This paper studies the reform of the market-oriented compensation distribution mechanism in the state-owned enterprises with diversified equity. It analyzes the defects of the compensation distribution mechanism in the state-owned enterprises under the condition of single capital，the favorable conditions and possible risks created by equity diversification to improve the wage distribution mechanism，the positive experience of some enterprises to implement the matching reform in the process of mixed ownership reform，and the problems still need to be solved. The following suggestions are put forward：to promote the equity structure of “multiple mixed，one party holding”；to implement the autonomy of the board of directors’ compensation decision；to strengthen the construction of the compensation and assessment committee；and to explore the establishment of a more suitable legal carrier for ESO.