在当今复杂多变的商业环境中，合理的股权架构是企业稳定发展和高效治理的基石。股权架构是什么？股权架构是公司股东通过持股比例、持股方式和治理结构设计来控制公司和分配利益的制度安排。简单点说：股权架构是股东怎么控制公司和分钱的。股权架构是企业治理的核心基础，直接影响控制权分配、税务成本、融资便利性及后续资本运作。不同发展阶段、不同需求的企业，需匹配不同的股权架构模式。主体架构模型一般有6种。

　　In today's complex and ever-changing business environment, a reasonable equity structure is the cornerstone of stable development and efficient governance for enterprises. What is the equity structure? Equity structure is a system arrangement in which company shareholders control the company and distribute benefits through shareholding ratios, shareholding methods, and governance structure design. Simply put, equity structure refers to how shareholders control the company and distribute funds. The equity structure is the core foundation of corporate governance, which directly affects the allocation of control rights, tax costs, financing convenience, and subsequent capital operations. Enterprises with different development stages and needs need to match different equity structure models. There are generally six types of main architecture models.

　　01有限合伙架构有限合伙架构的核心逻辑是“间接持股+分层权责”：股东不直接持有核心公司股权，而是通过设立有限合伙企业，以合伙企业名义持有核心公司股权。架构中包含两类角色：普通合伙人（GP）：通常由创始人控股的有限责任公司担任，虽出资比例可低至1%，但掌握全部经营决策权，并通过有限责任公司形式承担有限责任，有效隔离风险。?有限合伙人（LP）：主要为高管员工、外部投资人等，出资比例高但仅享有收益分配权，无经营决策权，不承担无限连带责任。典型的案例如马云的蚂蚁金服：由上图知道，马云的控制权路径为：马云控制云铂公司——云铂公司控制君瀚、君澳公司——君瀚、君澳公司控股蚂蚁金服，马云轻松用1070万资金就撬动起一个万亿市值的金融帝国。一、核心优势：（1）控制权集中：创始人以少量出资控制GP，即可掌握整体架构决策权，有效抵御股权稀释风险。（2）股权流动灵活：通过合伙协议为不同股东定制进入退出规则，实现分层管理。（3）激励高效便捷：员工作为LP参与收益分配，无需介入决策层，保障公司治理效率。二、 关键风险（1）征税标准不一：各地对合伙制股权收益征税口径差异显著，存在政策不确定性。（2）税收优惠受限：无法适用个人直接持股的股息红利优惠、转增资本递延纳税等政策。（3）洼地政策不稳：依赖地方税收优惠（如核定征收）存在法规冲突或政策清理风险，长期稳定性不足。三、适用情形（1）资金密集型企业（如互联网公司）创始人。需应对多轮VC/PE融资导致的股权稀释，维持控制权。随着资本不断加入，创始人股东及其团队的持股比例会慢慢地被稀释得很低。为了控制权的需要，就会采取有限合伙企业的架构。来看看把有限合伙企业架构用到极致的绿地集团股权架构。

　　The core logic of the limited partnership structure is "indirect shareholding+hierarchical rights and responsibilities": shareholders do not directly hold the equity of the core company, but hold the equity of the core company in the name of the partnership enterprise through the establishment of a limited partnership enterprise. There are two types of roles in the architecture: General Partner (GP): usually held by a limited liability company controlled by the founder, although the contribution ratio can be as low as 1%, it holds all the decision-making power in business and assumes limited liability through the form of a limited liability company, effectively isolating risks. Limited partners (LPs): mainly consisting of executives, employees, external investors, etc., with a high proportion of capital contribution but only enjoying the right to distribute profits, without decision-making power, and not assuming unlimited joint and several liability. A typical example is Jack Ma's Ant Financial: As shown in the above picture, Jack Ma's path of control is as follows: Jack Ma controls Yunbo Company - Yunbo Company controls Junhan, Junao Company - Junhan, and Junao Company controls Ant Financial. With 10.7 million yuan, Jack Ma easily leveraged a trillion dollar financial empire. 1、 Core advantage: (1) Concentration of control: The founder can control the GP with a small amount of capital, thus gaining overall decision-making power and effectively resisting the risk of equity dilution. (2) Flexible equity flow: Customize entry and exit rules for different shareholders through partnership agreements to achieve hierarchical management. (3) Efficient and convenient incentives: Employees participate in profit distribution as LPs, without the need to intervene in decision-making, ensuring the efficiency of corporate governance. 2、 Key risk (1) Different taxation standards: There are significant differences in the taxation criteria for partnership equity income across regions, and there is policy uncertainty. (2) Tax incentives are limited: policies such as dividend discounts for direct personal shareholding and deferred taxation for capital gains cannot be applied. (3) Unstable policy in low-lying areas: Relying on local tax incentives (such as approved collection) may lead to regulatory conflicts or policy clearance risks, resulting in insufficient long-term stability. 3、 Application (1) Founders of capital intensive enterprises (such as Internet companies). Need to deal with equity dilution caused by multiple rounds of VC/PE financing and maintain control. With the continuous addition of capital, the shareholding ratio of founder shareholders and their teams will gradually be diluted to a very low level. For the sake of control, a limited partnership structure will be adopted. Let's take a look at the ultimate application of the limited partnership enterprise structure to the equity structure of Greenland Group.

　　（2）有短期套现图的财务投资人。

　　(2) Financial investors with short-term cash out plans.

　　可通过合伙企业快速实现股权退出。（3）需搭建员工持股平台的企业。方便股权激励管理，提高企业决策效力，大股东能获得更多的控制权。

　　Equity exit can be quickly achieved through partnership enterprises. (3) Enterprises that need to establish an employee stock ownership platform. Facilitating equity incentive management, improving the effectiveness of corporate decision-making, and allowing major shareholders to gain more control.

　　02自然人直接架构自然人直接架构是最基础的股权模式：创始人、创业伙伴、高管员工等以自然人身份直接持有核心公司股权，无中间持股主体，如图。这种公司架构有什么利弊呢？一、核心优势：（1）套现个税可预期。根据税法规定[1]，个人转让限售股，以每次限售股转让收入，减除股票原值和合理税费后的余额，为应纳税所得额，即应纳税额=[限售股转让收入[2]-（限售股原值[3]+合理税费[4]）]×20。如果通过有限合伙企业套现，税率可能是20%，也可能是35%；通过有限公司套现，全部税负可达40%。不同的股权架构 ，自然人股东套现个税率表，如图。（2）套现免征增值税。通过有限合伙企业、有限公司套现均需缴纳增值税。不同持股模式下增值税税率表，如图。（3）上市后套现可选择纳税地点。根据税法规定，自然人转让上市公司限售股权，纳税地点为个人股东资金账户开户的证券机构所在地。也就是说，可以比较全国各地方政府对股票交易个税的财政返还力度，不决定资金账户开户地，进而决定其纳税地。也就是我们前面所说的，税收洼地的财务返还。不同持股模式下，纳税地点比较表，如图。二、关键劣势：（1） 控制权分散：股东直接持股易导致股权分散，创始人难以集中决策，尤其在股东人数较多时；?（2）缺乏股权杠杆：无法通过“小出资控大公司”实现控制权放大，扩张需依赖个人追加出资；（3）长期持股税负高：取得股息红利需缴纳20%个税，转增资本时同样需缴税，资金再投资成本高。三、适用情形：（1）规划上市后售股套现的财务投资人。可以通过证券交易账户便于操作，进而降低税负。（2）创业期的创始人股东。创业期不稳定因素较多，股权结构不宜设计得过于复杂，以便于后期进行调整。

　　02 Natural person direct structure is the most basic equity model: founders, entrepreneurial partners, executives, and employees directly hold core company equity as natural persons without any intermediate shareholding entities, as shown in the figure. What are the advantages and disadvantages of this company structure? 1、 Core advantage: (1) Expected cash out tax. According to tax law regulations [1], when an individual transfers restricted shares, the taxable income is calculated by deducting the original value of the shares and reasonable taxes from the income from each restricted share transfer. The taxable amount is calculated as [restricted share transfer income [2] - (original value of restricted shares [3]+reasonable taxes [4]) x 20. If cashed out through a limited partnership enterprise, the tax rate may be 20% or 35%; By cashing out through a limited company, the total tax burden can reach 40%. The tax rate table for cash out by natural person shareholders under different equity structures is shown in the figure. (2) Cash out is exempt from value-added tax. Withdrawals through limited partnerships and limited companies are subject to value-added tax. The value-added tax rate table under different shareholding modes is shown in the figure. (3) After listing, cashing out can choose the tax payment location. According to tax laws, natural persons transferring restricted equity of listed companies shall pay taxes at the location of the securities institution where the individual shareholder's fund account is opened. That is to say, the fiscal refund of individual income tax on stock trading by local governments across the country can be compared, without determining the location of the fund account opening, and thus determining its tax payment location. That is, as we mentioned earlier, the financial return of tax havens. Comparison table of tax payment locations under different shareholding modes, as shown in the figure. 2、 Key disadvantages: (1) Decentralized control: Direct shareholding by shareholders can easily lead to dispersed equity, making it difficult for founders to make centralized decisions, especially when there are a large number of shareholders; (2) Lack of equity leverage: unable to achieve control amplification through "small capital controlling large companies", expansion relies on individual additional capital; (3) Long term shareholding has a high tax burden: obtaining dividends requires paying a 20% personal income tax, and the same tax is required when converting capital, resulting in high reinvestment costs for funds. 3、 Applicable situation: (1) Financial investors who plan to sell shares for cash after going public. It can be easily operated through a securities trading account, thereby reducing tax burden. (2) Founder shareholders during the start-up period. There are many unstable factors during the entrepreneurial period, and the equity structure should not be designed too complex for later adjustments.

　　03控股公司架构属于“金字塔”型股权结构，通过搭建持股平台作为业务板块管理公司。在这种架构模型里，创始人及其创业伙伴设立控股公司，控股公司旗下有多个业务板块管理公司，每个业务板块管理公司下投资N家实体公司。典型的控股公司架构图。不同的业务版块，涉及的行业税收征管是不一样的。特别是在战略规划里有IPO计划的公司，证监会不怎么喜欢混合型业务的公司。那么控股型的公司有什么优缺点呢？一、核心优势：我们前面章节总结过金字塔架构的优点，具体包括（1）控制权杠杆效应：创始人通过控股公司间接控制子公司，以少量出资实现多层级控制权，即“以小搏大”；（2）税务筹划空间：子公司向控股公司分红时，免征企业所得税，资金可留存于控股公司用于再投资，避免重复征税；（3）适配多元化业务：将不同业务纳入不同子公司，符合证监会对IPO企业“业务聚焦”的要求，便于子公司单独上市；（4）便于人事与融资管理：控股公司层面可统筹各子公司人事安排，以控股公司为主体融资，提升融资能力。二、关键劣势：（1）退出税负高：股东退出需经过“自然人-控股公司-核心公司”两层征税，合计税负约40%（企业所得税25%+个税20%），远高于自然人直接架构，所以并不适合未来有明确套现意图的财务投资人；（2）缺乏灵活性。不适合作为员工持股平台，需要更加灵活的退出机制的员工持股平台，有限合伙公司更适合。三、适用情形：（1）规划长期持股的实业家：注重企业稳定经营与长期传承；（2）多元化企业集团：如拥有多个业务板块的制造业、服务业企业，需统一管控与资本运作；（3）家族持股平台：便于家族财富集中管理与代际传承；（4）成熟期非上市企业：无短期套现需求，聚焦业务深耕与规模扩张。

　　The structure of the 03 holding company belongs to a "pyramid" equity structure, which manages the company's business segments by building a shareholding platform. In this architecture model, the founder and their entrepreneurial partners establish a holding company, which has multiple business unit management companies under its umbrella. Each business unit management company invests in N physical companies. A typical structure diagram of a holding company. Different business sectors involve different industries in tax collection and management. Especially for companies with IPO plans in their strategic planning, the China Securities Regulatory Commission does not like mixed business companies very much. So what are the advantages and disadvantages of holding companies? 1、 Core advantages: We have summarized the advantages of pyramid structure in previous chapters, including (1) control leverage effect: the founder indirectly controls subsidiaries through the holding company, achieving multi-level control with a small amount of capital, that is, "fighting for big with small capital"; (2) Tax planning space: When subsidiaries distribute dividends to the holding company, they are exempt from corporate income tax, and the funds can be retained in the holding company for reinvestment to avoid double taxation; (3) Adapting to diversified businesses: incorporating different businesses into different subsidiaries, in line with the requirements of the China Securities Regulatory Commission for IPO companies to focus on business, and facilitating the separate listing of subsidiaries; (4) Facilitating personnel and financing management: At the level of the holding company, personnel arrangements can be coordinated among various subsidiaries, with the holding company as the main body for financing and enhancing financing capabilities. 2、 Key disadvantages: (1) High exit tax burden: Shareholders exiting need to go through two levels of taxation: "natural person holding company core company", with a total tax burden of about 40% (corporate income tax 25%+personal income tax 20%), which is much higher than the direct structure of natural persons. Therefore, it is not suitable for financial investors with clear cash out intentions in the future; (2) Lack of flexibility. A limited partnership company is more suitable as an employee stock ownership platform that is not suitable and requires a more flexible exit mechanism. 3、 Applicable situations: (1) Industrialists planning long-term shareholding: emphasizing stable operation and long-term inheritance of the enterprise; (2) Diversified enterprise groups: Manufacturing and service enterprises with multiple business sectors need to have unified control and capital operation; (3) Family shareholding platform: facilitates centralized management of family wealth and intergenerational inheritance; (4) Mature non listed enterprises: no short-term cash out demand, focusing on deep business cultivation and scale expansion.

　　04混合股权架构混合股权架构是对上述架构的组合应用，根据不同股东的诉求（长期持股、短期套现、股权激励等），匹配差异化持股模式，实现“定制化设计”。针对不同股东和不同诉求的混合架构便应运而生。典型的混合股权架构，如图

　　04 Mixed Equity Structure Mixed equity structure is a combination application of the above structures, matching differentiated shareholding models according to the demands of different shareholders (long-term shareholding, short-term cash out, equity incentives, etc.), and achieving "customized design". A hybrid architecture tailored to different shareholders and demands has emerged. A typical hybrid equity structure, as shown in the figure

　　案例：公牛集团主体股权架构图，其架构核心包含三部分混合股权架构的优点是可以根据股东持股目的，量体裁衣选择最合适的架构，更有针对性。但该架构的难度在于预判公司的资本战略。1、阮氏兄弟通过控股公司及一致行动协议，以金字塔架构掌握控制权

　　Case: The equity structure diagram of Bull Group's main body, which includes three parts of mixed equity structure, has the advantage of being able to tailor the most suitable structure according to the shareholder's shareholding purpose, making it more targeted. But the difficulty of this architecture lies in predicting the company's capital strategy. 1. The Ruan brothers gained control through a pyramid structure through holding companies and concerted action agreements

　　2、阮氏家族其他成员以自然人身份直接持股3、28名高管通过有限合伙持股，实现权责分离的股权激励

　　2. Other members of the Ruan family directly hold shares as natural persons, and 28 executives hold shares through limited partnerships to achieve equity incentives that separate rights and responsibilities

　　一、核心优势（1）适配多主体需求：可同时满足创始人控制权、家族成员收益、员工激励等多元诉求；（2）符合境内上市规范：通过架构拆分与整合，满足证监会对股权清晰、控制权稳定的要求。

　　1、 Core advantage (1) Adapting to the needs of multiple parties: It can simultaneously meet diverse demands such as founder control, family member benefits, and employee incentives; (2) Compliant with domestic listing standards: Through structural separation and integration, it meets the requirements of the China Securities Regulatory Commission for clear equity and stable control.

　　二、关键劣势（1）设计难度高：需精准预判企业资本战略（如上市时间、融资节奏），架构调整成本高；（1）管理复杂度提升：多架构并行需建立完善的治理机制，避免权责交叉。三、适用场景有明确境内上市规划的企业：需平衡创始人、投资人、员工等多方利益，满足上市监管要求。

　　2、 Key disadvantage (1) high design difficulty: precise prediction of corporate capital strategy (such as listing time and financing pace) is required, and the cost of structural adjustment is high; (1) Increased management complexity: Multi architecture parallelism requires the establishment of a sound governance mechanism to avoid cross functional responsibilities. 3、 For enterprises with clear domestic listing plans, it is necessary to balance the interests of founders, investors, employees, and other parties to meet regulatory requirements for listing.

　　05海外股权架构海外股权架构是指境内个人或公司在境外搭建离岸公司（如BVI、开曼、香港），通过离岸公司来控制中国境内或者境外业务的架构。搭建海外股权架构一般有以下几种目的：为了境外上市；便于海外资本运作比如融资、并购等；为了享受中国某些地区对外资企业的招商引资政策；便利海外资产配置的财富管理；利用海外架构避税；为了开拓境外市场，拓展境外业务。常见的海外股权架构有以下几种：1、红筹架构：红筹模式是指境内公司/个人将境内资产/权益通过股权/资产收购或协议控制（VIE）等形式转移至在境外注册的离岸公司，然后通过境外离岸公司来持有境内资产或股权，最后以离岸公司名义申请在境外交易所（主要是香港联交所、纽约证券交易所、伦敦证券交易所等）挂牌交易的上市模式。为了实现红筹上市目的搭建的股权架构本书称为“红筹架构”。红筹架构主要有股权控制模式和VIE模式这两种模式。（1）股权控制模式：股权控制架构先由境内公司的创始股东在英属维京群岛（以下简称“BVI”）、开曼群岛等地设立离岸公司，然后利用离岸公司通过各种方式收购境内权益，最后以该离岸公司为融资平台发售优先股或者可转股贷款给基金进行私募融资，最终实现该离岸公司境外上市目的。适用于外资无限制行业。控股权模式架构，如图：

　　05 Overseas Equity Structure Overseas equity structure refers to the structure in which domestic individuals or companies establish offshore companies (such as BVI, Cayman Islands, Hong Kong) overseas to control domestic or overseas business in China. There are generally several purposes for building an overseas equity structure: for overseas listing; Facilitating overseas capital operations such as financing, mergers and acquisitions, etc; In order to enjoy the investment promotion policies for foreign-funded enterprises in certain regions of China; Wealth management that facilitates overseas asset allocation; Using overseas structures to avoid taxes; In order to explore overseas markets and expand overseas business. There are several common overseas equity structures: 1. Red chip structure: The red chip model refers to a listing model in which a domestic company/individual transfers domestic assets/equity to an offshore company registered overseas through equity/asset acquisition or agreement control (VIE), and then holds domestic assets or equity through the offshore company, and finally applies for listing and trading on overseas exchanges (mainly the Hong Kong Stock Exchange, New York Stock Exchange, London Stock Exchange, etc.) in the name of the offshore company. The equity structure built to achieve the purpose of red chip listing is referred to as the "red chip structure" in this book. The red chip structure mainly includes two models: equity control model and VIE model. (1) Equity control mode: The equity control structure starts with the founding shareholders of the domestic company establishing offshore companies in the British Virgin Islands (BVI), Cayman Islands, and other places. Then, the offshore company acquires domestic equity through various means, and finally uses the offshore company as a financing platform to issue preferred shares or convertible loans to the fund for private financing, ultimately achieving the purpose of the offshore company's overseas listing. Applicable to industries with unrestricted foreign investment. The structure of the equity control model, as shown in the figure:

　　（2）协议控制架构。也称“VIE”架构，是指外国投资者通过一系列协议安排控制境内运营实体，无须收购境内运营实体股权而取得境内运营实体经济利益的一种投资结构。境外公司通过WOFE协议控制境内运营实体，规避外资准入限制，适用于互联网、教育等敏感行业。VIE模式架构，如图：

　　(2) Protocol control architecture. Also known as the "VIE" structure, it refers to an investment structure in which foreign investors control domestic operating entities through a series of agreement arrangements, without the need to acquire equity in the domestic operating entities, and obtain economic benefits from them. Overseas companies control domestic operating entities through the WOFE agreement to avoid foreign capital access restrictions, which is applicable to sensitive industries such as the Internet and education. VIE mode architecture, as shown in the figure:

　　2、“走出去”架构：又称“对外直接投资”。指我国企业在国外及港澳台地区以现金、实物、无形资产等方式投资，并以控制境外企业的经营管理权为核心的经济活动。境内企业通过境外多层架构（如BVI→香港→欧洲/东南亚公司）开展海外投资，如巨轮股份股权架构

　　2. The "going global" framework, also known as "outward foreign direct investment". Refers to the economic activities in which Chinese enterprises invest in foreign countries, Hong Kong, Macao, and Taiwan in the form of cash, physical assets, intangible assets, etc., and control the management rights of overseas enterprises as the core. Domestic enterprises conduct overseas investments through multi-level overseas structures (such as BVI → Hong Kong → European/Southeast Asian companies), such as the equity structure of Julun Holdings

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