For the non-listed SOE couldn t use the same ESO incentive to solve the long-term operator incentive problem as the listed had used,and based on the principal-agent theory to point out a new incentive mode—"hypothesized stock based on profit-sharing" which combines the short-term incentive of profit-sharing plan and the long-term incentive of ESO,it could avoid the risk of stock market.

In this issue, through comparing finance rate ,author analyzes financing structure of high technical listed company and high technical unlisted company in different financing environment to find causation of difference, studying concrete contributory cause of difficulty in financing and make some ameliorative suggestions.