2019年考研《英语一》真题及答案9

2019年考研《英语一》真题及答案9

2019年考研《英语一》真题及答案汇总

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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.

23.It is argued that the influence of transient investment on public companies can be__________.

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.

23—24参考答案及解析：

23.【B】adverse；细节题。此题的定位信息为题干的“transient investment”，直接定位到第三段的第二句“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”，从四个选项的褒贬正负来看indirect、minimal和temporary为中性的表述，只有B选项的adverse为明确的负面表达，意思为“不利的”，与原文中的“hinder”（阻碍打扰）对应上。

24.【C】the approaches to promoting"long-termism"；例证题。根据题干的具体信息定位，美国和法国的例子是用来支撑什么论点。原文的第五、六段则提供了具体的信息，第五段中美国延迟发放才上任一年左右的高管绩效津贴，继而促进缓解“短期主义”盛行的现状；第六段则提及在法国持股两年以上者拥有更大的选票权。所以，最佳选项应为“促进长期主义的方法”，与原文一致；