一、引言20世纪80年代以来,以基金为代表的各类外部机构投资者在国外成熟证券市场中的地位显著上升。机构投资者持有上市公司资产比重的迅速增大,不仅使证券市场的投资主体发生了根本性的变化,而且引发了一场公司治理领域内的全新革命。这就是以美国为代表的机构投资者积极主义(institutional investor activism)。在美国,传统意义上的机构投资者都是消极股东,遵守古老的用脚投票的华尔街法则,并不热衷于参与公司治 I. Introduction Since the 1980s, the various types of external institutional investors represented by the Fund have risen significantly in the mature foreign securities markets. The rapid increase in the proportion of assets held by institutional investors in listed companies not only caused a fundamental change in the investors in the securities market, but also triggered a brand new revolution in the field of corporate governance. This is institutional investor activism represented by the United States. In the United States, traditionally institutional investors are passive shareholders, following the old Wall Street rules of voting with their feet and not keen on participating in corporate governance