Tan Huajie, chairman of 000002.SZ at the 2010 macro economic autumn forum held by the stock market weekly, said that China has no credit financing channels. Listed company Only use equity financing On the basis of this, because the market has a special liking for EPS and ROE's continuous high speed growth, the listed companies cater for the growth of the capital market. To a large extent, equity financing is regarded as a tool for the benefit operation of dividends, and dividend is a forced behavior in a sense. Therefore, the choice of financial strategy of Chinese listed companies is very limited.

He said that for Chinese listed companies, like airplanes, they must remain at a fairly high speed, otherwise they will fall. One of the important reasons is that under the background of a specific system, not only the rules of financing for enterprises, but also our investment culture or customs, we all attach too much importance to the high growth of enterprise performance. Under such a specific system background, in fact, the listed companies in China have very limited financial and strategic choices.

He pointed out that from the perspective of financing, the way of excessive market growth is questionable, but this is a reality at present. Listed companies love financing and hate as much as possible. A bonus Investors are disgusted with financing and desire dividends, dividends and financing are two opposite behaviors in China, but it has long been a universal investment method. Even dividends become a prerequisite for financing. On the other hand, we have the strictest system guarantee, which has the longest and most complicated audit in the world. But the most important indicator of equity financing is that the threshold for returns is always relatively high, and the two are mutually interesting. Therefore, under such a specific institutional background, listed companies may face a kind of confusion when formulating financial strategies.