Under the background of the construction of multilayer capital market both home and abroad,the paper has researched the difference between our country and foreign country in the construction of the multilayer capital market,and defined the positive meaning of constructing third board market,and indicated that property right exchange market is the foundation of third board market.

This paper analyzes that the impulse of domestic innovation supporting system is the construction of multi-level capital market led by the effective fitting system of main board market,second board market and technology property market.

The generation of multi-level capital market system is an objective necessity of market development.

Multi-level capital market capital is necessary for the healthy development of the institutional basis.

Therefore,it is signif- icant to construct a multi-layered capital market for innovation,to promote the development of venture capital and form the linkage-mechanism among capital ma.

The multi-layer capital market system doesn t meet needs of a creative nation.

As an important component of multi-layer capital market, foreign well-developed capital markets pay much attention to the development of OTC (Over the Counter) market, even earlier than the development of exchanges.

The development experiences of developed countries show that small-medium enterprises are the main body of independent innovation,venture capital and multi-layer capital market plays a huge role in supporting the development of small-medium enterprises and promoting the national strategy of independent innovation.

Study on the International Venture Capital Operation, Exit and Multi-capital Market System;