創(chuàng)業(yè)的基礎(chǔ)其實(shí)就是兩個(gè)，一個(gè)是團(tuán)隊(duì)，一個(gè)是股權(quán)結(jié)構(gòu)。如果股權(quán)結(jié)構(gòu)不合理，這個(gè)公司一定做不成。股權(quán)結(jié)構(gòu)設(shè)計(jì)的本質(zhì)目的是為了維護(hù)股東之間的利益平衡，既能保障創(chuàng)始人對(duì)公司的控制權(quán)，又能夠吸引人才加入，并根據(jù)公司發(fā)展情況進(jìn)行適度調(diào)整。最差的股權(quán)結(jié)構(gòu)就是平均分配，在做股權(quán)分配時(shí)，要避免平均主義。今天小編來分享：股權(quán)設(shè)計(jì)的核心原則是什么？有哪些雷區(qū)？

　　The foundation of entrepreneurship is actually two, one is the team and the other is the equity structure. If the equity structure is unreasonable, this company will definitely not succeed. The essential purpose of equity structure design is to maintain a balance of interests among shareholders, which can ensure the founder's control over the company, attract talents to join, and make appropriate adjustments according to the company's development situation. The worst equity structure is equal distribution, and when making equity distribution, one should avoid egalitarianism. Today, the editor will share: What are the core principles of equity design? What are the minefields?

　　01 股權(quán)設(shè)計(jì)的6大原則

　　6 principles of equity design for 01

　　1）重視表決權(quán)比例：表決權(quán)≠股權(quán)比例表決權(quán)比例比股權(quán)更重要，公司在進(jìn)行股權(quán)設(shè)計(jì)時(shí)，一定要控制好表決權(quán)比例，只有控制好表決權(quán)比例，才能掌控公司，才能保障公司的控制權(quán)。確定公司的控制權(quán)所考慮的3個(gè)層面：a.股權(quán)層面的控制權(quán)；b.董事會(huì)層面的控制權(quán)；c.公司經(jīng)營(yíng)的控制權(quán)。在創(chuàng)業(yè)初期，股權(quán)不完全意味著權(quán)利，更多的是意味著責(zé)任。在創(chuàng)業(yè)階段，建議核心大股東的股權(quán)能夠持股67%以上，退而求其次，也可以借助AB股制度、表決權(quán)委托、投票權(quán)杠桿和一致行動(dòng)協(xié)議等方式保障控制權(quán)。否則，隨著公司的發(fā)展，股東之間很可能發(fā)生內(nèi)斗，元?dú)獯髠蛘唠S著后續(xù)的股權(quán)融資，核心大股東的股權(quán)被稀釋，很可能喪失控制權(quán)，被投資人清理出局。

　　1) Pay attention to the proportion of voting rights: Voting rights ≠ Equity proportion Voting rights proportion is more important than equity. When designing equity, companies must control the proportion of voting rights. Only by controlling the proportion of voting rights can they control the company and ensure its control. The three levels considered in determining the control of a company are: a. equity level control; b. Control at the board level; c. The control of company operations. In the early stages of entrepreneurship, equity does not necessarily mean rights, but rather responsibilities. In the entrepreneurial stage, it is recommended that the core major shareholder holds at least 67% of the equity. Alternatively, the AB share system, voting rights delegation, voting rights leverage, and concerted action agreements can be used to safeguard control. Otherwise, as the company develops, there is a high possibility of internal conflicts among shareholders, causing significant damage to the company's reputation. Alternatively, with subsequent equity financing, the equity of the core major shareholder may be diluted, leading to the loss of control and being eliminated by investors.

　　2）避免平均主義，防范股權(quán)之爭(zhēng)最差的股權(quán)結(jié)構(gòu)就是平均分配，在做股權(quán)分配時(shí)，要避免平均主義。股權(quán)設(shè)計(jì)要考慮公司的未來發(fā)展規(guī)劃、對(duì)公司的貢獻(xiàn)度、人力資本的重要性、資源優(yōu)勢(shì)等因素決定。一定要有一個(gè)主心骨集思廣益各司其職保有對(duì)未來分配的期許預(yù)留后者進(jìn)入的空間

　　2) To avoid egalitarianism and prevent equity disputes, the worst equity structure is equal distribution. When making equity distribution, egalitarianism should be avoided. Equity design should consider factors such as the company's future development plan, contribution to the company, importance of human capital, resource advantages, etc. There must be a backbone to brainstorm, each performing their own duties, maintaining expectations for future allocation, and reserving space for the latter to enter

　　3）要有核心股東，避免一股獨(dú)大股權(quán)架構(gòu)不能太分散，要有核心股東。良好的股權(quán)架構(gòu)，需要有一個(gè)核心股東，一個(gè)領(lǐng)頭人，便于決策。但也要避免一股獨(dú)大，影響小股東的積極性。一家公司的創(chuàng)始團(tuán)隊(duì)往往是優(yōu)勢(shì)互補(bǔ)的，在創(chuàng)業(yè)初期，有人提供了資金，有人提供了資源，有人運(yùn)營(yíng)能力強(qiáng)，有人技術(shù)能力強(qiáng)。但公司是不斷發(fā)展的，不同的階段有不同的需求，在公司前期具備特定優(yōu)勢(shì)的股東，可能不能跟隨公司共同成長(zhǎng)，在公司發(fā)展中已經(jīng)不能提供幫助，此時(shí)，便需要根據(jù)股東約定適當(dāng)調(diào)整股權(quán)比例。

　　3) We need to have core shareholders to avoid a single dominant shareholder structure that cannot be too dispersed. We need to have core shareholders. A good equity structure requires a core shareholder and a leader to facilitate decision-making. But it is also necessary to avoid a monopoly that affects the enthusiasm of minority shareholders. The founding team of a company often has complementary advantages. In the early stages of entrepreneurship, some provide funding, some provide resources, some have strong operational capabilities, and some have strong technical abilities. But the company is constantly developing, and different stages have different needs. Shareholders who have specific advantages in the early stages of the company may not be able to grow together with the company and may no longer be able to provide assistance in the company's development. At this time, it is necessary to adjust the equity ratio appropriately according to the shareholder agreement.

　　4）善用持股平臺(tái)持股平臺(tái)在稅收、保持控制權(quán)等方面具有很大的優(yōu)勢(shì)。有限合伙企業(yè)由普通合伙人（GP）和有限合伙人（LP）組成。合伙企業(yè)層面產(chǎn)生的收入主要有：轉(zhuǎn)讓被投資企業(yè)股權(quán)：股權(quán)轉(zhuǎn)讓所得被投資企業(yè)分派：股息、紅利所得如下

　　4) Utilizing stock holding platforms has significant advantages in taxation, maintaining control, and other aspects. A limited partnership enterprise consists of general partners (GP) and limited partners (LP). The income generated at the partnership level mainly includes: transfer of equity of the invested enterprise; income from equity transfer; distribution of the invested enterprise; dividends and bonus income as follows

　　5）預(yù)留股權(quán)池預(yù)留股權(quán)池，便于做股權(quán)激勵(lì)、股權(quán)融資。預(yù)留期權(quán)池，持續(xù)引進(jìn)人才。公司的持續(xù)發(fā)展，離不開各位股東的共同努力，更離不開人才的投入。隨著公司的不斷發(fā)展，前期投入的技術(shù)人才或資源可能已經(jīng)不能滿足公司的需求，這時(shí)就需要引入更強(qiáng)的技術(shù)人才或外部資源，促進(jìn)公司的快速發(fā)展。而通過股權(quán)激勵(lì)方式是一種十分完美的方式，既能減少對(duì)人才的薪酬支出，又能夠通過股權(quán)方式綁定共同利益。公司股權(quán)比例總和是100%，是一個(gè)固定的數(shù)字。在需要通過股權(quán)轉(zhuǎn)讓方式引進(jìn)人才時(shí)，股東往往都不愿意放棄所持股權(quán)。為避免這種風(fēng)險(xiǎn)，建議公司事先設(shè)計(jì)合理的股權(quán)結(jié)構(gòu)，在股東協(xié)議中約定預(yù)留一定比例的激勵(lì)股，由核心大股東代持，在需要釋放股權(quán)時(shí)，按照約定條件將激勵(lì)股釋放給引進(jìn)的人才。

　　5) Reserved equity pool for equity incentives and financing. Reserve option pool and continuously introduce talents. The sustained development of the company cannot be achieved without the joint efforts of all shareholders, and even more importantly, the investment of talents. With the continuous development of the company, the technical talents or resources invested in the early stage may no longer meet the company's needs. At this time, it is necessary to introduce stronger technical talents or external resources to promote the rapid development of the company. And through equity incentives, it is a very perfect way to reduce talent compensation expenses and bind common interests through equity. The total equity ratio of the company is 100%, which is a fixed number. When it is necessary to introduce talents through equity transfer, shareholders are often unwilling to give up their equity holdings. To avoid such risks, it is recommended that the company design a reasonable equity structure in advance and agree to reserve a certain proportion of incentive shares in the shareholder agreement, which will be held by the core major shareholder. When the equity needs to be released, the incentive shares will be released to the introduced talents according to the agreed conditions.

　　6）要具有風(fēng)險(xiǎn)意識(shí)，預(yù)設(shè)退出機(jī)制中小企業(yè)一定要有風(fēng)險(xiǎn)意識(shí)，提前防范未來可能發(fā)生的糾紛，盡量明確在協(xié)議當(dāng)中，提前約定好可能退出的方式、退出情形及退出價(jià)格等。在創(chuàng)業(yè)過程中，我們都很想伴隨公司白頭到老，但公司在發(fā)展過程中，因?yàn)橹骺陀^的原因，總是有些合伙人主動(dòng)或被動(dòng)地退出公司，當(dāng)合伙人離開時(shí)他地股權(quán)如何處理？假如說一家公司在設(shè)立時(shí)像一個(gè)新生的孩子，孩子在成長(zhǎng)的過程中不僅需要錢更需要人，人的精力投入是巨大的，企業(yè)也一樣，所以合伙人的精力投入也是巨大的，當(dāng)合伙人離開團(tuán)隊(duì)時(shí)按照股東事先約定進(jìn)行處理是比較合理的，也是容易實(shí)現(xiàn)的。因?yàn)樵诤匣锶送顺鰰r(shí)，股東之間往往已經(jīng)產(chǎn)生了分歧，很難再就股權(quán)處置達(dá)成一致意見，為避免扯皮，更為了不影響公司持續(xù)發(fā)展的動(dòng)力，股東之間預(yù)先設(shè)定一個(gè)合理的爭(zhēng)議解決機(jī)制就顯得十分重要，也是股權(quán)設(shè)計(jì)的一個(gè)重要的環(huán)節(jié)。

　　6) Small and medium-sized enterprises must have a risk awareness and pre-set exit mechanisms to prevent potential disputes in the future. They should try to clearly specify in the agreement the possible ways, circumstances, and prices of exit. In the process of entrepreneurship, we all want to accompany the company throughout our lives. However, due to subjective and objective reasons, there are always some partners who voluntarily or passively withdraw from the company during its development. When a partner leaves, how should their equity be handled? If a company is established like a newborn child, the child not only needs money but also people in the process of growth. The energy investment of people is huge, and the enterprise is the same. Therefore, the energy investment of partners is also huge. When partners leave the team, it is reasonable and easy to handle according to the shareholders' prior agreement. Because when a partner withdraws, shareholders often have disagreements and it is difficult to reach a consensus on equity disposal. To avoid disputes and not affect the company's sustainable development, it is important for shareholders to establish a reasonable dispute resolution mechanism in advance, which is also an important part of equity design.

　　退出機(jī)制：

　　Exit mechanism:

　　IPO退出：終極目標(biāo)，完美收官。但時(shí)限較長(zhǎng)，考驗(yàn)管理者智慧

　　IPO exit: ultimate goal, perfect conclusion. But the deadline is long, testing the wisdom of managers

　　兼并收購(gòu)：皆大歡喜，出讓收編，選擇靠譜收購(gòu)方，溢價(jià)勾兌

　　Mergers and acquisitions: everyone is happy, transfer and acquire, choose a reliable acquirer, and negotiate at a premium

　　清算：善始善終，壽終正寢。如何避免損失和資源浪費(fèi)？

　　Liquidation: A good beginning and a good end, a peaceful death. How to avoid losses and resource waste?

　　股票回購(gòu)：什么價(jià)格？什么時(shí)機(jī)？為什么回購(gòu)？

　　Stock Repurchase: What Price? At what time? Why repurchase?

　　02 股權(quán)的比例如何規(guī)劃才科學(xué)？

　　How to plan the equity ratio scientifically?

　　1）充分認(rèn)知分配股權(quán)的初衷，避免盲目分配

　　1) Fully understand the original intention of distributing equity and avoid blind distribution

　　a.回歸初心，為什么要做股權(quán)設(shè)置？明晰合伙人之間的權(quán)責(zé)利有助于創(chuàng)業(yè)公司的穩(wěn)定影響公司的控制權(quán)方便融資融資、與資本市場(chǎng)對(duì)接解決企業(yè)傳承問題

　　a. Returning to the original intention, why do we need to set up equity? Clarifying the rights, responsibilities, and interests among partners can help stabilize a startup company, affect its control, facilitate financing, and connect with the capital market to solve the problem of corporate succession

　　b.進(jìn)行科學(xué)比例設(shè)置的要點(diǎn)是什么？最差的股權(quán)設(shè)計(jì)是均等有帶頭大哥資源互補(bǔ)分配有預(yù)留：激勵(lì)、人才引進(jìn)、資源導(dǎo)入

　　b. What are the key points for setting scientific proportions? The worst equity design is equal distribution with leading brothers, complementary allocation of resources, and reserved incentives, talent introduction, and resource introduction

　　c.股權(quán)該怎么分？看出資：在考慮出資的同時(shí)，也要充分考慮合伙人的資源貢獻(xiàn)帶頭人：為保證公司發(fā)展不偏離，帶頭人必須要有對(duì)公司的控制權(quán)合伙人優(yōu)勢(shì)：資金、專利、創(chuàng)意、技術(shù)、運(yùn)營(yíng)、個(gè)人品牌

　　c. How should equity be divided? Looking at capital contribution: While considering capital contribution, it is also necessary to fully consider the resource contribution of partners. Leaders: To ensure that the company's development does not deviate, leaders must have control over the company. Partner advantages: capital, patents, creativity, technology, operations, personal brand

　　d.股權(quán)分配4原則？控制力：比例決定了控制力，要保有控制力公 平：比例的設(shè)定客觀上要體現(xiàn)公平，避免分配不公平導(dǎo)致的損失效 率：提高決策效率，而不是受比例困擾，造成拖延、對(duì)抗動(dòng) 態(tài)：結(jié)合貢獻(xiàn)、經(jīng)營(yíng)、發(fā)展進(jìn)行動(dòng)態(tài)調(diào)整

　　d. What are the four principles of equity distribution? Control: Proportion determines control, and control must be maintained. Fairness: The setting of proportion should objectively reflect fairness and avoid losses caused by unfair distribution. Efficiency: Improve decision-making efficiency, rather than being troubled by proportion, causing delays and confrontations. Dynamics: dynamically adjust based on contribution, operation, and development

　　e.股權(quán)不該分配給誰？早期員工：達(dá)不到股東資格如格局、能力、資源的只能做員工兼職人員：無法全力投入時(shí)間和精力資源承諾者：承諾不等于兌現(xiàn)咨詢顧問：不能站在客觀的角度給建議不認(rèn)同理念的人：理念不同不能站在一起奮戰(zhàn)

　　e. Who should not be allocated equity to? Early employees: those who cannot meet shareholder qualifications such as structure, ability, and resources can only work as part-time employees. Personnel: unable to fully invest time and energy. Resource promisors: promises do not equal fulfillment. Consultants: unable to give advice from an objective perspective. Those who do not agree with the concept: different concepts cannot stand together and fight hard

　　2）根據(jù)合伙合作股東人數(shù)合理分配比例

　　2) Reasonable distribution ratio based on the number of partnership shareholders

　　a.2人合伙股權(quán)設(shè)計(jì)避免：50% ：50%（均分）65% ：35%（一票否決，博弈型）98% ：2%（一言堂，孤軍奮戰(zhàn)）合理：70% : 30% 和 80% : 20% （老大清晰，快速?zèng)Q策）b.3人合伙股權(quán)設(shè)計(jì)避免：33.4% : 33.3% : 33.3%（均分）95% : 3% : 2%（一言堂，孤軍奮戰(zhàn)）40% : 40% : 20% 和49% : 47% : 4%（博弈型）合理：70% : 20% : 10% 和 60% : 30% : 10% （老大清晰，快速?zèng)Q策）c.4人合伙股權(quán)設(shè)計(jì)避免：25% : 25% : 25% :25%（均分）95% : 2% : 2%: 1%（一言堂，孤軍奮戰(zhàn)）

　　a. 2-Person Partnership Equity Design Avoidance: 50%: 50% (evenly distributed) 65%: 35% (one vote veto, game type) 98%: 2% (one-man, fighting alone) Reasonable: 70%: 30% and 80%: 20% (clear leader, quick decision) b. 3-Person Partnership Equity Design Avoidance: 33.4%: 33.3%: 33.3% (evenly distributed) 95%: 3%: 2% (one-man, fighting alone) 40%: 40%: 20% and 49%: 47%: 4% (game type) Reasonable: 70%: 20%: 10% and 60%: 30%: 10% (clear leader, quick decision) c. 4-person Partnership Equity Design Avoidance: 25%: 25% (evenly distributed) 95%: 2%: 2%: 1% (one-man, fighting alone) Yantang, fighting alone)

　　合理：70% : 20%: 5% : 5%（老大清晰，快速?zèng)Q策）67% : 18% : 15%(持股平臺(tái))51% : 34% : 15%(持股平臺(tái))

　　Reasonable: 70%: 20%: 5%: 5% (clear and quick decision-making by the boss) 67%: 18%: 15% (holding platform) 51%: 34%: 15% (holding platform)

　　3）提前設(shè)置動(dòng)態(tài)調(diào)整機(jī)制和退出機(jī)制

　　3) Pre set dynamic adjustment mechanism and exit mechanism

　　a.提前設(shè)立調(diào)整機(jī)制創(chuàng)業(yè)是個(gè)長(zhǎng)期的過程，在這個(gè)過程中個(gè)人的貢獻(xiàn)會(huì)隨著時(shí)間與環(huán)境的變化而變化，還會(huì)因經(jīng)營(yíng)需要加入其它的合伙人、股權(quán)激勵(lì)、融資等問題。這些都決定股權(quán)分配必須是動(dòng)態(tài)的。動(dòng)態(tài)股權(quán)系統(tǒng)：-激勵(lì)模式：有實(shí)有虛-激勵(lì)對(duì)象：有進(jìn)有退- 授予股數(shù)：有增有減-股權(quán)價(jià)格：有升有降- 激勵(lì)收益：有分有留

　　a. Establishing an adjustment mechanism in advance for entrepreneurship is a long-term process, in which individual contributions will change over time and in response to changes in the environment. There may also be issues such as joining other partners, equity incentives, financing, etc. due to business needs. All of these determine that equity distribution must be dynamic. Dynamic Equity System: - Incentive Mode: Real and Fictitious - Incentive Object: Advance and Withdrawal - Number of Shares Awarded: Increase and Decrease - Equity Price: Increase and Decrease - Incentive Income: Points and Retention

　　b.合伙人退出機(jī)制股權(quán)成熟（股權(quán)兌換）條款按項(xiàng)目、融資進(jìn)度調(diào)整機(jī)制：回購(gòu)條款按經(jīng)營(yíng)業(yè)績(jī)（營(yíng)收、利潤(rùn)）期滿退出（提前約定合作期）退休、辭職、已故、違法退出

　　b. Partner exit mechanism: Equity maturity (equity exchange) terms adjusted according to project and financing progress mechanism: Repurchase terms based on business performance (revenue, profit), exit upon expiration (pre agreed cooperation period), retirement, resignation, death, illegal exit

　　03 股權(quán)比例的九條生命線

　　The Nine Lifelines of 03 Equity Ratio

　　創(chuàng)業(yè)團(tuán)隊(duì)必須把握34%以上的股權(quán)，否則公司再也輪不到你控制！67%：完全控制權(quán)52%：相對(duì)控制權(quán)34%：一票否決權(quán)30%：要約收購(gòu)線20%：界定同業(yè)競(jìng)爭(zhēng)權(quán)利10%：申請(qǐng)解散公司權(quán)/召集會(huì)議權(quán)5%：股東變動(dòng)會(huì)影響上市3%：臨時(shí)提案權(quán)1%：申請(qǐng)開股東會(huì)、監(jiān)事會(huì)股權(quán)比例九條生命線

　　The entrepreneurial team must hold more than 34% of the equity, otherwise the company will never be under your control again! 67%: Full control 52%: Relative control 34%: One vote veto power 30%: Tender offer line 20%: Define inter industry competition rights 10%: Apply for dissolution of the company/convene meetings 5%: Shareholder changes will affect listing 3%: Temporary proposal right 1%: Apply for shareholder meetings, supervisory board equity ratio nine lifelines

　　1).67%擁有絕對(duì)控制權(quán)占比三分之二，能夠通過股東大會(huì)決議，有權(quán)修改公司章程、增資擴(kuò)股等重大事項(xiàng)。公司章程是除了《合約法》《公司法》之外，能夠約束股東權(quán)利和義務(wù)最重要契約。創(chuàng)始人非常重要的關(guān)口，因?yàn)閯?chuàng)始人要確保話語權(quán)，才可以帶領(lǐng)公司走得更遠(yuǎn)。但隨著公司對(duì)外擴(kuò)展，需要多輪融資，股份比例亦會(huì)隨之而下降，所以67%只可以在初創(chuàng)期堅(jiān)守。另外，創(chuàng)始人可以考慮同股不同權(quán)的機(jī)制，為將來作更好的準(zhǔn)備。

　　1) 67% holds absolute control, accounting for two-thirds of the shares, and has the power to amend the company's articles of association, increase capital and expand shares, and other major matters through resolutions of the shareholders' meeting. The articles of association are the most important contract that can constrain the rights and obligations of shareholders, in addition to the Contract Law and the Company Law. The founder is a crucial hurdle because they need to ensure their voice in order to lead the company further. But as the company expands externally, multiple rounds of financing are needed, and the shareholding ratio will also decrease accordingly, so 67% can only be maintained during the start-up period. In addition, founders can consider the mechanism of different rights for the same stock to better prepare for the future.

　　2).52%擁有相對(duì)控制權(quán)通過股東大會(huì)決議，可以對(duì)公司重大決策進(jìn)行表決和控制：制定董事會(huì)和高管的薪酬，以及股權(quán)激勵(lì)等。這是非上市公司最后的一道防線，因?yàn)橹灰陀?0%或以下，潛在的風(fēng)險(xiǎn)隨之而來。兩個(gè)人開始的時(shí)候是各占50%股份，后來引入第三方股東出讓10%股份，原始股東各人稀釋了5%。隨著經(jīng)營(yíng)問題，原始股東開始發(fā)生矛盾，最后能夠話事的，反而是第三方股東。因?yàn)橹灰x擇站那一邊，那一邊就會(huì)超過50%。為什么是52%而不是51%？如果企業(yè)無論做多大都不考慮上市，那么創(chuàng)始人控股51%就足夠了。但是如果企業(yè)要上市，創(chuàng)始人所占比例要大于等于52%。這1%的控股將直接影響創(chuàng)始家對(duì)其企業(yè)對(duì)控制權(quán)。首先，企業(yè)要上市，股份至少要被稀釋兩次。第一輪稀釋是企業(yè)引進(jìn)風(fēng)險(xiǎn)投資之時(shí)。第一筆風(fēng)險(xiǎn)投資希望占有的股權(quán)一般不會(huì)低于10%，此時(shí)老板的股權(quán)占比有兩種可能。第一種可能：其他合伙人的股份都是“優(yōu)先股”，那么風(fēng)險(xiǎn)投資人的股份比例10%將從創(chuàng)始人的51%里面扣除，創(chuàng)始人的股份比例就只剩下41%了。第二種可能：所有合伙人共同稀釋股份，那么創(chuàng)始人也從51%中拿出10%，即拿出5.1%給風(fēng)險(xiǎn)投資人，自己剩下的股份比例是45.9%。然而，企業(yè)還要面臨公司上市時(shí)的第二輪稀釋，此時(shí)一般會(huì)再次稀釋25%。總體來算，企業(yè)上市期間兩輪股權(quán)稀釋的比例相加高達(dá)35%，如果創(chuàng)始人原來持有51%的股份，被將稀釋35%之后，所剩的股份比例就是33.15%，小于1/3，那么在股東會(huì)上投票時(shí)，創(chuàng)始人就很可能被其他股東聯(lián)合起來“一票否決”。如果創(chuàng)始人原先持有51%的股份，同樣被稀釋35%之后，所剩的股份比例就是33.8%，大于1/3，掌握重大事件否決權(quán)。

　　2) 52% has relative control and can vote and control major decisions of the company through resolutions of the shareholders' meeting, such as setting the compensation of the board of directors and executives, as well as equity incentives. This is the last line of defense for non listed companies, as potential risks arise as long as it is below 50% or below. At the beginning, each person held 50% of the shares, but later a third-party shareholder was introduced to sell 10% of the shares, and the original shareholders each diluted by 5%. As business problems arise, conflicts arise among the original shareholders, and in the end, it is the third-party shareholders who can speak up. Because as long as he chooses to stand on that side, that side will exceed 50%. Why 52% instead of 51%? If a company does not consider going public no matter how much it does, then a founder controlling 51% is sufficient. But if the company wants to go public, the proportion of founders must be greater than or equal to 52%. This 1% controlling stake will directly affect the founder's control over their company. Firstly, in order for a company to go public, its shares must be diluted at least twice. The first round of dilution is when the enterprise introduces venture capital. The first venture capital usually hopes to hold no less than 10% equity, and there are two possibilities for the boss's equity ratio at this time. The first possibility is that if the shares of other partners are all "preferred shares", then the 10% stake of venture capitalists will be deducted from the 51% stake of the founder, leaving only 41% of the founder's stake. The second possibility is that all partners will jointly dilute their shares, and the founder will also take out 10% of the 51%, which is 5.1%, to give to venture capitalists. The remaining proportion of their own shares is 45.9%. However, companies also face a second round of dilution when they go public, which usually involves another 25% dilution. Overall, the ratio of two rounds of equity dilution during the company's listing period adds up to 35%. If the founder originally held 51% of the shares, but after being diluted by 35%, the remaining share ratio is 33.15%, which is less than one-third, then when voting at the shareholders' meeting, the founder is likely to be jointly "vetoed" by other shareholders. If the founder originally held 51% of the shares, which were also diluted by 35%, the remaining shareholding ratio would be 33.8%, which is greater than one-third and holds the veto power over major events.

　　3).34%擁有一票否決權(quán)占比大于三分之一，對(duì)于股東會(huì)的決策，有直接否決權(quán)。這其實(shí)是從67%倒推過來的，因?yàn)檎加?4%，就代表總體不能超過67%。就代表不能通過修改公司章程、增資擴(kuò)股等重大事項(xiàng)。所以這也是一道非常重要的防線。

　　3) 34% have veto power, accounting for more than one-third, and have direct veto power over decisions made by the shareholders' meeting. This is actually a reverse calculation from 67%, as occupying 34% means that the overall cannot exceed 67%. It means that major issues such as amending the company's articles of association, increasing capital and expanding shares cannot be resolved. So this is also a very important defense line.

　　4).30%要約收購(gòu)線證券交易所規(guī)定持股超過上市已發(fā)行股份30%以上，繼續(xù)增持股份的，需要要約方式進(jìn)行，全面要約或部分要約。這是一個(gè)被收購(gòu)的明確信號(hào)，主要股東需要清楚現(xiàn)有核心的股份數(shù)量是多少。

　　4) 30% tender offer is required by the stock exchange for those who hold more than 30% of the listed issued shares and continue to increase their holdings, either through a comprehensive or partial tender offer. This is a clear signal of being acquired, and the major shareholders need to be clear about the number of existing core shares.

　　5).20%同業(yè)競(jìng)爭(zhēng)警界線大股東，子公司，并列子公司和聯(lián)營(yíng)公司持股超過20%，存在類似業(yè)務(wù)的進(jìn)而可能存在同業(yè)競(jìng)爭(zhēng)。這是一個(gè)潛在的危險(xiǎn)信號(hào)，主要是看公司的股東分布情況。如果股東分布比較集中，跟股東分布比較分散，對(duì)潛在的投資人作收購(gòu)有不同的投資戰(zhàn)略意向。

　　5) If the major shareholder, subsidiary, and affiliated companies hold more than 20% of the shares in the 20% industry competition alert line, there may be industry competition if similar businesses exist. This is a potential danger signal, mainly depending on the distribution of shareholders in the company. If the distribution of shareholders is relatively concentrated and dispersed, there may be different investment strategic intentions for potential investors to make acquisitions.

　　6).10%臨時(shí)會(huì)議權(quán)超過10%股東，可以有權(quán)召開臨時(shí)股東大會(huì)，可以質(zhì)詢，調(diào)查，起訴，清算及解散公司。這是一個(gè)比較罕見的例子，通常都會(huì)發(fā)生于公司內(nèi)部糾紛，或是股權(quán)大變動(dòng)的情況下，才需要臨時(shí)召開股東大會(huì)。

　　6) 10% of shareholders with more than 10% of the rights to convene an extraordinary general meeting may have the right to question, investigate, sue, liquidate, and dissolve the company. This is a relatively rare example, usually occurring in cases of internal disputes within the company or major changes in equity, which require the convening of an extraordinary shareholders' meeting.

　　7).5%重大股權(quán)變動(dòng)警示線超過5%股東，重點(diǎn)關(guān)注同業(yè)競(jìng)爭(zhēng)，收購(gòu)上市公司超過5%股權(quán)，變動(dòng)需要公告。經(jīng)過往歷史的教訓(xùn)，潛在投資者的舉動(dòng)，將投資人的身份披露出來，對(duì)所有股東是一件好事。從透明度方面來約束野蠻人的行動(dòng)，這是較好的做法。

　　7) Warning line for significant equity changes exceeding 5% of shareholders, with a focus on inter industry competition. If the acquisition of more than 5% equity of a listed company is required, the changes need to be announced. After learning from the lessons of history, the disclosure of the identity of potential investors is a good thing for all shareholders. It is a better approach to constrain the actions of barbarians from the perspective of transparency.

　　8).3%臨時(shí)提案權(quán)開小會(huì)持有超過3%股份，可以在股東大會(huì)召開十日前提出臨時(shí)提案，并書面提交董事會(huì)。

　　8) 3% of temporary proposal rights. Holding more than 3% of shares in a small meeting, temporary proposals can be submitted in writing to the board of directors ten days before the shareholders' meeting.

　　9).1%代位訴訟權(quán)可以間接的調(diào)查和起訴權(quán)，這是小股東的權(quán)利。只有大部分的小股東聯(lián)手起來，才有機(jī)會(huì)采取較具體的行動(dòng)。如果沒有團(tuán)結(jié)或召集不夠的股份數(shù)量，最終小股東的權(quán)益仍然是會(huì)被侵蝕。

　　9) The 1% subrogation right can indirectly investigate and sue, which is the right of minority shareholders. Only when the majority of minority shareholders join forces can they have the opportunity to take more concrete actions. If there is no unity or insufficient number of shares convened, the rights of minority shareholders will still be eroded in the end.

　　04 股權(quán)設(shè)計(jì)的雷區(qū)有哪些？當(dāng)今社會(huì)做老板所遇到的挑戰(zhàn)：?jiǎn)T工招不來、管不了、留不住創(chuàng)業(yè)合伙人平分股權(quán)，沒有真正老大投資人、資源承諾者占大股的荒謬事故別人虧損的公司，卻能讓風(fēng)投、PE都追著投資股東和投資人后續(xù)無法進(jìn)入與退出的尷尬局面很多掙扎出好團(tuán)隊(duì)、好產(chǎn)品，卻因?yàn)楣蓹?quán)問題，死在通往牛逼的半路上

　　What are the pitfalls of equity design in 04? The challenges faced by bosses in today's society include the inability to recruit, manage, and retain employees, as well as the ridiculous accidents where entrepreneurial partners share the equity equally. There are no real bosses, investors, or resource guarantors who hold the majority of shares, and other companies suffer losses. However, venture capitalists and private equity firms are chasing after investment shareholders and investors, making it difficult for them to enter and exit in the future. Many companies struggle to create good teams and products, but due to equity issues, they die on the way to success

　　1）沒有簽約、口說無憑？口頭約定，未落實(shí)到具體合同條款，導(dǎo)致要求兌現(xiàn)時(shí)的爭(zhēng)議，導(dǎo)致時(shí)間精力的浪費(fèi)，看似有人吃虧有人占便宜但實(shí)際都是虧，虧掉了人心虧掉了時(shí)間精力。

　　1) Without signing a contract and speaking without evidence? The verbal agreement was not implemented into specific contract terms, leading to disputes when requesting fulfillment, resulting in a waste of time and energy. It seems that some people are at a disadvantage and others are taking advantage, but in reality, they are all at a loss, losing people's hearts and time and energy.

　　2）前期省錢、賬務(wù)混亂？沒有完整的財(cái)務(wù)制度，賬目不夠清晰，合規(guī)都沒有做好，導(dǎo)致哪本賬是真賬都不知道。

　　2) Saving money in the early stage and chaotic accounting? There is no complete financial system, the accounts are not clear enough, and compliance is not done well, resulting in not knowing which account is genuine.

　　3）小利之爭(zhēng)、因小失大？股權(quán)的價(jià)值需要長(zhǎng)期體現(xiàn)，在未兌現(xiàn)的時(shí)候容易短視行為，特別是關(guān)乎個(gè)人利益方面。導(dǎo)致違規(guī)違法現(xiàn)象頻發(fā)，股東間缺乏信任，利益沖突傷害。

　　3) The struggle for small profits, losing big for small gains? The value of equity needs to be reflected in the long term, and it is prone to short-sighted behavior when it is not realized, especially when it concerns personal interests. Resulting in frequent violations and illegal activities, lack of trust among shareholders, and harm caused by conflicts of interest.

　　4）借款投資混淆、引發(fā)秋后算賬？賬目不分明；股東對(duì)股權(quán)價(jià)值缺乏認(rèn)知；缺錢時(shí)借貸，變股權(quán)；盈利時(shí)白分利潤(rùn)。導(dǎo)致秋后算賬，引起法律沖突。

　　4) Confusion between borrowing and investment, triggering post autumn settlement? Unclear accounts; Shareholders lack awareness of the value of equity; Borrowing when short of money, turning into equity; Profit is divided into white profit when making a profit. Resulting in post autumn settlement and legal conflicts.

　　5）家族親戚爭(zhēng)權(quán)、相互揭底？男方親戚、女方親戚、男女雙方、男女關(guān)系，存在公私不分、權(quán)責(zé)不明、任人唯親、反目成仇。

　　5) Family relatives vying for power and revealing secrets to each other? There is a lack of distinction between public and private, unclear rights and responsibilities, nepotism, and hostility between the male and female relatives, as well as between men and women.

　　6）沒有帶頭人？一個(gè)隊(duì)伍必須有一個(gè)頭，火車跑得快，全靠車頭帶。領(lǐng)導(dǎo)者的認(rèn)知時(shí)團(tuán)隊(duì)發(fā)展的天花板。領(lǐng)導(dǎo)者認(rèn)知提升和團(tuán)隊(duì)成長(zhǎng)的矛盾。跟誰干？聽誰的？擁護(hù)誰？信任誰？

　　6) No leader? A team must have a head, the train runs fast, all thanks to the locomotive. The leader's cognition is the ceiling of team development. The contradiction between leader cognitive enhancement and team growth. With whom? Listen to whom? Support whom? Trust whom?

　　7）選錯(cuò)合伙人？不怕狼一樣的對(duì)手，就怕豬一樣的隊(duì)友。合伙人一旦無法成為推動(dòng)力，就容易形成時(shí)間、精力、管理的黑洞。謹(jǐn)慎！謹(jǐn)慎！再謹(jǐn)慎！！！

　　7) Choosing the wrong partner? Not afraid of opponents like wolves, but afraid of teammates like pigs. Once a partner cannot become a driving force, it is easy to form a black hole in time, energy, and management. Be cautious! Be cautious! Be even more cautious!!!

　　8）控制權(quán)缺失？沒有規(guī)劃保有控制權(quán)導(dǎo)致公司做著、做著，不是創(chuàng)始人的了。產(chǎn)權(quán)決定效率，股權(quán)（控制權(quán)）就是解決為誰干的問題。

　　8) Lack of control? The lack of planning to maintain control has led to the company not being owned by the founder. Property rights determine efficiency, and equity (control) is the solution to the problem of who to do it for.

　　9）進(jìn)入規(guī)則不清晰？什么人可以成為股東？什么人可以成為持股平臺(tái)成員？要達(dá)到什么條件？成為股東除了給錢還要干什么？需要有清晰的條件、明確的要求，要進(jìn)行成員篩選和宣導(dǎo)。

　　9) Are the entry rules unclear? Who can become a shareholder? Who can become a member of the stock holding platform? What conditions must be met? What else do you have to do besides giving money to become a shareholder? Clear conditions and requirements are required for member screening and promotion.

　　10）責(zé)權(quán)利不清晰？權(quán)力、責(zé)任和利益要體現(xiàn)對(duì)等、擔(dān)當(dāng)、平衡。避免沖突和失衡，不讓好人吃虧。

　　10) Unclear responsibilities and rights? Power, responsibility, and interests should reflect equality, responsibility, and balance. Avoid conflicts and imbalances, and do not let good people suffer losses.

　　11）合作時(shí)間不清晰？股權(quán)合作需要考慮清楚：什么時(shí)候開始？合作多長(zhǎng)時(shí)間？什么時(shí)候結(jié)束？什么情況必須結(jié)束？簽合同協(xié)議時(shí)間？打款注資時(shí)間？退出條件、條款促發(fā)時(shí)間？退款時(shí)間？12）退出機(jī)制不清晰？股權(quán)的退出需提前設(shè)置：什么情況退出？什么人需要退出？用什么方式退出？減資 or 回購(gòu)？退出時(shí)什么價(jià)格？股東/合伙人離世情況考慮？是否能繼承？婚姻變動(dòng)如何處理？

　　11) Is the cooperation time unclear? Equity cooperation needs to be carefully considered: when will it start? How long will the collaboration last? When will it come to an end? What situation must end? What is the time for signing the contract agreement? What is the time for making the payment and capital injection? What are the conditions and terms for withdrawal and when will they be triggered? Refund time? 12) Is the exit mechanism unclear? The withdrawal of equity needs to be set in advance: under what circumstances should the withdrawal be made? Who needs to withdraw? How to exit? Reduce capital or repurchase? What is the price when exiting? Considering the situation of shareholder/partner's death? Can it be inherited? How to handle changes in marriage?

　　13）增資擴(kuò)股規(guī)則不清晰？增資擴(kuò)股的考慮：什么情況增資擴(kuò)股？什么股東可以增資擴(kuò)股？用什么主體增資？什么價(jià)格？原有股東/合伙人權(quán)利？董事會(huì)席位？增資計(jì)劃和預(yù)算？14）股權(quán)轉(zhuǎn)讓規(guī)則不清晰？股權(quán)轉(zhuǎn)讓的考慮：什么情況股權(quán)轉(zhuǎn)讓？什么股東可以承接？用什么主體承接？什么價(jià)格？原有股東/合伙人權(quán)利？稅費(fèi)扣繳？轉(zhuǎn)讓計(jì)劃和允許的條件？溢價(jià)利益的分配。

　　13) Are the rules for capital increase and share expansion unclear? Considerations for capital increase and share expansion: Under what circumstances is capital increase and share expansion? What shareholders are eligible for capital increase and share expansion? What entity will be used for capital increase? What's the price? Existing shareholder/partner rights? Board seats? Capital increase plan and budget? 14) Are the rules for equity transfer unclear? Considerations for Equity Transfer: Under what circumstances does equity transfer occur? What shareholders can undertake it? What entity should be used to undertake it? What's the price? Existing shareholder/partner rights? Tax withholding? Transfer plan and permitted conditions? Distribution of premium benefits.

　　15）違約轉(zhuǎn)換機(jī)制不清晰？違約轉(zhuǎn)換機(jī)制的考慮：存在什么情況可能導(dǎo)致違約？約定哪些條款？承擔(dān)什么責(zé)任？是否劃算？--->有沒有勝算？有沒有后備方案？--->最壞的狀況如何？能否承擔(dān)？

　　15) Is the default conversion mechanism unclear? Consideration of default conversion mechanism: What situations may lead to default? What terms are agreed upon? What responsibility should be taken? Is it cost-effective? --->Is there a chance of winning? Is there a backup plan? --->What is the worst-case scenario? Can you bear it?

　　股權(quán)設(shè)計(jì)雷區(qū)多，需全面認(rèn)知并結(jié)合企業(yè)發(fā)展階段進(jìn)行排查。推動(dòng)創(chuàng)始人、合伙人及核心團(tuán)隊(duì)的股權(quán)認(rèn)知很重要。建議借助外力，協(xié)同完成對(duì)股權(quán)設(shè)計(jì)和架構(gòu)搭建。

　　There are many pitfalls in equity design, which require comprehensive understanding and investigation based on the development stage of the enterprise. It is important to promote equity awareness among founders, partners, and core teams. Suggest leveraging external forces to collaboratively complete the equity design and structure construction.

　　本文由 濟(jì)南股權(quán)激勵(lì)   友情奉獻(xiàn).更多有關(guān)的知識(shí)請(qǐng)點(diǎn)擊  http://www.aibangwang.cn/   真誠(chéng)的態(tài)度.為您提供為全面的服務(wù).更多有關(guān)的知識(shí)我們將會(huì)陸續(xù)向大家奉獻(xiàn).敬請(qǐng)期待.

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