硅谷通常蔑视维权投资者，认为他们是目光短浅的投机客，只会给公司带来麻烦，百无一用。不过，波士顿咨询公司的一份最新报告显示，这样的观点有失公正。

我们首先需要了解的是，科技界已经成为维权投资者最常瞄准的领域。波士顿咨询公司发现，标准普尔1500指数成份股公司中，有13%的概率会成为维权投资者的目标，如果这家公司是科技公司，这种概率就会增长到22%，比名列第二的非必需消费品领域高出4%。如果这家科技公司发放的股息较低，或资本支出较高，它就尤其容易成为目标，更不用说那些同时具备这两种特征的公司了。

苹果、EMC和雅虎等科技公司备受维权投资者青睐，是有许多原因的。比如，这一行业相对年轻却很成熟。但是，波士顿咨询公司认为，主要驱动力是这些公司在互联网泡沫破裂之后持续放缓的收益增速：

Silicon Valley is generally disdainful of activist investors, branding them as near-term profiteers who provide technology companies with little more than headaches. But a new report from Boston Consulting Group suggests that such sentiment is unjustified.

Before continuing, it’s important to understand that technology has become the sector most often targeted by activists. BCG finds that a typical S&P 1500 company has a 13% chance of becoming an activist target, whereas the likelihood rises to 22% for technology companies. That’s four percentage points higher than the next most-targeted sector, consumer discretionary. And tech companies are particularly vulnerable if they have low dividends or high capital expenditures (let alone both).

There are a lots of reasons why tech companies like Apple AAPL 0.16% , EMC EMC 0.46% and Yahoo YHOO 0.03% have become so attractive to activist investors ― including the industry’s relative youth and subsequent maturation—but BCG believes the primary driver has been slowed earnings growth since the dotcom crash:

显然，缓慢的增长会减少股东总回报率，尤其是与低股息等因素结合在一起时。

这就是波士顿咨询公司重大发现的来源。该公司分析了最近24个维权投资者涉入科技公司的案例（并未透露是哪些公司），发现这些公司的股东总回报有着“显著”提升。这不是维权投资者参与几周或几个月内的短期效应，而是在参与两年后依然存在的长期影响。

Slowed growth, of course, tends to reduce total shareholder returns. Particularly when married to things like low dividends.

And that’s where BCG’s big finding comes in. The firm analyzed 24 recent situations in which activists got involved with tech companies (it did not identify the companies), and found “significant” increases in total shareholder returns. Not only in the initial weeks or months, but for at least two years after the activists existed.

报告表示：“在维权投资者加入前，公司的股东总回报整体都在下滑，而在维权投资者加入后，它们的股东总回报累计增加了36%。”

由此看来，维权投资者在短期内是不会离开硅谷了。（财富中文网）

译者：严匡正

审校：任文科

“Companies on average suffered [total shareholder return] declines prior to an activist event and enjoyed 36% cumulative TSR during the activists’ involvement,” according to the report.

It doesn’t look like the activists will be leaving Silicon Valley anytime soon.