the folk financing situation is very complex，on the one hand，the financing scale is bigger than before，on the other hand，the similar event of “the boss Run away” cause frequently，which dispute the folk surge. The folk financing problem both effect by the economic situation and the lack of local government supervision，as well as the self-fact itself. Therefore starting from the characteristic of private finance in Henan province，exploring how to use rule innovation to prevent the financing risk，has become an urgent task. As the same time，the folk financing as a complementary and alternative to the formal rule，need to be recognized by the legitimacy，and can also be the awareness of reflection and support to financial reform currently.