2019 英语一 Text 1｜奖金延迟十年：用制度逼企业学会耐心
主旨
英国监管机构出台新规：银行若因不当行为受调查，高管的保证奖金可推迟 10 年发放（“追回”规则）→ 直接目的是让银行家为有害冒险负责、恢复公众信任，更大的期望是推动所有企业长期决策 → 英格兰银行首席经济学家指出上市公司”短视主义”加剧，像孩子急着挑布丁里的李子吃 → 持股时间从 7 年降到 7 个月，短线投资者逼企业交季度利润，阻碍长期研发和客户忠诚，数字技术更让市场注意力变短 → 美法已有做法（推迟奖金、薪酬与业绩挂钩、长期持股多给投票权）→ 合理的薪酬设计能激励高管为所有利益相关方长远考虑。
原文：2019 Text 1 · 话题：金融 / 企业治理 · 答案：21 A｜22 D｜23 B｜24 C｜25 B
一、核心词
| 词 | 本文义 | 原文搭配 | 拆解 / 记忆 |
|---|---|---|---|
| regulator n. | 监管机构 | Financial regulators in Britain | regulate 监管 + -or |
| executive n. | 高管 | any guaranteed bonus of top executives | execute 执行 → 执行者 |
| bonus n. | 奖金 | any guaranteed bonus of top executives | |
| wrongdoing n. | 不当行为，违法行为 | under investigation for wrongdoing | wrong + doing |
| clawback n. | 追回 | this “clawback” rule | claw 爪子 + back → 用爪子抓回来 |
| accountable adj. | 负有责任的 | hold bankers accountable for harmful risk-taking | account 交代 + -able → 能交代的 |
| restore v. | 恢复 | restore public trust in financial institutions | re- 重新 + store 储存 |
| institution n. | 机构 | restore public trust in financial institutions | institute 设立 |
| corporation n. | 公司 | not only by banks but by all corporations | corpor 身体 → 法人团体 |
| worsen v. | 恶化 | has worsened in publicly traded companies | worse + -en 使 |
| quote v. | 引用 | He quotes a giant of classical economics | |
| impatience n. | 急躁 | this financial impatience | im- 不 + patience 耐心 |
| transient adj. | 短暂的 | Transient investors | trans- 越过 + i 走 → 一走而过 |
| quarterly adj. | 季度的 | demand high quarterly profits from companies | quarter 四分之一 → 一季 |
| hinder v. | 阻碍 | can hinder a firm’s efforts to invest in long-term research | hind 后面 → 拖后腿 |
| loyalty n. | 忠诚 | build up customer loyalty | loyal 忠诚的 |
| dub v. | 把……称为 | This has been dubbed “quarterly capitalism.” | |
| span n. | 持续时间 | shorter attention spans in financial markets | |
| predominance n. | 主导地位，占优 | a predominance of short-term thinking | pre- 在前 + dominance 统治 |
| commissioner n. | 委员 | Commissioner Daniel Gallagher | commission 委员会 |
| defer v. | 推迟 | to defer performance bonuses for senior executives | de- 离开 + fer 带 → 往后带 |
| substantial adj. | 大量的 | ”a substantial part” of executive pay is now tied to performance | substance 实质 |
| disclosure n. | 披露 | quicker disclosure of stock acquisitions | dis- 反 + close 关闭 → 打开 → 公开 |
| acquisition n. | 收购 | quicker disclosure of stock acquisitions | acquire 获得 |
| shareholder n. | 股东 | shareholders who hold onto a company investment | share 股份 + holder 持有者 |
| incentive n. | 激励 | provide incentives for executives to think beyond their own time at the company | |
| stakeholder n. | 利益相关方 | on behalf of all stakeholders | stake 利害 + holder |
| reminder n. | 提醒 | Britain’s new rule is a reminder to bankers | remind 提醒 |
二、搭配与写作迁移
| 原文表达 | 含义 | 写作迁移 |
|---|---|---|
| impose a rule on | 对……施加规定 | impose restrictions on sb / sth |
| be under investigation for | 因……受调查 | |
| hold sb accountable for | 让某人为……负责 | hold officials accountable for their decisions |
| restore public trust in | 恢复公众对……的信任 | restore public trust in the media |
| hope for a much larger benefit | 希望带来更大的好处 | |
| build a stronger economy for future generations | 为子孙后代建设更强经济 | leave a better world for future generations |
| the desire for quick profits | 追逐快钱 | the desire for instant success / gratification |
| publicly traded companies | 上市公司 | |
| pick A out of B | 从 B 中挑出 A | |
| at once | 立刻 | |
| put sth aside | 留着，存起来 | put aside money for the future |
| drop from A to B | 从 A 降到 B | The rate dropped from 20% to 5%. |
| in recent decades | 近几十年来 | |
| hinder one’s efforts to do | 阻碍……的努力 | hinder efforts to reduce pollution |
| invest in | 投资于 | invest in education / research |
| build up customer loyalty | 培养顾客忠诚度 | build up trust / confidence |
| in addition | 此外 | |
| attention span | 注意力持续时间 | Short videos are shortening our attention spans. |
| at the expense of | 以……为代价 | pursue growth at the expense of the environment |
| push sb to do | 推动某人做 | push schools to reduce homework |
| be tied to | 与……挂钩 | Pay is tied to performance. |
| hold onto | 继续持有，坚守 | hold onto one’s dreams |
| provide incentives for sb to do | 激励某人做 | provide incentives for companies to go green |
| think beyond | 超越……去思考 | think beyond immediate interests |
| on behalf of | 代表，为……着想 | |
| be a reminder to sb that | 提醒某人…… | The accident is a reminder to us all that safety comes first. |
| have an interest in | 与……利害相关 | Everyone has an interest in clean air. |
| not just for the short term but for the long term | 不只为眼前，更为长远 | 作文收尾好用 |
三、熟词僻义
- giant n. 大师，巨匠（≠巨人）：a giant of classical economics
- stock n. 股票（≠库存）：The average time for holding a stock
- equity n. 股票（≠公平）：more rapid trading of equities
- public adj. 上市的（≠公共的）：pushed most public companies
- code n. 法规（tax code，≠代码）：changes in the tax code
- compensation n. 薪酬（≠补偿）：the right compensation design
- interest n. 利害关系（≠兴趣）：society has an interest in their performance
四、题目与选项词
| 词 / 搭配 | 义 | 出处 | 拆解 / 记忆 |
|---|---|---|---|
| enhance v. | 增强 | Q21 [A] | en- 使 + hance 高 → 使升高 |
| sense of responsibility | 责任感 | Q21 [A] | |
| guarantee v. | 保证 | Q21 [D] | |
| adverse adj. | 不利的 | Q23 [B] | ad- + vers 转 → 转到对立面 |
| minimal adj. | 极小的 | Q23 [C] | mini 小 |
| temporary adj. | 暂时的 | Q23 [D] | tempor 时间 |
| obstacle n. | 障碍 | Q24 [A] | ob- 逆 + st 站 → 站在前面挡路 |
| prevalence n. | 流行，普遍 | Q24 [D] | prevail 盛行 |
| virtue n. | 美德 | Q25 [B] | |
| decisiveness n. | 果断 | Q25 [C] | decisive 果断的 |
| frustration n. | 挫败 | Q25 [D] |
五、同义替换：原文 → 正确项
| 题 | 原文 | 正确项 |
|---|---|---|
| 21 A | hold bankers accountable for harmful risk-taking | enhance bankers’ sense of responsibility |
| 22 D | in describing this financial impatience as acting like “children who pick the plums out of their pudding to eat them at once" | "short-termism” in economic activities |
| 23 B | can hinder a firm’s efforts to invest in long-term research or to build up customer loyalty | adverse |
| 24 C | Much more could be done to encourage “long-termism,” / In France, shareholders who hold onto a company investment for at least two years can sometimes earn more voting rights | the approaches to promoting “long-termism” |
| 25 B | more long-term decision-making / not just for the short term but for the long term | Patience as a Corporate Virtue |
六、长难句
① 冒号解释 + not only … but …（Q21 / Q25 出处）
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.
- 主干：officials also hope for a much larger benefit
- 冒号后解释 benefit：more long-term decision-making
- not only by banks but by all corporations：插入说明决策主体
- to build …：目的状语
- 译：但官员们还期待更大的收益：不仅银行，而且所有企业都能更多地做长期决策，从而为子孙后代打造更强大的经济。
② describe A as doing + rather than（Q22 出处）
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.
- 主干：He quotes a giant of classical economics, Alfred Marshall
- in describing A as B：在把 A 描述为 B 时
- acting like “children who …”：who 定语从句修饰 children
- rather than putting them aside …：与 pick … 对比，“而不是留到最后吃”
- 译：他引用古典经济学巨匠阿尔弗雷德·马歇尔的话，把这种金融上的急躁描述为就像”孩子们把布丁里的李子挑出来马上吃掉”，而不是留到最后再吃。
③ 非限制性定语从句插入主谓之间（Q23 出处）
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.
- 主干：Transient investors can hinder a firm’s efforts
- who demand …：非限制性定语从句
- efforts to invest … or to build …：两个不定式并列，修饰 efforts
- 译：短线投资者要求公司交出高额的季度利润，这会阻碍企业投资长期研究或培养客户忠诚度的努力。
七、句型
- The main purpose of A is to do B and to do C. Yet … also hope for a much larger benefit.（目的递进） 原句：The main purpose of this “clawback” rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institutions. 套用：The main purpose of the rule is to protect students and to restore parents’ trust. Yet it also brings a much larger benefit.
- A has dropped from X to Y in recent decades.（数据变化） 原句：has dropped from seven years to seven months in recent decades 套用：The average reading time has dropped from two hours to twenty minutes in recent decades.
- There seems to be a predominance of A at the expense of B.（批判失衡） 原句：There seems to be a predominance of short-term thinking at the expense of long-term investing 套用：There seems to be a predominance of entertainment at the expense of serious reading.
- Much more could be done to encourage A, such as B and C.（提出措施） 原句：Much more could be done to encourage “long-termism,” such as changes in the tax code and quicker disclosure of stock acquisitions. 套用：Much more could be done to encourage reading, such as building community libraries and offering free e-books.
- A is a reminder to B that …, not just for the short term but for the long term.（警示收尾） 原句：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. 套用：The incident is a reminder to all of us that we should protect the environment, not just for the short term but for the long term.