This chapter furthermore investigates the relationships between the capital market and the public finance , and describes the substitute and endogenetic relationships from the transaction cost and property rights , and advances some concrete analysis to capital market and public finance . chapter two 本章进而从制度视角考察了资本市场与政府财政间的关系，从交易费用和产权两方面阐述了市场与政府的替代关系和内生关系，并对资本市场和政府财政进行了若干具体分析。
First of all , both r & d labor and r & d capital input variables are introduced into the input vector , and a two - level ces production function model is constructed to describe the technology of production . then the firm - level cross - section data of shanghai ’ s main manufacturing industries in 2003 is employed to study the input - output effect of r & d as well as the substitution relationship among input factors . moreover , the thesis also makes a methodological discussion of multicollinearity , and proposes a feasible approach to deal with the problem 首先,在生产函数的投入要素向量中引入r & d投入变量,包括r & d人力投入和r & d资本投入;然后,结合相关的研究经验和本文的研究目的,构建了相应的二级ces生产函数模型;在此基础之上,采用2003年上海主要制造业企业的横截面数据,分行业研究了r & d投入对产出的作用以及r & d投入与非r & d投入之间的替代关系。
Under different combinations of production factors , the optimum technological investment is studied . cases in which technological factors take the place of labor and capital factors are analyzed . the attribute of the production function with three factors is analyzed and the theoretical model of optimum technological growth rate under continuous change is set up 研究了生产要素不同组合条件下，技术适度投入问题；研究了劳动、资本和技术三要素生产函数中，技术增长对劳动和资本的要素替代关系；分析了三要素生产函数的性质；构建了技术连续增长条件下的技术增长率优化理论模型。
From the view of transaction cost , both of them have institutional substitute relationships based on the compare of transaction cost when they allocate capital resources . and to the practice of market reform in china , those relationships mean that china market reform and capital market development are overall processes to lower the social transaction cost by substituting market for government and developing capital market for public finance 从交易费用视角看，两者在资本要素配置上具有基于交易费用比较基础上的制度替代关系，反映在中国市场化改革实践上就是中国市场化改革和资本市场发展在总体上是一个以市场对政府、在资本形成上以发展中的资本市场对政府财政的制度替代从而降低社会总体交易费用的过程。
To make full use of substitution of all relationships and to integrate all employment sources must reduce the relative costs , and the concrete measures are : to make career arms and employment plans in college and to show detailed employment plans and arms of the employing units ; to set up fully employment information service system and make complete use of the internet ; to construct the graduate employment markets and reinforce the montority of the medium service ; to enstrength the construction of employment centre of college 利用替代关系，有机整合各类就业资源，可以降低就业成本，具体措施为：高校开展职业生涯规划与就业指导，招聘单位有翔实的用人计划和目标；建立健全就业信息服务体系，发挥网络优势；规范大学生就业市场，加强对中介机构的监管力度；加强高校就业指导中心的建设。
