Abstract There are lots of disadvantages such as the complicated of legal, the inefficiency of decision and the lack of performance. So the government had established ¡§The Privatization Promoting Group for the Executive Yuan of the Republic of China¡¨ in July 1989. The chairman of Council for economic planning and development was the convener. It had made a series of the privatization of stated-owned policy and planned the privatization of stated-owner¡¦s schedule according to different character. Recently stock releasing had already failed. The government, the administration and the employee was dissatisfied with the process of stock releasing. So our study mentioned the design of financial imagination. This design was that led into employee stock ownership plan in the success of the privatization of state-owned and included stock ownership of stock floatation. Both of the close-ended periods were extended to the infinite period. At last our study took an example for Chunghwa Telecom Company and evaluated this design if whether can be executed. My study found that this design could make the employee gain the director number of 1.3 to 2.6. It would enhance efficiently the director number and stabilize the employee ownership. My study expected that it had lots of advantages as follow: (1) Benefit for the privatization of stated-owned (2) Protecting the terms of the employee¡¦s equity (3) Making the employee ownership system (4) Solving the dispute between labor and capital (5) Rational for the stated-wealth¡¦s evaluation (6) Strengthening the corporate governance