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NEWS AND INFORMATION山東制造 “股” 往金來：股權架構設計的制勝密鑰
發布時間：2025-06-20 來源：http://www.aibangwang.cn/
在山東這片制造業熱土上，從青島的精密機械到濰坊的動力裝備，從濟南的智能設備到淄博的新材料，企業的發展離不開科學的股權架構支撐。合理的股權架構如同精密的機械齒輪，既能保障企業高效運轉，又能平衡多方利益，為制造業企業的長遠發展奠定根基。山東制造業股權架構設計，需把握以下核心要點。
On the manufacturing hotbed of Shandong, from precision machinery in Qingdao to power equipment in Weifang, from intelligent equipment in Jinan to new materials in Zibo, the development of enterprises cannot be separated from scientific equity structure support. A reasonable equity structure is like a precise mechanical gear, which can ensure the efficient operation of enterprises and balance the interests of multiple parties, laying the foundation for the long-term development of manufacturing enterprises. The equity structure design of Shandong manufacturing industry needs to grasp the following core points.
一、聚焦控制權，筑牢企業發展 “定盤星”
1、 Focus on control and build a solid "star" for enterprise development
山東制造業企業多脫胎于家族經營或創業團隊，控制權的穩定對企業戰略執行至關重要。創始人或核心管理團隊應通過股權設計確保對企業的絕對掌控。常見方式是創始人直接持股超過 51%，在重大決策上擁有主導權，避免因股權分散導致決策效率低下，影響企業應對市場變化的速度。對于規模較大、股東較多的企業，可采用有限合伙持股平臺，將小股東股權集中于有限合伙企業，由創始人擔任普通合伙人，掌握表決權，實現 “以小控大”。例如，通過設立兩家有限合伙企業，分別歸集技術骨干與戰略投資者的股權，創始人作為兩家企業的普通合伙人，即便自身直接持股比例不高，也能牢牢把握企業發展方向，保證在技術研發投入、生產線擴建等關鍵決策上的話語權。
Most manufacturing enterprises in Shandong are born from family businesses or entrepreneurial teams, and stable control is crucial for the execution of corporate strategies. The founder or core management team should ensure absolute control over the enterprise through equity design. The common way is for the founder to directly hold more than 51% of the shares and have the lead in major decisions, avoiding low decision-making efficiency caused by dispersed equity and affecting the speed at which the enterprise responds to market changes. For large-scale enterprises with a large number of shareholders, a limited partnership shareholding platform can be used to concentrate the equity of small shareholders in the limited partnership enterprise, with the founder serving as the general partner and holding the voting rights, achieving the goal of "controlling the big with the small". For example, by establishing two limited partnership enterprises that respectively collect the equity of technical backbone and strategic investors, the founder, as the general partner of the two enterprises, can firmly grasp the development direction of the enterprise even if their direct shareholding ratio is not high, ensuring their voice in key decisions such as technology research and development investment and production line expansion.
二、綁定核心要素，激活企業發展 “動力源”
2、 Binding core elements and activating the "driving force" of enterprise development
制造業的競爭核心在于技術、人才與資金，股權架構需將這些要素深度綁定。對于技術型人才，可設置技術入股機制，根據其研發成果對企業的價值評估股權比例，激勵其持續創新。如某專注新材料研發的企業，給予核心技術團隊一定比例股權，并約定后續技術突破的股權獎勵條款，讓技術人才與企業利益深度捆綁。資金投入方面，合理分配財務投資者的股權，既要吸引資本助力企業擴大生產、升級設備，又要避免因股權過度稀釋失去控制權。可采用 “股權 + 對賭協議” 模式，約定在企業達到特定業績目標時，給予投資者額外股權或現金補償，保障其收益預期；若未達標，企業有權按約定價格回購部分股權。同時，重視管理層與關鍵崗位員工的股權激勵，通過期權、限制性股票等方式，將他們的利益與企業長期發展掛鉤，穩定團隊，提升企業運營效率。
The core of competition in the manufacturing industry lies in technology, talent, and capital, and the equity structure needs to deeply bind these elements. For technical talents, a technology investment mechanism can be established to evaluate the equity ratio of the enterprise based on their research and development achievements, and motivate them to continue innovation. For a company that focuses on the research and development of new materials, a certain percentage of equity is given to the core technology team, and equity reward clauses are agreed upon for subsequent technological breakthroughs, allowing technical talents to be deeply tied to the interests of the company. In terms of capital investment, it is necessary to allocate the equity of financial investors reasonably, which not only attracts capital to help enterprises expand production and upgrade equipment, but also avoids losing control due to excessive dilution of equity. The "equity+bet agreement" model can be adopted, which stipulates that when the enterprise achieves specific performance goals, investors will be given additional equity or cash compensation to ensure their expected returns; If the standard is not met, the enterprise has the right to repurchase part of the equity at the agreed price. At the same time, we attach great importance to equity incentives for management and key position employees, linking their interests with the long-term development of the enterprise through options, restricted stocks, and other means, stabilizing the team, and improving the operational efficiency of the enterprise.
三、預留發展空間，搭建企業成長 “伸縮架”
3、 Reserve development space and build a "telescopic frame" for enterprise growth
山東制造業企業面臨產業升級、市場擴張等發展需求，股權架構設計需具備前瞻性，預留充足的調整空間。一方面，設置股權池，一般預留 10% - 20% 的股權，用于未來吸引高端人才、開展戰略合作或實施員工股權激勵計劃。隨著企業發展，新的技術專家、管理精英加入，可從股權池中分配股權，既不影響原有股東的控制權，又能為企業注入新活力。另一方面，規劃多輪融資的股權稀釋路徑，提前設計好每輪融資的股權釋放比例與價格，避免因盲目融資導致股權過度分散。例如，在企業計劃引入戰略投資者建設智能化生產線時，明確融資規模對應的股權出讓比例，并設定后續融資的觸發條件與股權調整機制，確保企業在發展過程中既能獲得充足資金，又能保持股權結構的相對穩定。
Shandong manufacturing enterprises are facing development needs such as industrial upgrading and market expansion, and the equity structure design needs to have foresight and reserve sufficient adjustment space. On the one hand, setting up an equity pool, generally reserving 10% -20% of equity, for future attraction of high-end talents, strategic cooperation, or implementation of employee equity incentive plans. With the development of the enterprise, new technical experts and management elites can join and distribute equity from the equity pool, which not only does not affect the control of existing shareholders, but also injects new vitality into the enterprise. On the other hand, plan the equity dilution path for multiple rounds of financing, design the equity release ratio and price for each round of financing in advance, and avoid excessive dispersion of equity due to blind financing. For example, when a company plans to introduce strategic investors to build an intelligent production line, it should clarify the equity transfer ratio corresponding to the financing scale, and set the triggering conditions and equity adjustment mechanism for subsequent financing to ensure that the company can obtain sufficient funds while maintaining a relatively stable equity structure during the development process.
四、明確退出機制，鋪設股東離場 “安全道”
4、 Clarify the exit mechanism and establish a 'safe path' for shareholders to leave
完善的退出機制是保障股東利益、維護企業穩定的重要環節。制造業企業投資回報周期較長，股東可能因各種原因需要退出，如財務投資者達到預期收益、股東個人資金需求等。設計退出機制時，需明確約定退出條件與方式。常見的退出方式包括股權回購、股權轉讓和企業清算。對于股權回購，需規定回購價格的計算方法，可參考企業凈資產、市盈率等指標；對于股權轉讓，要明確優先購買權的行使規則，保障其他股東的權益。此外，針對不同類型股東設置差異化退出條款，如對技術股東設置競業限制期內的股權鎖定條款，防止其退出后將技術泄露給競爭對手；對財務投資者約定最短持股期限，避免短期投機行為影響企業穩定。
A sound exit mechanism is an important link in safeguarding shareholder interests and maintaining corporate stability. Manufacturing enterprises have a longer investment return cycle, and shareholders may need to withdraw for various reasons, such as financial investors achieving expected returns or shareholders' personal financial needs. When designing an exit mechanism, it is necessary to clearly specify the exit conditions and methods. Common exit methods include equity repurchase, equity transfer, and corporate liquidation. For equity repurchase, it is necessary to specify the calculation method of repurchase price, which can refer to indicators such as enterprise net assets and price to earnings ratio; For equity transfer, it is necessary to clarify the rules for exercising the right of first refusal and protect the rights and interests of other shareholders. In addition, differentiated exit clauses should be set for different types of shareholders, such as equity lock up clauses during the non compete period for technology shareholders, to prevent them from leaking their technology to competitors after exiting; Agree on a minimum holding period for financial investors to avoid short-term speculative behavior affecting the stability of the enterprise.
五、契合行業特性，定制專屬股權 “適配器”
5、 Customize exclusive equity 'adapters' tailored to industry characteristics
山東制造業細分領域眾多，不同行業對股權架構的需求存在差異。裝備制造企業因設備投入大、生產周期長，更需穩定的資金支持與長期戰略規劃，股權架構可傾向于吸引產業資本，加強與上下游企業的股權合作，實現資源整合與協同發展。而新興的智能制造企業，技術更新換代快，對高端人才依賴度高，股權設計應加大對技術團隊和核心人才的激勵力度，同時注重知識產權入股的規范與評估，確保技術價值得到合理體現。此外，結合山東制造業企業多為實體經營的特點，在股權架構設計中充分考慮不動產、設備等實物資產的評估與股權轉化，合理確定其在股權結構中的占比，保障股東權益的同時，為企業資產運作提供靈活性。
Shandong's manufacturing industry has numerous sub sectors, and there are differences in the demand for equity structure among different industries. Equipment manufacturing enterprises require stable financial support and long-term strategic planning due to large equipment investment and long production cycles. The equity structure can tend to attract industrial capital, strengthen equity cooperation with upstream and downstream enterprises, and achieve resource integration and coordinated development. However, emerging intelligent manufacturing enterprises have fast technological updates and a high dependence on high-end talents. Equity design should increase incentives for technical teams and core talents, while paying attention to the standardization and evaluation of intellectual property investment to ensure that the value of technology is reasonably reflected. In addition, considering the fact that manufacturing enterprises in Shandong are mostly operated by physical entities, the evaluation and equity conversion of physical assets such as real estate and equipment should be fully considered in the equity structure design, and their proportion in the equity structure should be reasonably determined to protect shareholder rights and provide flexibility for the operation of enterprise assets.
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