为什么激进投资者更激进了？

    没错，以前有些对冲基金在推动大公司发生变化方面发挥着作用。关系投资者公司（Relational Investors）就成功改变了西方石油公司（Occidental Petroleum）和家得宝（Home Depot）的管理和薪酬政策。然而，这种不断增加的针对顶尖企业的行动以前并不常见，这是一种新动向。以往对冲基金的关注重点是小公司，因为比较容易获得大量股份，从而拥有足以改变这些公司的投票权。现在，这些基金开始利用在小公司获得的成功——很多给它们带来了巨大收益，把资源用于在大公司持有较多股权。

    在这些硕大无朋的企业，董事会往往想不到激进的对冲基金会对他们的公司感兴趣，因而陷入毫无准备、不知所措的境地。董事们缺乏信心让对冲基金钻了空子。但问题还不止于此。这些董事会在勒布和伊坎等人面前一败涂地的原因是后者强行带来的改变所产生的价值很有可能获得其他股东的支持。换董事？选新CEO？还是剥离资产？只要一投票，管理层和现任董事们就可能落败，他们因此不战而降。

    大多数情况下，维权对冲基金的行动能让全体股东受益，所以别指望他们会很快偃旗息鼓。（财富中文网）

    译者：Charlie

    审稿：Vera Han

    At the largest companies, boards often do not expect the attention of hedge fund activists and are therefore not prepared and don’t know how to react. This lack of confidence has allowed hedge funds to have their way with these companies.

    But that’s not all. Boards are crumbling in front of the likes of Loeb and Icahn because the value released by changes they are forcing through is making it more likely that other shareholders will support them. Replace directors? New CEO? Divestments? If it came to a vote, management and existing boards would likely lose the fight, so they capitulate before combat actually begins.

    In most cases, these campaigns benefit all shareholders, so don’t expect the hedge funds to go quiet any time soon.