一元股權(quán)架構(gòu)這種是指股權(quán)的股權(quán)比例、表決權(quán)(投票權(quán))、分紅權(quán)均一體化。

The unitary equity structure refers to the integration of equity ratio, voting rights (voting rights), and dividend rights.

在這種結(jié)構(gòu)下，所有中小股東的權(quán)利都是根據(jù)股權(quán)比例而決定的。這是最簡單的股權(quán)結(jié)構(gòu)，需要重點(diǎn)避免的就是公司僵局的問題！實(shí)際中存在幾個(gè)表決權(quán)“節(jié)點(diǎn)”：

Under this structure, the rights of all small and medium-sized shareholders are determined based on their equity ratio. This is the simplest equity structure, and the key to avoid is the problem of company deadlock! There are several voting rights "nodes" in practice:

1、一方股東持有出資比例達(dá)到33.4%以上的;

1. If one shareholder holds a capital contribution ratio of 33.4% or more;

2、只有兩位股東且雙方出資比例分別為51%和49%的;

2. If there are only two shareholders and both parties contribute 51% and 49% respectively;

3、一方出資比例超過66.7%的;

3. If one party's contribution ratio exceeds 66.7%;

4、有兩股東且各方出資比例均分為50%的。

4. There are two shareholders and each party contributes 50% of the capital.

在這里，第三種出資比例意味著，公司在任何情形下都不會形成僵局，因?yàn)楸頉Q權(quán)比例已經(jīng)高達(dá)“三分之二”以上，對任何表決事項(xiàng)都可以單方形成有效的公司決議，除非公司章程對股東須“同意”的人數(shù)作出最低限制。最為糟糕的是第四種，在兩股東各占50%表決權(quán)的機(jī)制下，意味著公司作出任何決議均必須由雙方一致同意方可有效，同理還有最常見的均分股權(quán)的做法，這是個(gè)巨坑。

Here, the third type of contribution ratio means that the company will not form a deadlock under any circumstances, as the voting rights ratio has reached more than two-thirds. A valid company resolution can be unilaterally formed on any voting matter, unless the company's articles of association set a minimum limit on the number of shareholders who must agree. The worst scenario is the fourth one, where two shareholders each hold 50% of the voting rights, which means that any resolution made by the company must be unanimously agreed upon by both parties in order to be effective. Similarly, the most common practice is the equal distribution of equity, which is a huge pitfall.

（2）二元股權(quán)架構(gòu)

(2) Dual equity structure

圖片

picture

二元股權(quán)架構(gòu)是指股權(quán)在股權(quán)比例、表決權(quán)(投票權(quán))、分紅權(quán)之間做出不等比例的安排，將股東權(quán)利進(jìn)行分離設(shè)計(jì)。

The dual equity structure refers to the unequal proportion arrangement of equity between equity ratio, voting rights (voting rights), and dividend rights, separating shareholder rights.

我國的公司法修訂后規(guī)定，章程可以約定同股不同權(quán)，當(dāng)然，在股份公司下，只有不同類別的股東才能這樣設(shè)計(jì)，同一類股票的權(quán)利應(yīng)該是一致的。這種架構(gòu)設(shè)計(jì)，適合那些，需要將分紅權(quán)給某些合伙人，但將決策權(quán)給創(chuàng)始人的多個(gè)聯(lián)合創(chuàng)始人的情況。這種股權(quán)架構(gòu)在 國外非常普遍，例如Facebook在IPO時(shí)的招股書中,已明確將股權(quán)分為A、B股，扎克伯格通過大量持有具有高表決權(quán)的B類股來維系對公司的掌控；

After the revision of China's Company Law, it is stipulated that the articles of association can stipulate different rights for the same share. Of course, in a joint-stock company, only different categories of shareholders can design in this way, and the rights for the same class of stocks should be consistent. This architecture design is suitable for situations where dividend rights need to be given to certain partners, but decision-making power is given to multiple co founders of the founder. This equity structure is very common abroad, for example, Facebook's IPO prospectus clearly divides equity into A and B shares, and Zuckerberg maintains control of the company by holding a large number of B-class shares with high voting rights;

（3）4×4股權(quán)架構(gòu)

(3) 4x4 equity structure

圖片

picture

4X4指的是汽車的四驅(qū)，4X4股權(quán)架構(gòu)這就是在二元股權(quán)架構(gòu)的基礎(chǔ)上，將公司的股東分為四個(gè)類型，創(chuàng)始人、合伙人、員工、投資人，針對他們的權(quán)利進(jìn)行整體性安排。

4X4 refers to the four-wheel drive of automobiles, and the 4X4 equity structure is based on the binary equity structure, dividing the company's shareholders into four types: founders, partners, employees, and investors, and making overall arrangements for their rights.

4X4股權(quán)架構(gòu)設(shè)計(jì)的思路主要有三大步驟：

There are three main steps in the design of the 4X4 equity structure:

第一步：將公司股權(quán)這一大蛋糕首先分出投資人和創(chuàng)始人的份額；

Step 1: Divide the share of the company's equity cake between investors and founders;

第二步：考慮將剩余的蛋糕分給合伙人和員工，并且在合伙人和員工這兩部分蛋糕中，再根據(jù)個(gè)人對公司的貢獻(xiàn)細(xì)分每個(gè)人應(yīng)得的股份；

Step 2: Consider dividing the remaining cake between partners and employees, and then dividing each person's share based on their individual contributions to the company within these two parts of the cake;

第三步：查漏補(bǔ)缺，看按照前兩步分得的股權(quán)是否有不合理之處，進(jìn)行調(diào)整。

Step 3: Check for any deficiencies and make adjustments based on whether there are any unreasonable aspects of the equity obtained from the first two steps.

如何具體的操作4X4股權(quán)架構(gòu)設(shè)計(jì)

How to Specifically Operate 4X4 Equity Structure Design

（1）在進(jìn)行股權(quán)設(shè)計(jì)的時(shí)候，先考慮一下下這些問題：

(1) When designing equity, consider the following issues first:

我們企業(yè)屬于什么類型的企業(yè)？（人力驅(qū)動型、資金驅(qū)動型、資源驅(qū)動型等）

What type of enterprise does our company belong to? (Human driven, capital driven, resource driven, etc.)

對于企業(yè)的發(fā)展來說，最核心的資源是什么？

What are the most core resources for the development of enterprises?

（注：企業(yè)所需要的資源可以分為：①資金②關(guān)系，包括可以為企業(yè)提供客戶群、投資者、合作伙伴、或顧問等人脈關(guān)系③知識產(chǎn)權(quán) ④企業(yè)所需的基礎(chǔ)設(shè)施比如：辦公樓、工作室、設(shè)備廠房等 ⑤ 人力資源 ⑥想法、創(chuàng)意

(Note: The resources required by enterprises can be divided into: ① funding ② relationships, including providing customer groups, investors, partners, or consultants with network relationships ③ intellectual property ④ infrastructure required by enterprises, such as office buildings, studios, equipment factories, etc. ⑤ human resources ⑥ ideas and creativity

誰能提供企業(yè)所需的這些資源？

Who can provide these resources that enterprises need?

企業(yè)目前所掌握的資源有哪些？日后發(fā)展所需要的資源又有哪些？在所有的資源中哪些是企業(yè)長期所需要的，哪些又是一次性所滿足企業(yè)所發(fā)展所需要的

What are the resources currently held by the enterprise? What resources are needed for future development? Among all the resources, which ones are needed by the enterprise in the long term and which ones are met at once for the development of the enterprise

如何才能確保企業(yè)擁有所需要的資源

How to ensure that enterprises have the necessary resources

3，如何通過股權(quán)架構(gòu)設(shè)計(jì)來吸引融資?

How to attract financing through equity structure design?

投資人愿意投錢給初創(chuàng)企業(yè)，除了看重創(chuàng)業(yè)項(xiàng)目本身以及分析創(chuàng)始人能力等之外，最在意的就是公司的組織架構(gòu)和股權(quán)架構(gòu)。一般投資者對企業(yè)的股權(quán)結(jié)構(gòu)分配有什么樣的喜好呢？

Investors are willing to invest in startups, and besides valuing the entrepreneurial project itself and analyzing the founder's abilities, the most important thing is the company's organizational and equity structure. What are the preferences of general investors for the allocation of equity structure in enterprises?

其一，投資者是比較反對股權(quán)的平均主義

Firstly, investors are relatively opposed to equity egalitarianism

平均主義給企業(yè)帶來的后果是沒有人能承擔(dān)起整個(gè)公司，也沒有人能做主。投資者之所以偏向于讓公司的核心人物掌握多數(shù)股權(quán)，主要原因在于讓一個(gè)決策者產(chǎn)生對企業(yè)的控制權(quán)，不至于使企業(yè)無法做出有效的決策。讓企業(yè)在初期實(shí)現(xiàn)快速成長的目標(biāo)，從而使得投資人的投資能有兌現(xiàn)的可能。

The consequence of egalitarianism for businesses is that no one can afford the entire company, nor can anyone make decisions. The main reason why investors tend to let the core figures of the company control the majority equity is to give a decision-maker control over the company, so as not to prevent the company from making effective decisions. Enable enterprises to achieve rapid growth goals in the early stages, thereby making it possible for investors to realize their investments.

其二，投資者還看重初創(chuàng)企業(yè)在創(chuàng)業(yè)初期有沒有給股權(quán)調(diào)整預(yù)留空間。

Secondly, investors also value whether startups have reserved space for equity adjustments in the early stages of entrepreneurship.

企業(yè)會不斷的發(fā)展，在未來肯定會有優(yōu)秀的合伙人加入，同時(shí)科學(xué)的公司管理制度一定要有股權(quán)激勵(lì)。

Enterprises will continue to develop and there will definitely be excellent partners joining in the future. At the same time, a scientific company management system must have equity incentives.

考慮有沒有給之后的員工激勵(lì)和風(fēng)投預(yù)留股權(quán)，是投資者在考察創(chuàng)業(yè)者是否有一個(gè)長遠(yuǎn)的眼光?？紤]企業(yè)往后的發(fā)展還需要引進(jìn)什么人才什么資源，不要在開始的時(shí)候就把股權(quán)分足。這時(shí)候就需要有一個(gè)股權(quán)池或期權(quán)池的概念，一般來說股權(quán)預(yù)留的比例大概在15%-20%左右?；蛘咭部梢园验_始需要分配股權(quán)的每個(gè)人的股比都先降5%下來，放在股權(quán)池里。以后根據(jù)項(xiàng)目開展的不同階段，每個(gè)人的不同貢獻(xiàn)進(jìn)行股權(quán)的調(diào)整。并且最好是在早期建立股權(quán)池，因?yàn)橥砥诮⑵跈?quán)池股權(quán)就可能被投資人稀釋。

Considering whether there are incentives for future employees and reserved equity for venture capital is a way for investors to assess whether entrepreneurs have a long-term vision. Consider what talents and resources need to be introduced for the future development of the enterprise, and do not divide the equity in full at the beginning. At this point, it is necessary to have a concept of equity pool or option pool, generally speaking, the proportion of reserved equity is about 15% -20%. Alternatively, the share ratio of each individual who needs to be allocated equity at the beginning can be reduced by 5% and placed in the equity pool. In the future, equity adjustments will be made based on the different contributions of each individual at different stages of the project. And it is best to establish an equity pool in the early stages, as establishing an option pool in the later stages may dilute the equity of investors.

其三，投資人更傾向于有明顯梯度的股權(quán)架構(gòu)。

Thirdly, investors are more inclined towards equity structures with clear gradients.

舉例：比如一般可以采取“創(chuàng)始人持股50-60%+聯(lián)合創(chuàng)始人持股20-30%+預(yù)留股權(quán)池10-20%”的股權(quán)架構(gòu)。

For example, a general equity structure can be adopted where the founder holds 50-60% of the shares, co founders hold 20-30% of the shares, and a reserved equity pool holds 10-20%.

投資人對企業(yè)股權(quán)架構(gòu)的喜好給予企業(yè)家設(shè)計(jì)股權(quán)架構(gòu)一個(gè)參考和建議。但是，對于企業(yè)給予投資者的股權(quán)，也要有一定的準(zhǔn)則。一般來說，給投資者股權(quán)的分配要遵循“投資者投大錢，占小股，得股權(quán)，需退出”的思路。

Investors' preferences for corporate equity structures provide entrepreneurs with a reference and suggestion for designing equity structures. However, there must also be certain guidelines for the equity that companies give to investors. Generally speaking, the allocation of equity to investors should follow the idea of "investors investing large amounts of money, occupying small stocks, acquiring equity, and exiting".

華一一直在強(qiáng)調(diào)要根據(jù)對企業(yè)的貢獻(xiàn)大小來分配股權(quán)。資金對于任何一個(gè)企業(yè)都是至關(guān)重要且貢獻(xiàn)最直接的資源。但同時(shí)企業(yè)的股權(quán)也是很有限的。不能讓投資者占大股，導(dǎo)致沒有足夠剩余的股權(quán)分給其他人，這樣容易導(dǎo)致企業(yè)有錢卻辦不成事。

Huayi has always emphasized the need to allocate equity based on the size of its contribution to the enterprise. Funds are crucial and contribute the most direct resources to any enterprise. But at the same time, the equity of the enterprise is also very limited. Investors should not be allowed to hold major shares, resulting in insufficient remaining equity to be distributed to others, which can easily lead to the company being wealthy but unable to achieve success.

投資者獲得的股權(quán)也只是暫時(shí)的，因?yàn)閷ν顿Y者來說，獲得企業(yè)股權(quán)并不是最終的目的，而是要在企業(yè)升值后將股權(quán)變現(xiàn)。而企業(yè)也需要在之后的融資中，有一定的股權(quán)份額分給新的投資者。因此，要設(shè)定好投資者的退出機(jī)制。

The equity obtained by investors is only temporary, because for investors, obtaining corporate equity is not the ultimate goal, but to realize the equity after the company appreciates. And enterprises also need to allocate a certain amount of equity share to new investors in subsequent financing. Therefore, it is necessary to establish a good exit mechanism for investors.

本文來自：濟(jì)南股權(quán)合伙設(shè)計(jì)更多的內(nèi)容請點(diǎn)擊：http://www.qingyanghualv.com我們將會為您提問的問題提供一個(gè)滿意的服務(wù)，歡迎您的來電！

This article is from Jinan Equity Partnership Design. For more content, please click: http://www.qingyanghualv.com We will provide satisfactory service for the questions you ask. Welcome to call us!