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.
英國的經濟規律對大銀行的老板產生了一種不同尋常的約束
Starting next year, any guaranteed bonus of top executives could be delayed 10 years if their banks are under investigation for wrongdoing.
從明年開始，高管的任何固定獎金會被延遲到十年之后，如果他們的銀行處於錯誤行為的調查之下
The main purpose of this “clawback” rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institution.
這個"clawback"規則的主要目的是為了穩住負責有害風險的銀行家並重拾公眾對金融機構的新信任
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.
辦公室的白領同樣也希望能夠得到較大的好處，更長期的決策不僅在銀行，也在公司之間，都是為了給后人打造一個更強健的經濟
“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"或者對快速增益的渴望，已經在公共交易的公司惡化，一個來自英國的頂尖經濟學家安朱 霍爾丹如是說
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.
他引用了一個經典的經濟巨頭，阿爾弗瑞得 馬歇爾，用來描述這種經濟浮躁，就像是從布丁里拿出李子並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.
在美國和英國持有股份的平均時長，他指出，在近十幾年間已經從七年跌到七個月
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.
臨時投資者，需要從公司獲取高額收益長期調查，會妨礙一個公司用來做長期投資或者打造消費者的忠誠度的影響力
This has been dubbed “quarterly capitalism”。
這個被戲稱為"季度資本主義"
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，新型數字科技允許對股票進行更快速的交易，更快地使用信息，因此縮短了金融標記的關注范圍
“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.
長期投資的費用上的短期思考看起來占有主導地位，美國安全和交易協會會員丹尼爾 葛萊澤在這周的會議中說到
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.”
在美國，2002年的Sarbanes-Oxley藝術展已經把大多數公共公司高管紅利延緩大約一年，略微幫助減少短期投資
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薪資調查中，華爾街日報發現大部分經理的薪資現在都和業績掛鈎
Much more could be done to encourage “long-termism,” such as changes in the tax code and quicker disclosure of stock acquisitions.
像稅務碼和更快的股票購置公開這類的改變，應該能更快地鼓勵長期投資
In France, shareholders who hold onto a company investment for at least two years can sometimes earn more voting rights in a company.
在法國，持有公司投資至少兩年的股份持有者更獲得公司里的更多投票權
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
在公司內部，權力補償設計激勵經理們去思考在他們公司自己時間之外並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.
英國的新制度對銀行家是一個通知，社會需要在他們的業績中找到利益，而不是一味地不僅僅做短期投資而是要做長期投資