There are some defects in current governance model of illegal fund-raising crime in China. On the one hand, there is no connection between the administrative law and criminal law, which subvert the general theory of admin-istrative criminal law and do not meet the objective facts. On the other hand, the objective interpretation is the same as extensive interpretation when dealing with the cyber crime, which leads to the widespread crime of online finance. Legisla-tive authorities should amend the model to solve the problem, such as reconfiguration of financial regulatory authority and inspection on the administration illegality of fund collecting behavior by "Securities Law". Meanwhile, the identification of the online finance should be judged by subject-objective interpretation.%我国目前沿用传统非法集资犯罪治理模式应对互联网金融涉罪行为存在诸多不足:一方面通过互联网集资的行为缺少了前置的行政违法性认定而直接构成非法集资犯罪,颠覆了行政刑法的一般理论,且不符合客观事实;另一方面当下应对互联网犯罪所普遍采用的刑法客观解释效果上亦等同于扩张解释,导致了互联网金融创新的泛罪化.应对金融监管权限重新配置,以证券法作为非法集资犯罪行政违法的主要法律依据,同时通过主观的客观解释方法对具体行为性质加以认定,在遵循罪刑法定原则的前提下实现对金融管理秩序的维护.
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