The capital market for enterprises'technological innovation financing is necessary a multi-layered one,be- cause of the different types and phases of innovation,as well as the different scales and stages of enterprises' life cycles. The scale and structure are still the main problems in the development of China's capital market.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 market,venture capital and technological innovation.