Fund-raising is risky, and the risk of raising funds through normal channels is not great. Fund-raising refers to the management and supervision carried out by the state according to law through financial institutions, banks, bonds, funds, insurance and charitable donations. Absorb the idle surplus funds of the society and individuals, ensure the dynamic circulation of the financial system, ensure the stability of the financial market, safeguard the national economic development, avoid and guard against various expected risks inside and outside the financial system, and control the risks within the controllable range. Fund-raising is a naive product of the initial stage of the development of the national financial system.