financial regulators in britain have imposed a rather unusual rule on the bosses of big banks. starting next year, any guaranteed bonus of top executives could be delayed 10 years if their banks are under investigation for wrongdoing. the main purpose of this “clawback” rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institutions. yet officials also hope for a much larger benefit: more long-term decision-making, not only by banks but by all corporations, to build a stronger economy for future generations.
“short-termism” or the desire for quick profits, has worsened in publicly traded companies, says the bank of england’s top economist, andrew haldane. he quotes a giant of classical economics, alfred marshall, in describing this financial impatience as acting like “children who pick the plums out of their pudding to eat them at once” rather than putting them aside to be eaten last.
the average time for holding a stock in both the united states and britain, he notes, has dropped from seven years to seven months in recent decades. transient investors, who demand high quarterly profits from companies, can hinder a firm’s efforts to invest in long-term research or to build up customer loyalty. this has been dubbed “quarterly capitalism.”
in addition, new digital technologies have allowed more rapid trading of equities, quicker use of information, and thus shorter attention spans in financial markets. “there seems to be a predominance of short-term thinking at the expense of long-term investing,” said commissioner daniel gallagher of the us securities and exchange commission in a speech this week.
in the us, the sarbanes-oxley act of 2002 has pushed most public companies to defer performance bonuses for senior executives by about a year, slightly helping reduce “short-termism.” in its latest survey of ceo pay, the wall street journal finds that “a substantial part” of executive pay is now tied to performance.
much more could be done to encourage “long-termism,” such as changes in the tax code and quicker disclosure of stock acquisitions. in france, shareholders who hold onto a company investment for at least two years can sometimes earn more voting rights in a company.
within companies, the right compensation design can provide incentives for executives to think beyond their own time at the company and on behalf of all stakeholders. britain’s new rule is a reminder to bankers that society has an interest in their performance, not just for the short term but for the long term.
21. according to paragraph 1, one motive in imposing the new rule is to
[a] enhance bankers’ sense of responsibility.
[b] help corporations achieve larger profits.
[c] build a new system of financial regulation.
[d] guarantee the bonuses of top executives.

22. alfred marshall is quoted to indicate
[a] the conditions for generating quick profits.
[b] governments’ impatience indecision-making.
[c] the solid structure of publicly traded companies.
[d] “short-termism” in economic activities.

23. it is argued that the influence of transient investment on public companies canbe
[a] indirect.
[b] adverse.
[c] minimal.
[d] temporary.

24. the us and france examples are used to illustrate
[a] the obstacles to preventing“short-termism”.
[b] the significance of long-term thinking.
[c] the approaches to promoting“long-termism”.
[d] the prevalence of short-term thinking.

25. which of the following would be the best title for the text?
[a] failure of quarterly capitalism
[b] patience as a corporate virtue
[c] decisiveness required of top executives
[d] frustration of risk-taking bankers

难度：简略

导读：其时经济活动中短期主义盛行、损害经济打开；公司应进行长远抉择计划， 为子孙树立更健

旺的经济。条理：引入“英国银作业监管新规”并阐明其长远意图“使公司做出更多长远 抉择计划，为子孙树立更健旺的经济（第一段）——分析其时社会表象:上市公司中短期主义盛行（第二至四 段）一提出削弱短期主义、鼓舞长时刻主义的办法，必定英国新规（第五至七段）。

单词：
regulator 监管人，监管机构
impose 强行推广，强行实施
guaranteed 有保证的
clawback （政府或机构）收回（已给出的钱）
financial institution 金融机构
worsen 恶化
publicly traded company 上市公司
giant巨人，杰出人物
classical economics古典经济学
pick sth out of sth 把…从…中挖走/ 除去
put sth aside省下，留出
transient 时刻短的，转眼即逝的
customer loyalty顾客忠诚
dub 把…称为，给…起绰号
equity (共享盈利而非固定股息的)股市
attention span留心力的持续时刻
predominance 主导方位
defer 推迟
performance bonus 绩效奖金
disclosure 宣告
acquisition 收购
shareholder 股东

长难句：
1.he quotes a giant of classical economics, alfred marshall, in describing this financial impatience as acting like “children who pick the plums out of their pudding to eat them at once” rather than putting them aside to be eaten last.
翻译：他援引古典经济学大师阿尔弗雷德-马歇尔之言， 把这种“经济上的烦躁”描述作用像是“从布丁里把葡萄干拣出马上吃掉的孩子相同行事， 而非先把葡萄干放到一边，留到最终再吃。
分析：语句骨干为he quotes a giant of classical economics,但中心信息在状语有些in describing. . . as…，状语以比方修辞阐明“经济上的无耐性(this financial impatience)”内在：rather than 取舍规划以“从布丁中拣出葡萄干马上吃掉vs藏着葡萄干最终吃”形象清楚其所指“注重眼前利益，无视长时刻酬谢。
2. transient investors, who demand high quarterly profits from companies, can hinder a firm’s efforts to invest in long-term research or to build up customer loyalty.
翻译：时刻短出资者——那些需求从公司获得高额季度收益的出资者——会阻止公司出资长时刻研讨或许增进客户忠诚的尽力。
分析：语句骨干为 transient investors can hinder a firms efforts, who 定语从句阐明 transient investors行为倾向，后置定语胪陈“（被时刻短出资者所阻止的）两大长时刻出资方向”。

答案解析：
1.细节了解题。第一段③句指出，新规首要意图是让银行家对有害冒险担任，偏重建大众信赖，归纳即 为增强银行家的责任感，［a］正确。
2.细节了解题。二段首要指出，andrew haldane提岀上市公司中“短期主义”(“ short-termism”)加剧。随后指出他援引alfred marshall之言，将这种经济上的烦躁(this financial impatience)”描述为“从布丁里拣出葡萄干马上吃掉的孩子行为”。可见this financial impatience与short-termism同指，援引 marshall之言意在形象阐明经济行为中的“短期主义”，［d］正确。
3.推理判别题。第三段②句指出，时刻短出资者会阻止公司出资长时刻研讨或前进客户忠诚度。第四段②句 也指出：短期主义思维盛行的价值是长时刻出资受损。可见时刻短型出资的影响是低沉的、晦气的，［b］正确。
4. 细节了解题。第五段指出，美国施行《萨班斯一奥克斯利法案》使得短期主义稍有削弱。第六段则先指出鼓舞长时刻主义的办法还有许多，随后例举法国行动。归纳可知，文中举美国和法国务例是为了阐明 “削弱短期主义、增进长时刻主义的办法”，［c］正确。
5. 主旨粗心题。文首段引入“英国银作业监管新规并阐明其长远意图“让银行及其他一切公司可以做 出更长远的抉择计划，为子孙树立更健旺的经济”。第二至四段分析现状“上市公司中短期主义盛行”并清楚 其低沉影响。第五至七段则阐明削弱短期主义、鼓舞长时刻主义的办法，可见，文章旨在建议公司奉行长时刻主义、多些耐性，认为子孙树立更健旺的经济，［b］正确。

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