Abstract：For severe restriction in financing regulation, illegal financings are very popular in China, and have madeheavy damages. Though the Supreme Court published a Legal Interpretation on the subject this year, there aresome defaults in it. First of all, it doesn't define the illegal financing clearly ．No matter which form the illegalfinancing adopts, its nature is investment. To define the illegal financing needs to find a passive investment andpublic offering involved in it. But the Legal Interpretation has flaws in these two factors ．Also, it is too strict inproviding public reselling of securities and is wrong in providing illegal selling funds．
彭冰. 非法集资行为的界定——评最高人民法院关于非法集资的司法解释[J]. 法学家, 2011, 0(6): 38-53.
PENG Bing. How to Define Illegal Financing——
A Critique of Legal Interpretation of Illegal Financing by Supreme Court. , 2011, 0(6): 38-53.