為什么合理的股權(quán)設(shè)計(jì)至關(guān)重要?
發(fā)布時(shí)間:2025-03-06 來(lái)源:http://www.qingyanghualv.com/
股權(quán)設(shè)計(jì)就是公司組織頂層設(shè)計(jì)。傳統(tǒng)企業(yè)向互聯(lián)網(wǎng)企業(yè)轉(zhuǎn)型,部署戰(zhàn)略和商業(yè)模式解決的做什么、怎么做的問(wèn)題,而股權(quán)設(shè)計(jì)解決的是誰(shuí)投資、誰(shuí)來(lái)做、誰(shuí)收益的問(wèn)題。
Equity design is the top-level organizational design of a company. Traditional enterprises are transforming to Internet enterprises. The deployment strategy and business model solve the problem of what to do and how to do, while equity design solves the problem of who invests, who does, and who benefits.
要了解股權(quán)設(shè)計(jì),首先要搞清楚什么是股權(quán)。股權(quán)即“有限責(zé)任公司”或者“股份有限公司”的股東對(duì)公司享有的人身和財(cái)產(chǎn)權(quán)益的一種綜合性權(quán)利,是多種股東權(quán)利的集合,其中包括控制權(quán)、投票權(quán)、分紅權(quán)、知情權(quán)、經(jīng)營(yíng)決策權(quán)、優(yōu)先認(rèn)購(gòu)權(quán)等等。
To understand equity design, the first step is to clarify what equity is. Equity is a comprehensive right enjoyed by shareholders of a "limited liability company" or "joint stock limited company" over the personal and property rights of the company. It is a collection of various shareholder rights, including control rights, voting rights, dividend rights, information rights, business decision-making rights, preemptive rights, and so on.
股權(quán)在法律意義上有十種權(quán)利,包括股東身份權(quán)、參與重大決策權(quán)、選擇權(quán)、監(jiān)督管理者權(quán)、資產(chǎn)收益權(quán)、知情權(quán)、關(guān)聯(lián)交易審查權(quán)、提議/召集/主持股東會(huì)臨時(shí)會(huì)議權(quán)、決議撤銷(xiāo)權(quán)、退出權(quán)、訴訟權(quán)。
Equity has ten types of rights in legal terms, including shareholder identity rights, participation in major decision-making rights, selection rights, supervision and management rights, asset income rights, information rights, related party transaction review rights, proposal/convening/presiding over extraordinary shareholder meetings, resolution revocation rights, withdrawal rights, and litigation rights.
從管理意義上講,股東權(quán)利在公司治理中籠統(tǒng)概括為三類(lèi):
From a management perspective, shareholder rights can be broadly summarized into three categories in corporate governance:
所有權(quán);
Ownership;
收益權(quán)(分紅權(quán));
Income rights (dividend rights);
決策權(quán)。
Decision making power.
從其中可以看出,所有權(quán)延伸出來(lái)的權(quán)利,表現(xiàn)最為重要的是控制權(quán)和分紅權(quán)。
From this, it can be seen that the most important rights derived from ownership are control and dividend rights.
數(shù)據(jù)顯示,大概50%-60%的國(guó)內(nèi)企業(yè)存活不到3年,是因?yàn)槠髽I(yè)開(kāi)始步入盈利期,各大利益分配不當(dāng)導(dǎo)致,股權(quán)分配是利益體之間的博弈。一旦創(chuàng)始人團(tuán)隊(duì)沒(méi)有合理分配股權(quán),企業(yè)也活不久。可見(jiàn)股權(quán)結(jié)構(gòu)設(shè)計(jì)關(guān)系著企業(yè)的生死存亡,其重要性不言而喻。
Data shows that about 50% -60% of domestic enterprises survive for less than 3 years because they have entered a profitable period and the distribution of major interests is improper. Equity distribution is a game between interest groups. Once the founder team fails to allocate equity reasonably, the enterprise will not survive for long. It can be seen that the design of equity structure is closely related to the survival of enterprises, and its importance is self-evident.
那么,如何設(shè)計(jì)股權(quán)結(jié)構(gòu)才合理?
So, how to design a reasonable equity structure?
根據(jù)4C理論,創(chuàng)始人、合伙人、核心員工、投資人這四個(gè)維度是企業(yè)管理的重點(diǎn),承載著企業(yè)的愿景、資源、資金、人力貢獻(xiàn),因此從這四個(gè)維度來(lái)設(shè)計(jì)股權(quán)是科學(xué)的。
According to the 4C theory, the four dimensions of founders, partners, core employees, and investors are the focus of enterprise management, carrying the vision, resources, funds, and human resources contributions of the enterprise. Therefore, designing equity from these four dimensions is scientific.
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