Movie companies utilizing financing tools for fundraising can contribute to a  healthy and orderly development of the film industry. However, the inherent risks behind unconventional financing activities, such as policy risks, investment return risks, and compliance risks, make it a high-risk endeavour. These risks not only impact the development of the film industry but also have the potential to trigger economic security risks and other repercussions. The normative means of civil judgments for contract disputes mainly rely on determining contract effectiveness, which, compared to administrative supervision, has  limitations. Administrative supervision, on the other hand, faces the  challenges of a  regulatory vacuum and a need for  clear guidelines. Therefore, it is crucial to establish a balanced approach that prioritizes both government regulation and industry development. This involves implementing partical  institutional arrangements, guiding through legislation, government supervision, judicial assistance, and encouraging self-discipline within enterprises. This multi-stakeholder collaborative governance model should be constructed based on  existing legal regulations.