第1段：英国对其高管推行新规定，鼓励“长期效益主义”；
第2段~4段：短期效益主义；（短期效益占主流、短期效益主义的弊端、美国短期效益占主导地位）
第5~6段：列举美法推行“长期效益主义”的措施；
第7段：英国新规定提醒银行高管重视“长期效益”；（【兔子考研】）
1,one motive in imposing is the_________.
22.Alfred Marshall is quoted to
23.It is argued that the influence be__________.
24.The US and France examples are used to illustrate____________.
25.Which of the following would be the best title for the text?
由楼上题干分析可知，此篇文章围绕长期效益和短期效益展开论述。
❶Financial regulations in Britain have imposed a rather unusual rule on the bosses of big banks.❷Starting next year,any guaranteed bonus of top executives could be delayed10years if their banks are under investigation for wrongdoing.❸The main purpose of this“clawback”rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institution.❹Yet officials also hope for a much larger benefit:more long term decision-making not only by
economy for future generations.
have（强调新规其不同寻常）on the bosses of big banks.❷Starting next（高管的保
证金）of top if their banks are
under investigation for❸
主要目的和次要目的）of this“clawback”rule is to hold bankers accountable for harmful
risk-taking and to restore.（转
折之后为重点，重点往往是考点）officials also hope for a much larger
点）more long term decision-making not only by banks but by all corporations,to build a stronger economy for future generations.（【兔子考研】）
翻译：❶英国的金融法规对大银行的老板实施了一项不寻常的规定。❷从明年开始，如果银行因不当行为受到调查，高管的任何保证奖金都可能被推迟10年。❸这一“收回”规则的主要目的是让银行家对有害的冒险行为负责，并恢复公众对金融机构的信任。❹然而，官员们也希望获得更大的好处：不仅是银行，所有的公司都要做出更长远的决策，以及为子孙后代建设经济更强健的经济。
3月1号新规
❶英国金融机构针对银行高管出台新规；❷新规的内容；❸=❹新规的目的；
❶“Short-termism”or the desire for quick profits,has worsened in publicly traded companies, says the Bank of England’s top economist.Andrew Haldane.❷He quotes a giant of classical economies,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
期主义的目的）,has in publicly traded companies,says the Bank of England’s top（例子用来说明❶，考场例子看不懂
就不要看了）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.（【兔子考研】）
翻译：❶英格兰银行首席经济学家安德鲁·霍尔丹称，“短期主义”或者说是对迅速获利的渴望，在公开上市交易的公司中已经加剧。❷他引用古典经济学巨匠阿尔弗雷德·马歇尔(Alfred Marshall)的话，形容这种金融上的不耐烦就像“从布丁里把葡萄干拣出马上吃掉的孩子”一样行事，而非先把葡萄干放到一边，留到最后再吃。
❶上市公司中短期主义加剧；❷引用例子，阐明短期主义思维；（【兔子考研】）
❶The 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.❷Transient investors,who demand high quarterly profits from companies,can hinder a firm’s efforts to invest in long-term research
dubbed“quarterly capitalism”.
the United States and Britain,he notes,has
in recent decades.
,
from companies,can a firm’s efforts to invest in
（长期研究）or to.❸This has been dubbed“quarterly capitalism”.
翻译：❶他指出，最近几十年，无论是在美国还是英国，持有一只股票的平均时间都从七年下降到了七个月。❷那些要求公司获得高额季度利润的短暂投资者可能会阻碍公司投资长期研究或建立客户忠诚度的努力。❸这被称为“季度资本主义”。
❶投资者平均持股的时间锐减；❷短暂投资者的不好（阻碍公司投资长期研究或建立客户忠诚度的努力）❸这被称为“季度资本主义”。（【兔子考研】）
❶In addition,new digital technologies have allowed more rapid trading of equities,quicker use of information,and thus shortens attention spans in financial markers.❷“There seems to be a predominance of short-term thinking at the expense of long-term investing,”said Commissioner
Commission in speech this week.
,new digital technologies have allowed
more rapid trading of use of information,shortens attention spans in
financial markers.❷是作者批判的）be a predominance
of short-term thinking短期思维占主导是以长期投资为代
价的）,”said Commissioner Daniel Gallagher of the US Securities and Exchange Commission in speech this week.
翻译：❶此外，新的数字技术使股票交易更加迅速，信息使用更加迅速，从而缩短了对金融指标的关注时间。❷美国证券交易委员会(sec)专员丹尼尔•加拉格尔(Daniel Gallagher)在本周的一次演讲中表示:“短期思维似乎占据了主导地位，而长期投资则受到了损害。”
❶加重投资者短期思维的因素：数字技术；❷短期思维占主导是以长期投资为代价的；
❶In the US,the Sarbanes-Oxley Act of2002has pushed most public companies to defer performance bonuses for senior executives by about a year,slightly helping reduce
“short-termism.”❷In its latest survey of CEO pay,The Wall Street Journal finds that“a
performance.（【兔子考研】）
of2002has pushed most public companies to defer performance bonuses for senior executives by about a（法案
是有成效的）“short-termism.”❷In its latest survey of CEO pay,The Wall Street Journal finds
that“a substantial part”of executive pay now相比过去past是重点）tied to performance.
翻译：❶在美国，2002年通过的《萨班斯-奥克斯利法》(Sarbanes-Oxley Act)已迫使多数上市公司将高管绩效奖金推迟一年左右，这在一定程度上有助于削弱“短期主义”。❷《华尔街日报》在对CEO薪酬的最新调查中发现，高管薪酬的“很大一部分”与业绩挂钩。
❶介绍法案，并肯定其成效；❷最新调查发现证实法案成效；
❶Much more could be done to encourage“long-termism,”such as changes in the tax code and quicker disclosure of stock acquisitions.❷In France,shareholders who hold onto a company
earn more voting rights in a company.
“long-termism,”举例不重要）changes in the tax code and quicker disclosure of stock onto a company
investment for at least two years can sometimes
权）in a company.
翻译：❶在鼓励“长期主义”方面，可以做得更多，比如修改税法和加快股票收购的披露。❷在法国，持有公司投资至少两年的股东有时可以在公司获得更多表决权。
❶鼓励长期主义，对长期主义的积极肯定；❷介绍法国做法，增加长期投资者的表决权；
❶Within 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.❷Britain’s new rule is a reminder to bankers that society has an interest in their performance,not just for the short term but
❶Within can provide
for to think beyond their own time at the
company and on behalf of all stakeholders.❷Britain’s new相比past是重点）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.
翻译：❶在公司内部，合理的薪酬设计可以激励高管们超越自己在公司的时间，代表所有利益相关者进行思考。❷英国的新规定提醒银行家们，他们的表现与社会利害相关，不仅是短期的，而且是长期的。（【兔子考研】）
❶突出合理设计高管薪酬有利于公司长远发展；❷具备长期思维，关注社会的发展；
in imposing the new rule is the_________.
B.help corporations achieve larger profits帮助企业获得更大的利润
C.build a new system of financial regulation建立新的金融监管体系
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