股权设计是企业在成立和运营中，对股票的种类、数量、价格、转让方式及投票权等进行的整体规划。

　　Equity design is the overall planning of the types, quantities, prices, transfer methods, and voting rights of stocks in the establishment and operation of enterprises.

　　它主要解决谁投资、谁干活、谁收益、钱怎么分、以及股东如何退出等问题。

　　It mainly solves problems such as who invests, who works, who earns, how to distribute money, and how shareholders exit.

　　简单来说，如果战略和商业模式回答了企业“做什么”、“怎么做”，那么股权设计则明确了“谁参与”、“利益如何分配”。

　　Simply put, if strategy and business model answer the questions of "what to do" and "how to do it" for a company, then equity design clarifies "who participates" and "how benefits are distributed".

　　对老板来说，最重要的是控制权，老板占股比多少决定了你在公司的话语权。如果股权过于分散，别人联合起来，老板可能就被“架空”。

　　For a boss, the most important thing is control, and the percentage of shares held by the boss determines your voice in the company. If the equity is too dispersed and others unite, the boss may be "sidelined".

　　持股比例  |  控制程度  |  控制要点

　　Shareholding ratio | degree of control | key points of control

　　57%   |  绝对控制线  |   一些重大事项的(如公司的股本变化，关于公司的增减资，修改公司章程/分立、合并、变更主营业务等)重大决策，需要2/3以上票数支持，有一票通过权

　　57% | Absolute control line | Major decisions on certain matters (such as changes in the company's share capital, capital increase or decrease, modification of the company's articles of association/division, merger, change of main business, etc.) require the support of more than 2/3 of the votes and have one vote for approval

　　51%   |  相对控制线  |   一些简单事项的决策、聘请独立董事，选举董事、董事长，聘请审议机构，聘请会计师事务所，聘请/解聘总经理等;如果公司要上市，经过2-3次稀释后，还可以控制公司

　　51% | Relative control line | Decision making on some simple matters, hiring independent directors, electing directors and chairman, hiring review agencies, hiring accounting firms, hiring/dismissing general managers, etc; If the company wants to go public, after 2-3 dilutions, it can still control the company

　　34%   |  安全控制线  |   股东持股量在1/3以上，而且没有其他股东股份与之冲突，即形成否决性控股，有一票否决权

　　34% | Safety control line | If the shareholder holds more than one-third of the shares and there are no conflicts with other shareholders' shares, it forms a veto control with one veto power

　　30%   |  上市公司要约收购线  |   通过证券交易所的证券交易，收购人持有一个上市公司的股份达到该公司已发行股份的30%时，继续增持股份的，应当采取要约方式进行，发出全面要约或者部分要约

　　30% | Tender Offer Line for Listed Companies | Through securities trading on the stock exchange, if the acquirer holds 30% of the issued shares of a listed company and continues to increase their holdings, they should adopt the tender offer method and issue a comprehensive or partial tender offer

　　20   |  重大同业竞争警示线  |   注意避免与公司存在利益冲突的同业竞争行为

　　20 | Warning Line for Major Inter Industry Competition | Pay Attention to Avoiding Inter Industry Competition Behaviors that Conflict of Interest with the Company

　　10%  |   临时会议权  |   可提出质询、调查、起诉、清算、解散公司

　　10% | Temporary Meeting Rights | May raise inquiries, investigate, sue, liquidate, or dissolve the company

　　5%  |   重大股权变更警示线  |   证券法规定达到5%以上，需披露权益变动书

　　5% | Warning Line for Major Equity Changes | Securities Law requires disclosure of equity change statement if the percentage reaches 5% or more

　　3%  |   临时提案权  |   单独或者合计持有公司3%以上股份的股东，可以在股东大会召开10日前提出临时提案并书面提交召集人

　　3% | Temporary Proposal Right | Shareholders who individually or collectively hold more than 3% of the company's shares may submit a temporary proposal in writing to the convener 10 days before the shareholders' meeting is held

　　1%  |   代位诉讼权  |   亦称派生诉讼权，可以间接的调查和起诉权（提起监事会或董事会调查）

　　1% | subrogation litigation right | also known as derivative litigation right, which can indirectly investigate and sue (initiate investigation by the supervisory board or board of directors)

　　1股权设计要点

　　Key points of equity design

　　01

　　01

　　股东身份和股权比例要对等

　　The shareholder identity and equity ratio should be equal

　　1、核心团队：多拿股权

　　1. Core team: Take more equity

　　企业的创始人和核心团队是公司的顶梁柱，他们从一开始就为公司操心操肺，甚至拿自己的钱来创业，这些人要多分点股权！

　　The founder and core team of a company are the backbone of the company. They have been worried and even used their own money to start a business from the beginning, and these people need more equity!

　　2、财务投资者：保证合理回报

　　2. Financial Investors: Ensuring Reasonable Returns

　　只出钱、不怎么参与经营的财务投资者，股权比例可以低一点，他们只是想赚钱，公司给他们合理的回报就行。如果给他们太多股权，可能会对公司的经营指手画脚，反而添乱。

　　Financial investors who only contribute money and do not participate much in business operations can have a lower equity ratio. They just want to make money, and the company can provide them with reasonable returns. If they are given too much equity, it may interfere with the company's operations and instead cause chaos.

　　3、短期投机者：不能占大头

　　3. Short term speculators: cannot dominate the market

　　有些股东可能就是想赚快钱，公司一盈利就跑，这种人股权多了，公司很容易被折腾得不稳定。所以，要尽量避免这种情况，让那些愿意和公司长期一起走下去的人多持股。

　　Some shareholders may just want to make quick money and run away as soon as the company makes a profit. With too much equity, the company can easily become unstable. So, it is important to avoid this situation as much as possible and encourage those who are willing to stay with the company for the long term to hold more shares.

　　02股权稀释了，控制权不能丢

　　02 equity dilution, control cannot be lost

　　公司融资的时候，新股东进来，老股东的股权比例就会下降。这是正常的，但老板得提前想好——怎么在股权变少的情况下，还能掌握公司的“方向盘”？

　　When a company raises funds, the proportion of equity held by existing shareholders will decrease as new shareholders enter. This is normal, but the boss needs to think ahead - how can he still control the "steering wheel" of the company when the equity is reduced?

　　老板可以试试“同股不同权”，将投票权和股权分离，比如以下4种方法：

　　The boss can try "same stock, different rights" to separate voting rights and equity, such as the following four methods:

　　投票权委

　　Voting Rights Committee

　　投票权委托

　　Voting Rights Delegation

　　京东上市前，刘强东团队股权比例为23%。但老虎基金、腾讯、高瓴资本、今日资本等11家投资人将其投票权委托给了刘强东团队行使。上市后，刘强东团队虽然持股20%，但拥有83.7%的投票权。

　　Before JD.com went public, Liu Qiangdong's team had a 23% equity stake. But 11 investors including Tiger Fund, Tencent, Hillhouse Capital, and Today Capital have entrusted their voting rights to Liu Qiangdong's team for exercise. After going public, although Liu Qiangdong's team holds 20% of the shares, they have 83.7% of the voting rights.

　　一致行动协议

　　Consensus Action Protocol

　　一致行动协议

　　Consensus Action Protocol

　　早先马云仅持有阿里巴巴不到10%的股份，第一大股东软银把自己手上的普通股委托给马云团队，无条件跟随马云团队的投票决定。

　　Earlier, Jack Ma only held less than 10% of Alibaba's shares. SoftBank, the largest shareholder, entrusted its common stock to Jack Ma's team and unconditionally followed their voting decision.

　　有限合伙持股

　　Limited partnership shareholding

　　股东不直接持有公司股权，而是把股东都放在一个有限合伙里面，让这个有限合伙持有公司股权，这样股东就间接持有公司股权。

　　Shareholders do not directly hold company equity, but rather place all shareholders in a limited partnership, allowing this limited partnership to hold company equity, thereby indirectly holding company equity.

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