第一篇：哈佛商業評論中英文對照-瞅準生活間隙做廣告

FORETHOUGHT GRIST 前瞻思維

Where Is Advertising Going? Into ‘Stitials’

瞅準生活間隙做廣告

Jeffrey F.Rayport 杰弗里·瑞波特

If you’re familiar with consumer-brand marketing, you know the term “interstitial.” An interstitial ad is one that appears in interstices—that is, between segments of the content that customers want to experience.Like a tollbooth on a turnpike, it forces customers to stop and pay(in the form of time and attention)before proceeding on their desired path.Epitomized by the 30-second TV spot, it’s a concept that captures what advertising has been designed to do in the past, and why customers today go to such lengths to block, skip, zap, or fast-forward past it.若你熟悉消費品營銷，就一定知道“插播式廣告”，也就是說，在顧客樂意體驗的活動片段之間插入廣告。就像高速公路上的收費站要求駕車者停車付費一樣，插播式廣告也強迫顧客付出一定的時間和精力，在看過廣告之后，才能繼續參與下一段活動。典型的例子就是30秒的電視插播廣告，它充分體現了過去廣告界的設計理念，也解釋了為何如今的顧客都想方設法要阻止、跳過、清除或快進略過這些廣告。

Advertising is now universally acknowledged to be broken, but the need for it obviously still exists.Making it effective again will require radically altering our perspective on the interstitial.Instead of choosing from the available slots between segments of media, marketers must turn the age-old formula on its head.It’s high time to focus not on “avails” in media but on those in consumers’ daily lives—where, when, and how people might prove receptive to relevant commercial messages.We’re not talking anymore about interstitials.We’re talking about what I call vivistitials.廣告業的發展如今陷入了困境，這已是不爭的事實，然而市場對廣告的需求仍然存在。要讓廣告再度發揮功效，我們就必須徹底改變有關插播式廣告的觀念。營銷人員不能再把目光放在現有的媒體廣告時段上，他們必須顛覆這種陳舊的做法，不再關注媒體本身的功效，而是轉向消費者的日常生活，了解人們愿意在何時、何地、以何種方式來接收相關的廣告信息。也就是說，我們不要再談論插播式廣告了，讓我們談談我稱之為“生活間隙廣告”的模式。

Here’s a vivistitial example you’ve probably already experienced: Captivate Network.Now a unit of Gannett, Captivate is a decade-old company that quietly delivers more advertising

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impressions to an affluent urban professional demographic than USA Today and CNBC combined.It does this by displaying specialized video programming on screens mounted in the elevators of upscale office buildings.The inspiration behind it was the recognition that elevator rides are dead air—and sometimes even pain points—in people’s lives.Elevators are socially awkward environments that fail to promote human interaction;they induce otherwise self-assured individuals to look at their feet and fidget with their keys.Captivate’s screens give people’s eyes a welcome place to rest: on visually rich and relevant information such as headlines and images from the day’s news, stock quotes, and weather.And, yes, adjacent ad messages.For those who can put their minutes in the elevator to better use, the screens are easily ignored, since they are small and don’t emit a sound.But for most riders the screens are highly effective instruments for information delivery.Is it any surprise that recall of Captivate ads is two to four times higher than that of commercial spots on broadcast TV?

你可能從Captivate Network公司的樓宇廣告中已經體驗到了生活間隙廣告的存在。該公司隸屬于甘尼特集團，成立已有十年。它的靜音視頻廣告在龐大的都市職業人群中產生的廣告印象超過了《今日美國》與美國財經頻道CNBC的總和。Captivate的運營模式是在高檔寫字樓的電梯里安裝電視屏幕，播放專門制作的視頻節目。而這種模式背后的靈感來自人們的一種普遍認識：在日常生活中，搭乘電梯是件沉悶無聊的事，有時甚至讓人痛苦不堪。電梯間是個令人尷尬的社交場合，無助于推動人際交往。就連那些平時蠻自信的人在這里也只是低頭盯著自己的腳尖或者撥弄自己的鑰匙。而Captivate的電視屏幕則恰到好處地為人們提供了一個目光停留的地方：讓人們享受多彩的畫面，了解豐富的相關資訊，如每日要聞、股價或天氣預報等。對那些在搭乘電梯時還有其他事可做的人來說，這些靜音的小屏幕并不會干擾他們。而對大多數搭乘者來說，這些屏幕則可說是高效的信息傳遞工具。無關乎人們對Captivate廣告的記憶是對電視廣告記憶的二至四倍！

What principles about vivistitials can we derive from the Captivate example? First and most fundamentally, they take advantage of moments of the day when a typical customer is in an environment of information scarcity, and they introduce a rich information offering.Second, they fit into that environment without provoking distaste.In the case of Captivate, the screens’ size, silence, and slow-moving graphics are attuned to the sepulchral stasis of elevators.Third, they do not interrupt, block, or otherwise delay consumers from going where or getting what they want.Finally, they represent a polite push;while not asking permission to present messages, they are not overly intrusive.Now note that the same basic principles are the secret ingredients in Google’s cash machine: search-based advertising, which provides relevant advertiser links

alongside query results.In another age, they also gave the roadside Burma-Shave signs their charm—and a potency that makes us recall Burma-Shave even today.These principles define what it means to deliver messages to consumers on their terms and in the context of their lives.State their opposites, and you have the essence of what’s wrong with so much of advertising today.從Captivate案例中我們可以歸納出生活間隙廣告模式的哪些原則呢？首先，也是最根本的是，它抓住了一般說來顧客信息比較匱乏的時段，然后提供了一個豐富的信息渠道。其次，它巧妙地融合到環境中，不會招致厭煩。在Captivate例子中，電視屏幕的大小、靜音以及慢速畫面，在沉悶的電梯間里都不顯突兀。再者，它并沒有打斷、阻止或者耽誤消費者前往目的地或獲取想要的東西。最后，它體現了一種“文明推送”，雖然在播放信息前并沒有請求許可，但它并未過分干擾消費者。谷歌推送的基于搜索的廣告就體現了這些基本原則，它只是在搜索結果旁邊列出相關廣告主的鏈接。如今，該業務已成為谷歌的一大利潤源。很久以前，豎立在路邊的“柏瑪刮胡刀”廣告牌就因遵循了這些原則而獨顯魅力，時至今日，它仍在我們記憶中占據一席之地。這些原則為我們界定了如何在消費者的生活中，以他們接受的方式向他們傳遞信息。只要思考一下違背這些原則的反面情況，你就能明白為什么如今有那么多的廣告毫無效果可言了。In truth, the vivistitials mentioned so far are of only one type—those that show up in an otherwise barren part of the customer’s daily landscape.I term them locostitials because they are defined by geography and time.But people’s lives unfold on different levels, and there are at least four other possible types to bear in mind.A psychostitial fills the gaps in people’s behavioral motivations and thought processes.In that sense, I would argue that the success of Nike’s “Just Do It” campaign owed more to its psychostitial usefulness than to its mass-media carpet bombing.A sociostitial, meanwhile, positions messages in the interstices of preexisting social interactions or relationships.A great deal of Tupperware has been sold through Tupperware parties, but it wouldn’t have happened if customers did not find the gatherings socially gratifying.An anthrostitial focuses on the need of an individual or a community(or “tribe”)to use brands and ad messages as forms of identity expression.If that need can be met by a symbol of inclusion in a group, then who better to provide it than Ralph Lauren, in the form of an embroidered polo player? Finally, some people actually consume ads as a kind of entertainment(and some ads even deserve that status).If a marketer’s message is engaging enough that a TiVo user will choose to watch it over other available options, then it becomes an autostitial.It’s self-serve commercial messaging.事實上，上文提到的只是生活間隙廣告模式的一種類型，即在顧客日常生活中沉悶無聊的時段傳遞信息。我稱之為時域間隙廣告，因為它受到地域和時間的限制。但是，鑒于人們的生活有不同的層面，因此我們至少可以發現其他四種可能的類型。其一是心理間隙廣告，它填補了人們行為動機與思維過程中的間隙。從這一點來說，我認為耐克“Just Do It”的廣告宣傳之所以成功，更多的是因為它有效填補了消費者的心理間隙，而不是在大眾媒體上實施地毯式轟炸。其二是社交間隙廣告，它是將信息至于現有的社會交往或人際關系的間隙中。美國特百惠家居連鎖公司的大量產品就是通過特百惠直銷會進行銷售的，但如果顧客發現這種社交聚會并不令人愉悅，產品銷售就不可能實現。其三是歸屬間隙廣告，它關注的是那些希望用某些品牌或廣告信息來凸顯身份的個人、社區（或“群體”）需求，那么繡有馬球手圖案的拉夫〃勞倫服裝無疑是最具代表性的。最后，有些人將觀看廣告當作一種消遣（有些廣告也確實有此功效）。如果某些廣告令人癡迷，一位TiVo*用戶寧愿看它也不愿看其他節目，那么這冊廣告就可稱為自主間隙廣告，也就是由顧客自主獲取廣告信息的模式。

The concept and terminology of vivistitials are new, but they reflect an emerging theory of advertising that’s working in practice.Already, some of the hottest agencies of the advertising world don’t deal in traditional advertising at all;they organize events, orchestrate sponsorships, launch “pop-up” retail stores, insert advertising into video games, produce videos to tap viral or grassroots online distribution, and place spokespersons in everyday life.The vivistitials concept brings coherence to these tactics and gives marketers a framework for finding new ways of presenting their commercial messages effectively.作為概念的術語，“生活間隙廣告”模式還是新事物，但它反映了廣告業運作中一種有效的新興理論。事實上，一些最知名的廣告公司早已擯棄了傳統的廣告模式；它們組織各種活動、策劃贊助、開設臨時性零售店、在電子游戲中插入廣告、只做廣告視頻在網上進行病毒式營銷或草根營銷，以及在日程生活中安插代言人。生活間隙廣告的概念給這些廣告策略提供了基本原則，也給營銷人員提供了一個理論框架，有助于他們找到新的方法來有效傳遞商業信息。

Advertising has a bright future, but only given a fundamental change in orientation.It’s not about media avails anymore but about life avails.So it’s true: Advertising is dead.Long live advertising.廣告業只有從根本上扭轉方向，才能擁有光明的未來。我們不應再關注媒體的功效，而應該把注意力轉向生活的功效。誠然，傳統廣告已經日薄西山，然而，廣告業卻將在新的模式中永生。

Jeffrey F.Rayport(jrayport@marketspaceglobal.com)is the founder and chairman of Marketspace, a digital strategy advisory

company based in Cambridge, Massachusetts, that is affiliated with Monitor Group.Prior to founding the company, Rayport was a faculty member at Harvard Business School for nearly a decade.He is also a coauthor of Best Face Forward: Why Companies Must Improve Their Service Interfaces with Customers(Harvard Business School Press, 2005).作者簡介：杰弗里瑞波特（Email: jrayport@marketspaceglobal.com），摩立特集團（Monitor Group）旗下的Marketspace公司創始人兼董事長。該公司是一家數字業務戰略咨詢公司，總部位于馬薩諸塞州劍橋市。在創辦公司之前，瑞博特曾在哈佛商學院任職近十載。他還與人合著了Why Companies Must Improve Their Service Interfaces with Customers一書（哈佛商學院出版社，2005年出版，其中文版《客戶界面：未來競爭優勢》已于2006年由商務印書館出版）。

翻譯：王堅

英文版原文刊載于Harvard Business Review2008年5月號，中文版譯文刊載于中文版哈佛商業評論2008年9月號。

第二篇：哈佛商業評論中英文對照-打折很危險（范文）

Discounts Can Be Dangerous

打折很危險

by Jeffrey M.Stibel and Peter Delgrosso

During tough economic times, companies often rush to reduce prices on their products and services.That seems like common sense: People can’t afford to spend as much, so charge less to keep them buying.But discounting has its perils.每當步入經濟困難期，許多公司都會爭先恐后地降低產品及服務的價格。這似乎也合乎常理：既然消費者花不起那么多錢，那就降價促銷。殊不知，打折蘊藏著諸多風險。

To be sure, discounting is effective when done wisely and strategically.It can get consumers excited about a product, encourage them to buy more, and help your short-term bottom line.However, whether the purchase is a hot dog, a handbag, or a stay at a five-star hotel, customers want good value for their hard-earned money.The price of something is often an important determinant of its perceived value, as Dan Ariely points out in Predictably Irrational.Often, the more consumers pay, the more value they ascribe to a purchase.If you discount prices purely to boost sales, buyers may begin to question that value.毋庸置疑，如果能站在戰略的高度，以高明的手段打折，那肯定有效果。它會激發消費者對產品的興趣，鼓勵他們增加購買，這樣就能在短期內提高公司的利潤。但是，消費者無論是購買一個熱狗、一只手袋，還是下榻五星級酒店，他們都希望自己辛苦賺來的錢能夠花得物有所值。丹〃艾瑞里在Predictably Irrational（中文版譯為《怪誕行為學》，中信出版社2008年出版）一書中指出：價格是決定產品可感知價值的一個關鍵因素。消費者通常認為，他們付的錢越多，購買到的價值就越高。如果打折只是為了刺激銷售，那么買家就可能會懷疑自己買到的價值。

Consider Abercrombie & Fitch, which lowered prices by roughly 15% during the 2000–2002 downturn.When the dust cleared, the company realized that it had sacrificed much of its brand’s cachet and lost significant market share.A&F didn’t recover until 2004—and then only after returning to higher prices.In August 2008, having learned its lesson, the company announced that it was considering another price increase, despite a decline in second-quarter

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profits.The goal: to enhance what the CEO called the ―iconic status‖ of the brand.且以美國時裝品牌Abercrombie&Fitch（A&F）為例，在2000年~2002年的經濟衰退期，該公司產品降價約15%。當經濟風暴塵埃落定后，公司才意識到，降價已經大大地損害了品牌的形象，也導致公司喪失了相當大的市場份額。直到2004年，A&F回歸高價路線后，業績才恢復元氣。2008年，洗去了教訓的A&F公司在第二季度利潤下滑的情況下，仍然在8月份宣布考慮新一輪的提價計劃，目標就是提升CEO所提倡的品牌的“標志性地位”。

But discounting is so easy that some companies simply can’t resist.Starbucks, which posted its first-ever earnings loss in July, has begun to offer lower-priced options, such as a cup of coffee for $1, with free refills.This strategy may boost sales in the short term, but we suspect that, as with A&F, it will hurt the Starbucks brand in the long term.然而，打折是如此簡單易行，另一些公司無法抗拒這一誘惑。2008年7月，星巴克（Starbucks）有史以來首次公布業務虧損，并開始提供低價產品，比如可免費續杯的一員咖啡。這種策略或許能在短期內刺激銷售，但是正如A&F的前車之鑒所示，長遠來看可能有損星巴克的品牌形象。

Discounting is not always a bad idea, though—there are safe ways to lower prices.Earlier this year, Chrysler discounted something that does not affect its core brand: gasoline.It guaranteed to purchasers of new cars a price of no more than $2.99 per gallon of gas for three years.The idea was to subsidize the fuel that a new car uses, not the car itself.It’s similar to what GM did in 2001 by discounting its financing rather than its cars.Obviously, the auto industry has more problems than brand deterioration.Nonetheless, this is smart marketing during a downturn: It couples the appeal of a discount with an implicit message about the value of the core product.當然，打折并非總是危險，我們還是可以找到一些安全的降價方式。2008年年初，克萊斯勒公司（Chrysler）的打著手電就絲毫沒有影響到它的品牌價值——它的方法是給汽油打折。公司承諾向購買新車的客戶提供三年售價不超過每加侖2.99美元的汽油。這種做法看起來是在為新車使用的燃油提供補貼，而不是針對汽車本身。該策略與2001年通用汽車（GM）為購車貸款提供折扣而不是給車打折的做法很相似。當然，美國汽車業的問題顯然不僅僅是品牌式微的問題。但是在經濟衰退時，這的確是一種精明的營銷方式：它兼顧了消費者對折扣的需求，同時又微妙地維護了核心產品的價值。

So if you’re eyeing a simple, traditional discount strategy during the present slowdown, first consider the potential for damage to your brand and then evaluate the brand insurance that a

more nuanced approach may offer.If you inadvertently shatter your brand’s mystique, reestablishing the value proposition to consumers may be tougher than you expect.在當前經濟下滑的情況下，如果你還在考慮采用簡單的、傳統的打折策略，那么我們奉勸你首先考慮一下打折給品牌帶來的潛在危害，然后評估一下對傳統打折策略稍作變通所能帶來的品牌保障。如果不小心損害了品牌形象，那么，在消費者心中重塑品牌價值或許比你想象的要困難得多。

第三篇：哈佛商業評論中英文對照-綠色科技拯救未來

FORETHOUGHT GRIST 前瞻思維

Venture capitalist Vinod Khosla on reasons for long-term optimism about technology and the economy

綠色科技拯救未來

A Conversation with Vinod Khosla by Alison Berkley Wagonfeld

From Vinod Khosla’s perspective, the world’s economic future looks bright.After cofounding Sun Microsystems and spending two decades as a venture capitalist with Kleiner Perkins, Khosla created his own venture firm in 2004 to invest in early-stage technologies, especially those with minimal environmental impact.Khosla Ventures, based in Menlo Park, California, has a portfolio of some 65 start-ups, 45 of which are in clean technology, or cleantech.The latter range from Kior, a speculative biofuels company, to Ausra, which is developing utility-scale solar thermal technology.Khosla’s goals include turning niche cleantech forms of energy into what he calls “maintech” by proving that green technologies can be economically cheaper than current ones.在維諾德〃科斯拉看來，世界經濟前景光明。科斯拉和其他人共同創立了太陽微系統公司之后，在凱鵬創投基金效力了二十余年，又于2004年創立了自己的創投公司，主要投資于處于早期階段的環保性技術。他的公司位于加利福尼亞州的門羅帕克，投資了大約65家初創型企業，其中45家致力于清潔技術的研發，這里面既有從事探索性生物燃料研究的Kior公司，也有開發大規模利用太陽能技術的Ausra公司。科斯拉的目標之一就是要證明，綠色科技可以比現有的技術更加經濟，我們應該扭轉清潔能源技術目前所處的邊緣狀態，使其躋身“主流技術”之列。

Do you see the current downturn differently from how other people do?

對于目前的經濟滑坡，你的看法和其他人有何不同？

Economists don’t appreciate the extent to which innovation can disrupt assumptions.A new technology can render forecasts obsolete.We are investing in many such technologies, and some of them will surely succeed.I live by an idea from the computer pioneer Alan Kay, who

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said, “The best way to predict the future is to invent it.”

創新能在多大程度上推翻人類原有的設想？經濟學家往往對此認識補足。他們忽略了，一項新技術的出現可能會讓先前的預測作廢。我們目前就在投資很多的此類新科技，其中不乏成功把握相當大的項目。我信奉計算機領域的先驅艾倫〃凱說過的一句話：預測未來的最好方法就是去改變未來。

The technologies we’re working on have the potential to affect energy prices and thus geopolitics and poverty, not to mention global warming.But the impact won’t be immediate.Many of the technologies are in early stages and face significant hurdles before they can become operational.The economists may be correct that in the near term, at least, the cost of inputs will continue to rise.But the specific critical technological events that will truly determine future economics are impossible to predict.我們正在投資的技術很有潛力，可能會影響能源價格，進而改變地緣政治和貧困面貌，更不用提可以遏制全球變暖了。但是這些影響不是立竿見影的，因為很多技術還處于早期階段，在產業化之前尚需跨越許許多多的障礙。至少在短期內，各種投入的成本還會上漲，在這點上，經濟學家的觀點也許是正確的。但是現在不可能預測究竟何種關鍵技術能夠真正左右未來的經濟。

Which technologies give you the greatest hope?

你覺得哪些技術最有希望？

While home rooftop solar photovoltaic cells will continue to improve, I’m excited about solar thermal’s ability to compete cost-effectively with utility-scale power from coal and natural gas plants.Many of our investments are in biofuels, which I’m very positive about because they have low financial and adoption risks.We look for technologies that don’t require people to change their driving, transportation, and heating patterns.Within 25 years, I believe the world will be able to replace most fossil fuels with nonfood biomass and waste or with solar, geothermal, and wind energy.There is no question in my mind that biofuels can be produced for a dollar per gallon, probably much less.雖然家用屋頂太陽能光伏電池的技術有待進一步完善，但我還是興奮地看到，太陽能在成本效率上可以與煤炭、天然氣等傳統能源一決高下。我們還在生物燃料領域有眾多投資，由于其財務和應用的風險較低，我們對這些項目非常看好。我們尋找那些不要求人們改變現有駕駛、運輸和取暖方式的技術。我相信在25年內，人們就會用食物之外的生物和生物肥料，或者是太陽能、地熱、風能來取代目前所用的大多數化石

燃料。我絕對相信生物燃料的價格可以降低到每加侖一美元，甚至更低。

In the U.S., for example, the acreage that is currently out of production or devoted to export crops is more than adequate to supply the country’s biofuel needs.If we innovate in biomass production, my analysis shows that we may need zero additional land to replace all our gasoline.The biofuels I’m referring to are cellulosic, such as forestry waste and winter cover crops—maybe even algae someday—but not corn, which cannot scale up to meet the world’s energy needs.譬如在美國，就目前荒蕪的，或用于種植出口農產品的土地面積來看，要滿足國內染料型作物的需求是綽綽有余。如果我們在此類作物的生產上取得突破性創新，那么我認為現有土地就可以生產出替代全部汽油消耗的生物燃料來。我所說的生物燃料取自纖維原料，比如林木廢棄物和冬季覆蓋作物，甚至可以是藻類，但不會是谷物，因為谷物無論如何增產也滿足不了全世界的能源需求。

Will the world’s current financial state delay development of some critically important technologies? 當前的世界金融危機會延遲某些特別重要的技術發展嗎？

I do worry about that.Energy and cleantech companies require plenty of follow-on financing.Combine the current state of the capital markets with the risk aversion we are seeing among other investors in this space, and there’s real reason for concern.I also worry about governmental policies, both in the U.S.and elsewhere.The traditional enemies of alternative energy—the coal and oil industries—are fighting change.However, policy is gradually moving in the right direction, and the entrenched industries will adapt, because the global imperative is immense.The world is witnessing an unusual confluence of natural, geopolitical, and technological factors that are pulling in the same direction, away from fossil fuels and toward alternatives.I believe there will be many energy and cleantech successes, not just from the companies we’re working with.In addition, traditional energy companies will participate actively as investors and implementers.我確實有這方面的擔心。能源和清潔技術企業需要很多后續資金，而現在的資本市場風雨飄搖，同事我們也看到，這個領域的其他投資者都采取了規避風險的措施，這些都導致了我們的擔憂。我還擔心政府的能源政策，無論是在美國還是其他國家。另外，替代能源的宿敵，也就是煤炭和石油公司，還在變革面前負隅頑抗。好在政策逐漸想正確的方向轉軌，而傳統能源行業也會去適應這種變化，因為這畢竟是大勢所趨。

如今，自然環境、地緣政治和科學技術這三股力量爭議罕見的合力推動著新能源替代傳統能源的進程。我堅信今后會誕生很多成功的能源和清潔技術，不僅僅是我們投資的這些企業。另外，傳統的能源公司也會作為投資者和實施方積極參與進來。

There’s always another worry, too—that our firm might be dead wrong about its investments.There are no historical rules on what will and won’t work.But we believe that the freedom to fail gives us the freedom to succeed.We are willing to take risks because we believe the opportunities are so exciting.I am a technology optimist.A lot of what can be imagined can be invented.當然我們總是還有另外一個擔憂，那就是我們在某項投資商可能會大錯特錯。沒有現成的經驗和規則告訴我們什么是行得通的，什么是行不通的。但是我們相信，允許失敗就會找到成功的機會。我們愿意冒險，因為擺在我們面前的機會是那么誘人。我是個技術樂觀派，我相信人類夢想的很多東西終將被發明出來。

第四篇：哈佛商業評論中英文對照-績效薪酬的致命缺陷

The Fatal Flaw in Pay for Performance

績效薪酬的致命缺陷

by Ben W.Heineman, Jr.小本杰明·海涅曼

Many corporate boards, responding to shareholder and public pressure, are designing pay-for-performance plans to hold CEOs accountable.But there is often a crucial flaw in such schemes: They don’t pay for performance with integrity.迫于股東和公眾壓力，許多公司董事會都在努力建立與業績掛鉤的薪酬體系，以期CEO們恪盡職守。但是，此類薪酬體系往往存在一個致命缺陷：僅關注業績，而忽略了操守。

The omission—evident from compensation committee reports in top companies’ proxy statements—is striking.Corporations, after all, face unceasing pressures to make the numbers by bending the rules, and an integrity miss can have catastrophic consequences, including indictments, fines, dismissals, and collapse of market capitalization.Furthermore, performance with integrity creates the fundamental trust—inside and outside the company—on which corporate power is based.從頂級公司股東委托書所附的薪酬委員會報告可以看出，這種忽略是顯而易見的。畢竟，上市公司始終面臨著完成業績目標的巨大壓力。為此，它們不惜違規違紀。然而，這種職業操守的缺失將導致各種災難性后果，包括起訴糾紛、罰款賠付、解雇免職以及市值暴跌。殊不知，操守與業績并重，才能在公司內外贏得最基本的信任，而公司力量也只是建立在信任的基礎之上。

A board should explicitly base a defined portion of the CEO’s cash compensation and equity grants on his or her success in handling the foundational task of fusing high performance with high integrity at all levels of the company.Why don’t boards do that? They may be uncertain about the meaning of integrity and how to assess its integration into financial performance.在公司各個層面上將高尚操守和卓越業績相融合是CEO的基本任務，董事會應該在CEO的現金和股權報酬中劃出一定比例，專門與CEO在上述任務上的表現掛鉤。但董事會為何沒有這樣做呢？這可能是因為他們自己對操守的含義也并不確定，更不知道該如何考核職業操守與財務業績的融合了。

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Step one, then, in designing pay for performance with integrity is using the following definition: Integrity is a uniform corporate culture with three elements—robust adherence to formal rules;adoption of ethical standards that are in the company’s long-term enlightened self-interest;and employee commitment to honesty, candor, fairness, trustworthiness, and reliability.Step two is for the board to assess whether the CEO has infused high performance with high integrity.The board can do that by answering the following questions, using hard analytics as well as the board members’ own judgment.那么，董事會要設計重操守的績效薪酬制，第一步要做的就是引入操守概念：操守是全公司的統一文化，有三個要素組成——堅決遵守正式的規章制度；采用符合公司長遠利益同時又不損害他人利益的倫理標準；員工要承諾做到誠實坦率、公平公正、可信可靠。第二步，董事會需運用一些復雜的分析工具，當然也要運用他們的個人判斷力，來考核CEO是否已經把高尚操守和卓越業績相融合。董事會可根據以下問題判斷：

? Has the CEO established company-wide performance-with-integrity principles for which the firm’s leaders are responsible and accountable? Examples of these include demonstrating committed and consistent integrity leadership;managing performance with integrity as a business process;using early-warning systems to stay ahead of global trends;providing timely, risk-assessed training;and giving employees a voice.? CEO是否在全公司范圍內制定了操守和業績并重的薪酬制度，且由公司領導層對此負責？舉例而言，CEO應該做到：領導層始終如一地恪守職業操守，把操守和業績的結合當作一項業務流程來管理，運用預警系統搶先把握全球商業規范趨勢，及時提供道德風險評估培訓，并保證員工的發言權。

? Have the CEO and top managers implemented these principles through robust practices? If leaders don’t invest time, effort, and resources in embedding key integrity practices in business processes, “tone at the top” is just window dressing.(For examples, see the sidebar “The Practice of Performance with Integrity.”)

? CEO和高管們是否在實踐中貫徹了這些原則？如果領導層沒有投入足夠的時間、精力和資源，將關鍵的操守原則落實到公司的業務流程中，那么所謂的“高層主張”就只不過是空口白話而已。（參見副欄“操守與業績并重的管理實踐”）

? Has integrity permeated every aspect of the corporate culture? One vital tool for assessing that is an annual, anonymous employee survey across all businesses and regions that asks, “Is

integrity compromised by business pressures?” and “Are the leaders’ verbal commitments to integrity reflected in action?” The board can also have outside HR experts periodically conduct 360-degree assessments of the CEO and top executives that explore such questions.? 操守原則是否已滲透到公司文化的每個層面？一個重要的評估工具就是覆蓋公司所有業務及地區的員工匿名調查表，其中包括這些問題：“操守原則是否會向商業壓力讓步？”“在恪守職業操守方面，領導是否言行一致？”董事會還可以定期邀請外部的人力資源管理專家，同樣就此類問題對CEO和高管進行360度評估。

? Has the CEO met annual performance-with-integrity objectives set by the board? One example might be effectively handling a major miss or crisis—an environmental accident, a bribery case, or a financial restatement—and remedying the problem systematically after a candid analysis of its causes.Another objective might be hiring leaders in emerging markets such as China, Russia, and India who are skilled in integrating performance and integrity.? CEO是否完成了董事會設定的操守和業績并重的目標？比如說，這個目標是：CEO有效處理嚴重失誤或危機（如環境事故、賄賂案，或者財務造假），并且在對事件起因進行坦誠分析后，有條不紊地解決問題。又比如：在新興市場（如中國、俄羅斯和印度）聘用善于兼顧操守與業績的領導者。

? How do business divisions rate comparatively? The board should look at how integrity practices differ among divisions and how the CEO deals with laggards.It should also look at how the units rank against external peers.(This may require data from news or government reports or a comparative audit by, say, a former regulatory official.)

? 公司各事業部在職業操守方面的相對表現如何？董事會要觀察各事業部之間的操守差異，以及CEO是如何處理那些落后分部的。同時，董事會還要將這些事業部與公司外部的同行進行比較。（這可能需要從新聞報道、政府報告或前監管機構官員的的比較審計資料中收集數據）

The board’s standards for assessing pay for performance with integrity should also define a new set of “specs” in the company’s CEO succession planning.In evaluating candidates, the board should ask: Do they possess the knowledge, experience, and skills to drive a robust performance-with-integrity culture deep into the company’s global operations? The same specs should be used to evaluate the compensation of senior executives and set goals for leadership development programs.That’s the best way to ensure that, over the long term, the company’s top ranks are filled with managers who live by the principles and practices of performance with

integrity—and thus help the company avoid debilitating risks and secure the trust that is vital to doing business.董事會在明確上述考核標準時，還應制定一套新的CEO繼任“規范”。在考量候選人時，董事會應該問：他們的知識、經驗、能力是否有利于推動操守和業績并重的健康企業文化，使之深入公司在全球的每一個經營機構？另外，這套規范還應當運用在高管薪酬評估，以及領導人培養項目的目標設定中。長期來看這也是確保公司高層堅持操守和業績并重原則的最佳方式，有助于公司規避風險，獲取商界成功所必需的信任。

The Practice of Performance with Integrity

Here’s a sample list of questions(greatly shortened

because of space limits)that will help boards

assess a CEO’s performance-with-integrity

practices.They can be answered using tools like

process reviews and substantive audits and

external outcomes(such as environmental

violations or customer complaints).Leadership

Does the CEO...never be compromised to make the numbers?

lapses?

meetings?

Business processes

Does the CEO...processes for

preventing, detecting, and responding to lapses in 操守與業績并重的管理實踐 下面列出的一份問題清單樣本（限于篇幅，問題數量已經大大縮減），對董事會評估CEO兼顧操守與業績的實際行為會有所幫助。要找到這些問題的答案，可以借助流程評估、獨立審計和外部影響（如環境損害或客戶投訴）等手段。領導力 CEO是否?? 告知組織上下，操守原則決不向像業績目標讓步？ 不僅僅規范普通員工的操守，同時也約束高層領導的行為？ 定期在員工會議上處理有關操守的棘手問題？ 業務流程 CEO是否?? 為員工恪守職業操守創造必要的基礎條件——設計流程用以防范、發現并處理公司各業務、各地區內的不端行

? communicate to the organization that integrity must ? discipline generals, not just troops, for integrity ? address difficult integrity issues regularly at staff ? build a strong integrity infrastructure—

all businesses and regions—and put A players in charge of it?

? assess integrity needs realistically and provide adequate funding for those activities?

? respond promptly to early warnings on trends in legal, ethical, and country risks?

Giving employees a voice

Does the CEO...? encourage reporting of financial, legal, and ethical concerns through a system that prevents retaliation?

? ensure that concerns are investigated fairly and promptly, that trends are tracked, and that remedial action is taken if needed?

為，并安排明星員工負責此項工作？ 現實地評估操守需求，并撥出足夠的經費予以支持？ 對法律風險、倫理風險和國家風險的變化提出預警，并及時應對？ 讓員工有發言權 CEO是否?? 鼓勵員工通過正式系統來報告財務問題、法律問題以及倫理問題，同時防止員工因此遭受打擊報復？ 確保及時公正地研究問題，跟蹤問題的發展趨勢，并在必要時采取補救措施？