2019年真题汇编

1 单选题 0分

Text 1
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.
21.?According?to?Paragraph?1,?one?motive?in?imposing?the?new?rule?is?the_________.

A. enhance banker’s sense of responsibility
B.?help?corporations?achieve?larger?profits
C.?build?a?new?system?of?financial?regulation
D.?guarantee?the?bonuses?of?top?executives

2 单选题 0分

Text 1
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.
22.?Alfred?Marshall?is?quoted?to?indicate_________.

A. the conditions for generating quick profits
B.?governments’?impatience?in?decision-making
C.?the?solid?structure?of?publicly?traded?companies
D.?“short-termism”?in?economics?activities

3 单选题 0分

Text 1
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

4 单选题 0分

Text 1
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.
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.

5 单选题 0分

Text 1
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.
25.?Which?of?the?following?would?be?the?best?title?for?the?text?

A. Failure of Quarterly Capitalism
B.?Patience?as?a?Corporate?Virtue
C.?Decisiveness?Required?of?Top?Executives
D.?Frustration?of?Risk-taking?Bankers

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