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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, which in this case is the client list.
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。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 renewals 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 residual 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—for example, when clients are “stickier” and the first sale is crucial, as with life insurance—a merger would make more sense.
但是，在公司带给团队的多于代理人的案例中——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 applied to vertical 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, franchises have to abide by a few rules that can be set down in a contract, but get to keep the residual profits in exchange for a royalty fee paid to the parent firm.
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，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 franchisee 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 makers of fancy sound equipment may ban retailers from discounting their goods as a way to spur them to compete with rivals on the quality of their shops, service and advice.
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，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, another was for economic analysis not to cease once it reached the factory gate or office lobby.
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，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？
译文来源考研英语时事阅读
