Based on the research of the content of capital markets,property rights market and other related concepts,this paper investigates the meaning of multi-level capital market from the perspective of multi-level capital market theory,and analyzes the relationship between the property rights market and the capital market,as well as analyzes the status of OTC market in the multi-level capital market system. At last,this paper discusses the border issues of over-the-counter market through policy combing. <<