经济学人:公司理论:协议是怎样构成的(1)

 　　But Messrs Grossman and Hart identified a next-best solution: the party that brings the most to any venture in terms of “non-contractible” effort should own the key assets,  但是，格罗斯曼和哈特认同了一种次佳的解决方案：在“不可合约化”努力方面，为创业贡献最大的一方应当拥有关键资产。

　　which in this case is the client list. 在上述案例中，这种关键资产是客户名单。

　　So the agent ought to own the list wherever policy renewals¹ are sensitive to sales effort, as in the case of car insurance, for which people tend to shop around more. 因此，就像在人们往往会对其进行货比三家的汽车保险中那样，不管保单续保是否对销售努力敏感，代理人都应当拥有这份名单。

　　The agent would keep the residual² rights and be rewarded for the effort to find the right sort of client. 代理人会坚持剩余权利，并且还会因为找到正确类型的客户而收到奖励。

　　If the insurance firm shirks, the agent can simply sell the policies of a rival firm to his clients. 如果保险公司逃避责任，代理人可以简单地将对手公司的保单卖给他的客户。

　　But in cases where the firm brings more to the party than the sales agent 但是，在公司带给团队的多于代理人的案例中——

　　for example, when clients are “stickier” and the first sale is crucial, as with life insurance—a merger³ would make more sense. 例如，如同人寿保险那样，当客户更具“粘性”而且第一笔买卖非常关键时——并购会更有意义。

　　This framework helps to address one of the questions raised by Coase's original paper: when should a firm “make” and when should it “buy”? 这种框架有助于解决科斯的论文原稿提出来的诸多问题之一：公司应当何时“制造”，何时“购买”？

　　It can be applied⁴ to vertical⁵ business ties of all kinds. 它可以被应用于所有类型的垂直商业关系。

　　For instance, franchises⁶ have to abide⁷ by a few rules that can be set down in a contract,  例如，专营权虽然必须遵守有一系列可以被写入合约的规则，

　　but get to keep the residual profits in exchange for a royalty⁸ fee paid to the parent firm. 但是，作为对支付给母公司的忠诚费的交换，它保留了剩余权利。

　　That is because the important efforts that the parent requires of a franchisee⁹ are not easy to put in a contract or to enforce. 这是因为母公司要求专营方的重要努力既不容易写入合约，也不容易执行。

　　The management of ties between a firm and its “stakeholders” (its customers, suppliers, employees and investors) is another variation on this theme. 公司与其“利益相关方”（客户、供应商、员工和投资者）之间的关系的管理是这一主题的另一个变量。

　　A firm often wants to put restraints on the parties it does business with. 公司经常想对与之打交道的团队加以种种限制。

　　Luxury-goods firms or makers¹⁰ of fancy sound equipment may ban retailers¹¹ from discounting their goods  奢侈品公司或是高级音响设备制造商可能禁止零售商对他们的商品打折，

　　as a way to spur them to compete with rivals on the quality of their shops, service and advice. 以此作为刺激它们与对手在店铺、服务和建议的质量方面进行竞争的一种手段。

　　If one of the challenges set by Coase was to explain where the boundary between firms and markets lies,  如果说由科斯所设定的诸多挑战之一，是为了解释公司和市场间的边界所在，

　　another was for economic analysis not to cease once it reached the factory gate or office lobby. 另一个挑战则是为了不让经济学分析在抵达工厂大门或是办公室大厅时止步不前。

　　A key issue is how agreements are structured. 一个关键问题是，协议是怎样构成的。

　　Why, for instance, do employment contracts have so few formal obligations? 例如，为什么雇员合约有如此少的正式义务？

1 renewals   

重建( renewal的名词复数 )； 更新； 重生； 合同的续订

参考例句：

• Number of circulations excluding renewals. 7th out of 10 libraries. 借阅数目（不包括续借）。在10间图书馆中排行第七。
• Certification Renewals shall be due on July 1 of the renewal year. 资格认证更新在更新年的7月1日生效。

2 residual   

adj.复播复映追加时间；存留下来的，剩余的

参考例句：

• There are still a few residual problems with the computer program.电脑程序还有一些残留问题。
• The resulting residual chromatism is known as secondary spectrum.所得到的剩余色差叫做二次光谱。

3 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

4 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

5 vertical   

adj.垂直的，顶点的，纵向的；n.垂直物，垂直的位置

参考例句：

• The northern side of the mountain is almost vertical.这座山的北坡几乎是垂直的。
• Vertical air motions are not measured by this system.垂直气流的运动不用这种系统来测量。

6 franchises   

n.（尤指选举议员的）选举权( franchise的名词复数 )；参政权；获特许权的商业机构（或服务）；（公司授予的）特许经销权v.给…以特许权，出售特许权( franchise的第三人称单数 )

参考例句：

• TV franchises will be auctioned to the highest bidder. 电视特许经营权将拍卖给出价最高的投标人。 来自《简明英汉词典》
• Ford dealerships operated as independent franchises. 福特汽车公司的代销商都是独立的联营商。 来自辞典例句

7 abide   

vi.遵守；坚持；vt.忍受

参考例句：

• You must abide by the results of your mistakes.你必须承担你的错误所造成的后果。
• If you join the club,you have to abide by its rules.如果你参加俱乐部，你就得遵守它的规章。

8 royalty   

n.皇家，皇族

参考例句：

• She claims to be descended from royalty.她声称她是皇室后裔。
• I waited on tables，and even catered to royalty at the Royal Albert Hall.我做过服务生， 甚至在皇家阿伯特大厅侍奉过皇室的人。

9 franchisee   

n.特许经营人

参考例句：

• Two groups discussing what qualities a Franchisee should have.两个小组在讨论被特许人需要具备什麽品质。
• Information on prices and conditions of the products,services and equipment provide for the franchisee.向被特许人提供产品、服务、设备的价格条件等情况。

10 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

11 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。