It is generally believed that stock financing preference of China's listed companies results from the unreasonable cost, the defective supervision institutions and policies, and inefficient capital market. This paper thinks that the basic reason of the stock financing preference is the endogenetic preference of management. If the company performances affect the managerial wealth (or their position, good reputation), the managerial preferences will dominate the financing decision of the company. Under the symmetry information, the management will have the sufficient stock financing preferences. Under the asymmetric information, if the management owns the private information on the company projects (or assets), and risk-averse, the management will use stock to finance as possible as they can, until to the state of equilibrium. Finally, this paper suggests that the preference of management for stock is endogenetic. Therefore, same principle as "comb" not "block up" should be insisted to govern the bad infections of stock financing preferences.