摘要： 2010年底，最高人民法院出台关于非法集资的司法解释，为实践中一直存在争议的非法集资刑事案件的审理工作提供了明确指导。《解释》不但有助于法院审判工作，实际上也有助于民间融资活动的合法开展。但《解释》中仍然存在着一些问题值得讨论。首先，《解释》对于界定非法集资的关键要素仍然不够明确，交易的集资性质应当主要表现为“被动投资性”和交易的“公开性”。其次，这种模糊认识导致《解释》对用于正常经营活动的集资的豁免和对在亲友和单位内部进行集资活动的豁免存在不足。此外，《解释》对于公开转股行为的定罪过于严厉，将擅自发售基金份额行为定为非法经营罪也不符合法律解释的逻辑。

关键词: 非法集资, 投资性, 公开性, 公开转股, 擅自发售基金份额

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．

Key words: Illegal Financing, Investment, Public Offering, Public Resale of Securities, Illegal Selling Funds