原文
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Financial regulations 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 institution. Yet officials also hope for a much larger benefit: more long term decision-making not only by banks but also bu 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 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 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 shortens attention spans in financial markers. “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 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.
分析
Financial regulations in Britain have imposed a rather unusual rule on the bosses of big banks.
英国的经济规律对大银行的老板产生了一种不同寻常的约束
Starting next year, any guaranteed bonus of top executives could be delayed 10 years if their banks are under investigation for wrongdoing.
从明年开始，高管的任何固定奖金会被延迟到十年之后，如果他们的银行处于错误行为的调查之下
The main purpose of this “clawback” rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institution.
这个"clawback"规则的主要目的是为了稳住负责有害风险的银行家并重拾公众对金融机构的新信任
Yet officials also hope for a much larger benefit: more long term decision-making not only by banks but also bu all corporations, to build a stronger economy for future generations.
办公室的白领同样也希望能够得到较大的好处，更长期的决策不仅在银行，也在公司之间，都是为了给后人打造一个更强健的经济
“Short-termism” or the desire for quick profits, has worsened in publicly traded companies, says the Bank of England’s top economist. Andrew Haldane.
"短期"或者对快速增益的渴望，已经在公共交易的公司恶化，一个来自英国的顶尖经济学家安朱 霍尔丹如是说
He 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 last.
他引用了一个经典的经济巨头，阿尔弗瑞得 马歇尔，用来描述这种经济浮躁，就像是从布丁里拿出李子并立即吃掉而不是放到一旁慢慢吃的小孩子
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.
在美国和英国持有股份的平均时长，他指出，在近十几年间已经从七年跌到七个月
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.
临时投资者，需要从公司获取高额收益长期调查，会妨碍一个公司用来做长期投资或者打造消费者的忠诚度的影响力
This has been dubbed “quarterly capitalism”。
这个被戏称为"季度资本主义"
In addition, new digital technologies have allowed more rapid trading of equities, quicker use of information, and thus shortens attention spans in financial markers.
除此之外，新型数字科技允许对股票进行更快速的交易，更快地使用信息，因此缩短了金融标记的关注范围
“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 speech this week.
长期投资的费用上的短期思考看起来占有主导地位，美国安全和交易协会会员丹尼尔 葛莱泽在这周的会议中说到
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.”
在美国，2002年的Sarbanes-Oxley艺术展已经把大多数公共公司高管红利延缓大约一年，略微帮助减少短期投资
In its latest survey of CEO pay, The Wall Street Journal finds that “ a substantial part” of executive pay is now tied to performance.
在最新的CEO薪资调查中，华尔街日报发现大部分经理的薪资现在都和业绩挂钩
Much more could be done to encourage “long-termism,” such as changes in the tax code and quicker disclosure of stock acquisitions.
像税务码和更快的股票购置公开这类的改变，应该能更快地鼓励长期投资
In France, shareholders who hold onto a company investment for at least two years can sometimes earn more voting rights in a company.
在法国，持有公司投资至少两年的股份持有者更获得公司里的更多投票权
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
在公司内部，权力补偿设计激励经理们去思考在他们公司自己时间之外并代表所有的股份持有者
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.
英国的新制度对银行家是一个通知，社会需要在他们的业绩中找到利益，而不是一味地不仅仅做短期投资而是要做长期投资