Abstract: Under the new financial format, internet financing behavior is becoming the most typical financing mode for innovation of China's investment, financing and inclusive financial development.The research object is internet plus crowd financing.Combined with the demand of SME financing and mutual fund business development, the risk, system infection and development dilemma of virtual financial products are analyzed.The concept of crowd financing incentive compatible supervision is established, and the policy and rules guidance are emphasized.The optimization path of development order and supervision rules is given by this paper.We should adjust the balanced and complementary development order with financial security as the premise; build the policy guidance and legislative rules with the goal of Combining Leniency with strictness; improve the tripartite responsibility mechanism with the content of rights and obligations;improve the risk control system with the standard of project front-end supervision, and finally build the crowd-funding with the combination of appropriate adjustment and self adjustment financial innovation and development mechanism.