對于創(chuàng)業(yè)企業(yè)來講，因為股權(quán)沒有實質(zhì)價值，再加上創(chuàng)業(yè)者沒有考慮得太多，很容易地就可以注冊公司了；而股權(quán)退出卻比較復(fù)雜，也很少有人能一開始就考慮得很清楚。下面濟南合伙設(shè)計公司為您分析：

For startups, it is easy to register a company because equity has no substantial value and entrepreneurs do not consider it too much; However, equity exit is quite complex, and few people can consider it clearly from the beginning. Below, Jinan Partnership Design Company will analyze for you:

一般說來，給合伙人發(fā)放股權(quán)時注意以下方面:做足深度溝通，管理好大家預(yù)期；合伙人取得股權(quán)是基于長期看好公司發(fā)展前景，愿意長期共同參與創(chuàng)業(yè)；合伙人早期拼湊的少量資金，并不是合伙人所持大量股權(quán)的真實價格。

Generally speaking, pay attention to the following aspects when issuing equity to partners: make sufficient in-depth communication and manage everyone's expectations; The acquisition of equity by partners is based on long-term optimism about the company's development prospects and willingness to participate in entrepreneurship together in the long term; The small amount of funds that partners pooled early on is not the true price of the large amount of equity held by partners.

股權(quán)的主要價格是，所有合伙人與公司長期綁定，通過長期服務(wù)公司去賺取股權(quán)。

The main price of equity is that all partners are long-term bound to the company and earn equity through long-term service to the company.

在一定期限內(nèi)(比如1年之內(nèi))，約定股權(quán)由創(chuàng)始股東代持；約定合伙人的股權(quán)和服務(wù)期限掛鉤，股權(quán)分期成熟(比如4年)；股東中途退出，公司或其他合伙人有權(quán)溢價回購離職合伙人未成熟甚至已成熟的股權(quán)；對于離職不交出股權(quán)的行為，為避免司法執(zhí)行的不確定性，約定離職不退股要付高額違約金。

Within a certain period of time (such as one year), the agreed equity shall be held by the founding shareholder on behalf of the shareholders; The equity of the agreed partners is linked to the service period, and the equity is matured in installments (such as 4 years); If a shareholder withdraws midway, the company or other partners have the right to repurchase the immature or even mature equity of the departing partner at a premium; For the behavior of not surrendering equity after resignation, in order to avoid uncertainty in judicial enforcement, it is agreed that a high penalty will be paid for not surrendering equity after resignation.

在退出時候，股權(quán)回購的價格也需要提前進行約定。股權(quán)回購實際上就是“買斷”，建議公司創(chuàng)始人考慮“一個原則”和“一個方法”。

At the time of exit, the price of equity repurchase also needs to be agreed in advance. Equity buyback is actually a "buy out", and it is recommended that the company founder consider "one principle" and "one method".

一個原則。

One principle.

對于退出的合伙人，一方面，可以全部或部分收回股權(quán)；另一方面，必須承認(rèn)合伙人的歷史貢獻(xiàn)，按照一定溢價或折價回購股權(quán)。這個基本原則，不僅僅關(guān)系到合伙人的退出，更關(guān)系到企業(yè)重大長遠(yuǎn)的文化建設(shè)，很重要。

For exiting partners, on the one hand, they can fully or partially recover their equity; On the other hand, it is necessary to acknowledge the historical contribution of partners and repurchase equity at a certain premium or discount. This basic principle is not only related to the withdrawal of partners, but also to the significant long-term cultural construction of the enterprise, which is very important.

一個方法。

A method.

退出價格的確定考慮兩個因素:一個是退出價格基數(shù)，一個是溢價或折價倍數(shù)。比如，可以考慮按照合伙人買股權(quán)時的購買價格的一定溢價回購，或退出合伙人按照其持股比例可參與分配公司凈資產(chǎn)或凈利潤的一定溢價，也可以按照公司近一輪融資估值的一定折扣價回購。

The determination of exit price considers two factors: one is the exit price base, and the other is a premium or discount multiple. For example, it can be considered to repurchase at a certain premium based on the purchase price of the partner's equity purchase, or to withdraw from the partnership and participate in the distribution of the company's net assets or profits at a certain premium based on their shareholding ratio, or to repurchase at a certain discount price based on the company's recent round of financing valuation.

至于選取哪個退出價格基數(shù)，不同商業(yè)模式的公司會存在差異。比如，京東上市時雖然估值約300億美元，但公司資產(chǎn)負(fù)債率卻過高。很多互聯(lián)網(wǎng)新經(jīng)濟企業(yè)都有類似情形。一方面，如果按照合伙人退出時可參與分配公司凈利潤的一定溢價回購，合伙人很可能干了多年，退出時卻會被凈身出戶:另一方面，如果按照公司近一輪融資估值的價格回購，公司又會面臨很大的現(xiàn)金流壓力。

As for which exit price base to choose, companies with different business models may vary. For example, although JD.com was valued at approximately $30 billion when it went public, its asset liability ratio was too high. Many internet new economy enterprises have similar situations. On the one hand, if the buyback is based on a certain premium that allows partners to participate in the distribution of the company's net profit upon exit, the partners may have worked for many years but will be cleared out upon exit. On the other hand, if the buyback is based on the valuation of the company's recent round of financing, the company will face significant cash flow pressure.

因此，對于具體回購價格的確定，需要分析公司具體的商業(yè)模式，既讓退出合伙人可以分享企業(yè)成長收益，又不讓公司有過大的現(xiàn)金流壓力，預(yù)留一定的調(diào)整空間和靈活性。更多相關(guān)事項就來我們網(wǎng)站http://www.qingyanghualv.com咨詢吧！

Therefore, for the determination of specific repurchase prices, it is necessary to analyze the company's specific business model, which allows exiting partners to share in the growth benefits of the company while avoiding excessive cash flow pressure on the company, and reserves certain adjustment space and flexibility. For more related matters, come to our website http://www.qingyanghualv.com Consult!