span> <span word="Messrs">Messrs</span> <span word="Icahn">Icahn</span> <span word="and">and</span> <span word="Loeb">Loeb</span> <span word="over">over</span> <span word="Herbalife">Herbalife</span>, <span word="anutritional">anutritional</span>-<span word="supplements">supplements</span> <span word="business">business</span>.  阿克曼就保健品公司康宝莱与伊坎和勒布先生展开了对决。  <span word="Mr">Mr</span> <span word="Ackman">Ackman</span> <span word="has">has</span> <span word="shorted">shorted</span> <span word="its">its</span> <span word="shares">shares</span>, <span word="calling">calling</span> <span word="the">the</span> <span word="firm">firm</span> <span word="a">a</span> <span word="pyramid">pyramid</span> <span word="scheme">scheme</span>.  阿克曼做空康宝莱股票,并称其用的是金字塔式的传销骗术;他的对手则大举买进该公司股票。  <span word="His">His</span> <span word="rivals">rivals</span> <span word="have">have</span> <span word="gone">gone</span> <span word="long">long</span> <span word="on">on</span> <span word="them">them</span>. <span word="So">So</span> <span word="far">far</span>, <span word="Mr">Mr</span> <span word="Ackman">Ackman</span> <span word="is">is</span> <span word="out">out</span> <span word="of">of</span> <span word="pocket">pocket</span>.  截至目前,阿克曼已经赔得精光了。  <span word="The">The</span> <span word="activists">activists</span> <span word="growing">growing</span> <span word="influence">influence</span> <span word="has">has</span> <span word="many">many</span> <span word="causes">causes</span>,  激进投资人影响力的增加有多重原因。  <span word="including">including</span> <span word="rule">rule</span> <span word="changes">changes</span> <span word="that">that</span> <span word="have">have</span> <span word="given">given</span> <span word="shareholders">shareholders</span> <span word="more">more</span> <span word="voting">voting</span> <span word="power">power</span> <span word="and">and</span> <span word="have">have</span> <span word="madeinstitutional">madeinstitutional</span> <span word="investors">investors</span> <span word="cast">cast</span> <span word="their">their</span> <span word="votes">votes</span> <span word="more">more</span> <span word="thoughtfully">thoughtfully</span>.  规则的改变使股东获得了更多的投票权,也使机构投资人在投票时更谨慎。  <span word="Social">Social</span> <span word="media">media</span> <span word="have">have</span> <span word="made">made</span> <span word="it">it</span> <span word="easier">easier</span> <span word="for">for</span> <span word="activists">activists</span> <span word="to">to</span> <span word="mount">mount</span> <span word="a">a</span> <span word="campaign">campaign</span>: <span word="Mr">Mr</span> <span word="Icahn">Icahn</span> <span word="now">now</span> <span word="tweetslike">tweetslike</span> <span word="a">a</span> <span word="budgie">budgie</span> <span word="on">on</span> <span word="speed">speed</span>.  社交媒体使他们能更容易地发起一场运动:伊坎现在发推文快得就像一只鹦鹉在叫唤。  <span word="And">And</span>, <span word="says">says</span> <span word="Bob">Bob</span> <span word="Monks">Monks</span>, <span word="a">a</span> <span word="campaigner">campaigner</span> <span word="for">for</span> <span word="shareholder">shareholder</span> <span word="rights">rights</span>, <span word="Mr">Mr</span> <span word="Icahn">Icahn</span> <span word="has">has</span> <span word="had">had</span> <span word="a">a</span> <span word="huge">huge</span> <span word="impactby">impactby</span> <span word="making">making</span> <span word="it">it</span> <span word="clear">clear</span> <span word="to">to</span> <span word="the">the</span> <span word="greediest">greediest</span> <span word="people">people</span> <span word="in">in</span> <span word="the">the</span> <span word="world">world</span> <span word="that">that</span> <span word="you">you</span> <span word="can">can</span> <span word="make">make</span> <span word="a">a</span> <span word="lot">lot</span> <span word="of">of</span> <span word="money">money</span> <span word="outof">outof</span> <span word="activism">activism</span>.  一直为股东权益奔走的鲍勃孟克思称,伊坎之所以有如此影响力,是因为他让世界上最贪婪的人们清楚的看到,通过激进的运作可以赚很多很多钱。  <span word="It">It</span> <span word="is">is</span> <span word="the">the</span> <span word="way">way</span> <span word="these">these</span> <span word="profits">profits</span> <span word="are">are</span> <span word="made">made</span> <span word="that">that</span> <span word="is">is</span> <span word="the">the</span> <span word="focus">focus</span> <span word="of">of</span> <span word="the">the</span> <span word="activists">activists</span> <span word="critics">critics</span>.  对激进投资人的质疑集中在这些钱是怎么赚来的。  <span word="Activists">Activists</span> <span word="usually">usually</span> <span word="buy">buy</span> <span word="a">a</span> <span word="block">block</span> <span word="of">of</span> <span word="shares">shares</span>, <span word="make">make</span> <span word="a">a</span> <span word="public">public</span> <span word="call">call</span> <span word="for">for</span> <span word="change">change</span> <span word="and">and</span> <span word="lobby">lobby</span> <span word="managementand">managementand</span> <span word="other">other</span> <span word="shareholders">shareholders</span> <span word="to">to</span> <span word="implement">implement</span> <span word="it">it</span>.  他们通常先买下一大堆股票,再公开呼吁变革,然后鼓动管理层和其他股东执行这一改革方案。  <span word="When">When</span> <span word="they">they</span> <span word="do">do</span>, <span word="the">the</span> <span word="activists">activists</span> <span word="sell">sell</span> <span word="at">at</span> <span word="a">a</span> <span word="profit">profit</span>.  当管理层当真照做时,激进投资人便卖出股票,获取利润。  <span word="Martin">Martin</span> <span word="Lipton">Lipton</span>, <span word="a">a</span> <span word="lawyer">lawyer</span> <span word="who">who</span> <span word="has">has</span> <span word="long">long</span> <span word="helped">helped</span> <span word="protect">protect</span> <span word="incumbent">incumbent</span> <span word="management">management</span>, <span word="not">not</span> <span word="least">least</span> <span word="byinventing">byinventing</span> <span word="the">the</span> <span word="poison">poison</span> <span word="pill">pill</span>, <span word="a">a</span> <span word="potent">potent</span> <span word="defence">defence</span> <span word="against">against</span> <span word="takeovers">takeovers</span>, <span word="argues">argues</span> <span word="that">that</span> <span word="activistsencourage">activistsencourage</span> <span word="firms">firms</span> <span word="to">to</span> <span word="do">do</span> <span word="things">things</span> <span word="that">that</span> <span word="boost">boost</span> <span word="their">their</span> <span word="share">share</span> <span word="price">price</span> <span word="in">in</span> <span word="the">the</span> <span word="short">short</span> <span word="run">run</span> <span word="but">but</span> <span word="harm">harm</span> <span word="theirlong">theirlong</span>-<span word="term">term</span> <span word="performance">performance</span>.  马丁利普顿是一名律师,长期致力于保护现任管理层,特别是通过他发明的能够有效抵制收购的毒丸策略。他认为,这些激进投资人鼓励公司做的事情能在短期推高公司股价,却会伤害到其长期表现。  <span word="This">This</span> <span word="critique">critique</span> <span word="has">has</span> <span word="plenty">plenty</span> <span word="of">of</span> <span word="adherents">adherents</span>, <span word="in">in</span> <span word="academia">academia</span>, <span word="business">business</span> <span word="and">and</span> <span word="government">government</span>.  这一批评在学术界、商界和政府有诸多拥护者。  <span word="Where">Where</span> <span word="s">s</span> <span word="the">the</span> <span word="evidence">evidence</span>?  证据在哪里?  <span word="Yet">Yet</span> <span word="empirical">empirical</span> <span word="proof">proof</span> <span word="that">that</span> <span word="activists">activists</span> <span word="exacerbate">exacerbate</span> <span word="short">short</span>-<span word="termism">termism</span> <span word="is">is</span> <span word="strangely">strangely</span> <span word="elusive">elusive</span>.  但奇怪的是,鲜有证据证明激进投资人确实激化了企业的短视行为。  <span word="Indeed">Indeed</span>, <span word="such">such</span> <span word="evidence">evidence</span> <span word="as">as</span> <span word="there">there</span> <span word="is">is</span> <span word="suggests">suggests</span> <span word="the">the</span> <span word="opposite">opposite</span>.  从现有的证据看,事实正好相反。  <span word="The">The</span> <span word="Long">Long</span>-<span word="Term">Term</span> <span word="Effects">Effects</span> <span word="of">of</span> <span word="Hedge">Hedge</span>-<span word="Fund">Fund</span> <span word="Activism">Activism</span>, <span word="a">a</span> <span word="recent">recent</span> <span word="paper">paper</span> <span word="by">by</span> <span word="Lucian">Lucian</span> <span word="BebchukofHarvardLawSchooland">BebchukofHarvardLawSchooland</span> <span word="others">others</span>, <span word="examined">examined</span> <span word="the">the</span> <span word="roughly">roughly</span> 2,000 <span word="interventions">interventions</span> <span word="at">at</span> <span word="companies">companies</span> <span word="byactivist">byactivist</span> <span word="funds">funds</span> <span word="from">from</span> 1994 <span word="to">to</span> 2007.  哈佛大学法学院的卢西恩别布丘克与他人合著的论文《对冲基金激进主义的长期效应》调查了从1994到2007年间激进对冲基金对公司2000次左右的干预。  <span word="Over">Over</span> <span word="the">the</span> <span word="five">five</span> <span word="years">years</span> <span word="following">following</span> <span word="an">an</span> <span word="intervention">intervention</span> <span word="both">both</span> <span word="the">the</span> <span word="share">share</span> <span word="price">price</span> <span word="and">and</span> <span word="the">the</span> <span word="operatingperformance">operatingperformance</span> <span word="of">of</span> <span word="the">the</span> <span word="target">target</span> <span word="company">company</span> <span word="improved">improved</span>, <span word="on">on</span> <span word="average">average</span>.  平均来看,干预之后的五年内,公司的股价和经营业绩均得到提高,  <span word="The">The</span> <span word="operating">operating</span> <span word="performance">performance</span> <span word="got">got</span> <span word="stronger">stronger</span> <span word="towards">towards</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="the">the</span> <span word="five">five</span>-<span word="year">year</span> <span word="period">period</span>, <span word="notweaker">notweaker</span>.  经营业绩在五年期结束时并没有下滑,反而是增长了。  <span word="This">This</span> <span word="is">is</span> <span word="the">the</span> <span word="sort">sort</span> <span word="of">of</span> <span word="evidence">evidence</span> <span word="that">that</span> <span word="has">has</span> <span word="convinced">convinced</span> <span word="Mary">Mary</span> <span word="Jo">Jo</span> <span word="White">White</span>, <span word="the">the</span> <span word="chairman">chairman</span> <span word="ofAmerica">ofAmerica</span> <span word="sSecurities">sSecurities</span> <span word="and">and</span> <span word="Exchange">Exchange</span> <span word="Commission">Commission</span>,  正是这类证据说服了美国证券交易委员会主席玛丽乔怀特。  <span word="to">to</span> <span word="argue">argue</span> <span word="in">in</span> <span word="a">a</span> <span word="recent">recent</span> <span word="speech">speech</span> <span word="that">that</span> <span word="activist">activist</span> <span word="shareholders">shareholders</span> <span word="should">should</span> <span word="no">no</span> <span word="longer">longer</span> <span word="be">be</span> <span word="automaticallyviewed">automaticallyviewed</span> <span word="negatively">negatively</span>.  她在最近的一次演讲中提到,不能再这样不假思索得否定激进投资人了。  <span word="These">These</span> <span word="days">days</span>, <span word="she">she</span> <span word="said">said</span>, <span word="There">There</span> <span word="is">is</span> <span word="widespread">widespread</span> <span word="acceptance">acceptance</span> <span word="of">of</span> <span word="many">many</span> <span word="of">of</span> <span word="the">the</span> <span word="policy">policy</span> <span word="changes">changes</span> <span word="thatso">thatso</span>-<span word="called">called</span> <span word="activists">activists</span> <span word="are">are</span> <span word="seeking">seeking</span> <span word="to">to</span> <span word="effect">effect</span>.  她说现在这些所谓激进者 所寻求的政策变化已有很多获得了广泛接受。  <span word="A">A</span> <span word="recent">recent</span> <span word="article">article</span> <span word="in">in</span> <span word="the">the</span> <span word="Columbia">Columbia</span> <span word="Law">Law</span> <span word="Review">Review</span>, <span word="The">The</span> <span word="Agency">Agency</span> <span word="Costs">Costs</span> <span word="of">of</span> <span word="Agency">Agency</span> <span word="Capitalism">Capitalism</span>:  《哥伦比亚法律评论》最近刊登了代理人资本主义的代理成本:  <span word="Activist">Activist</span> <span word="Investors">Investors</span> <span word="and">and</span> <span word="the">the</span> <span word="Revaluation">Revaluation</span> <span word="of">of</span> <span word="Governance">Governance</span> <span word="Rights">Rights</span>, <span word="argues">argues</span> <span word="that">that</span> <span word="the">the</span> <span word="activists">activists</span> <span word="havebecome">havebecome</span> <span word="a">a</span> <span word="vital">vital</span> <span word="adjunct">adjunct</span> <span word="to">to</span> <span word="the">the</span> <span word="institutional">institutional</span> <span word="investors">investors</span> <span word="who">who</span> <span word="own">own</span> <span word="most">most</span> <span word="shares">shares</span>, <span word="and">and</span> <span word="who">who</span> <span word="arewilling">arewilling</span> <span word="to">to</span> <span word="respond">respond</span> <span word="to">to</span> <span word="governance">governance</span> <span word="proposals">proposals</span> <span word="but">but</span> <span word="not">not</span> <span word="to">to</span> <span word="propose">propose</span> <span word="them">them</span>.  激进投资人和管理权的重估一文。该文认为激进投资人已成为机构投资人的一个重要帮手。机构投资人拥有公司绝大多数股票,愿意就提出的治理方案作出回应,但不愿提出方案。  <span word="Activists">Activists</span> <span word="have">have</span> <span word="thus">thus</span> <span word="become">become</span> <span word="governance">governance</span> <span word="intermediaries">intermediaries</span>, <span word="who">who</span> <span word="find">find</span> <span word="underperforming">underperforming</span> <span word="firms">firms</span> <span word="andoffer">andoffer</span> <span word="their">their</span> <span word="managers">managers</span> <span word="and">and</span> <span word="institutional">institutional</span> <span word="shareholders">shareholders</span> <span word="concrete">concrete</span> <span word="proposals">proposals</span> <span word="for">for</span> <span word="businessstrategy">businessstrategy</span> <span word="through">through</span> <span word="mechanisms">mechanisms</span> <span word="less">less</span> <span word="drastic">drastic</span> <span word="than">than</span> <span word="takeovers">takeovers</span>.  因此激进投资人成了治理中间人,找出业绩不好的公司,并为其管理者和机构投资人通过比收购更温和的机制提供公司战略方面的具体建议。  <span word="So">So</span> <span word="it">it</span> <span word="is">is</span> <span word="crucial">crucial</span>, <span word="the">the</span> <span word="authors">authors</span> <span word="argue">argue</span>, <span word="to">to</span> <span word="pass">pass</span> <span word="reforms">reforms</span> <span word="that">that</span> <span word="help">help</span> <span word="the">the</span> <span word="activists">activists</span> <span word="do">do</span> <span word="their">their</span> <span word="job">job</span>.  因此,该文作者认为,当务之急是通过改革,助激进投资人一臂之力。</p>
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