企业发展到一定阶段，常面临业务多元化与专业化之间的抉择。将庞大业务体系拆分为独立运营单元，既能提升各板块灵活性，又能聚焦资源实现突破。但拆分不是简单的“分家”，股权架构设计是贯穿始终的“隐形纽带”。

　　Enterprises often face a choice between business diversification and specialization when they reach a certain stage of development. Breaking down the massive business system into independent operational units can not only enhance the flexibility of each sector, but also focus on resources to achieve breakthroughs. But splitting is not a simple "separation", the design of equity structure is the "invisible link" that runs through the entire process.

　　一、业务拆分的股权逻辑

　　1、 The equity logic of business splitting

　　业务拆分的本质是价值重构。企业需将原有股权结构“解构”，再根据新业务定位、资金需求、团队贡献等因素重新“编织”。这一过程需平衡三重关系：

　　The essence of business segmentation is value reconstruction. Enterprises need to "deconstruct" their original equity structure and then "weave" it again based on factors such as new business positioning, funding needs, and team contributions. This process requires balancing three relationships:

　　母体与新生体的权责边界

　　The boundary of rights and responsibilities between the mother body and the newborn body

　　明确母公司对拆分业务的控制权边界（如绝对控股、相对控股或战略参股），避免“管得过死”或“放任自流”。

　　Clearly define the control boundary of the parent company over the split business (such as absolute control, relative control, or strategic equity participation), to avoid "excessive control" or "letting it go".

　　通过章程约定重大事项决策机制（如融资、并购、核心人员任命），确保战略协同。

　　By establishing a decision-making mechanism for major matters (such as financing, mergers and acquisitions, and appointment of core personnel) through the articles of association, strategic synergy is ensured.

　　新老股东的利益平衡

　　Balancing the interests of new and old shareholders

　　拆分可能涉及原有股东权益稀释，需设计过渡方案（如老股东优先认购权、业绩对赌补偿）。

　　Splitting may involve dilution of existing shareholders' equity, and a transitional plan needs to be designed (such as preferential subscription rights for existing shareholders and performance based compensation).

　　引入新投资者时，需评估其资源匹配度，避免“为融资而融资”。

　　When introducing new investors, it is necessary to evaluate their resource matching and avoid "financing for the sake of financing".

　　团队激励的精准绑定

　　Accurate binding of team motivation

　　对拆分业务核心团队，可设置“股权池+期权”组合，将个人收益与业务目标强关联。

　　For splitting the core business team, a combination of "equity pool+options" can be set up to strongly link personal income with business goals.

　　考虑设置“回购条款”，若团队未达约定目标，母公司有权按约定价格回购股权。

　　Consider setting up a 'repurchase clause', where the parent company has the right to repurchase equity at the agreed price if the team fails to achieve the agreed target.

　　二、股权定制的三大核心工具

　　2、 The three core tools for equity customization

　　分层持股架构

　　Layered shareholding structure

　　通过母公司→控股公司→业务公司的三层架构设计，实现：

　　Through the three-tier architecture design of parent company, holding company, and business company, achieve:

　　风险隔离：业务公司经营风险被限制在控股公司层面，母公司资产安全边际更高。

　　Risk isolation: The operational risks of the business company are limited to the level of the holding company, and the safety margin of the parent company's assets is higher.

　　税务优化：合理利用区域税收政策，降低整体税负。

　　Tax optimization: Reasonably utilize regional tax policies to reduce overall tax burden.

　　同股不同权设计

　　Same stock, different rights design

　　对需要保持控制权的业务（如核心技术板块），可采用：

　　For businesses that require control (such as core technology sectors), the following can be used:

　　AB股计划：母公司持有高表决权股份（如1股=10票），确保决策权不旁落。

　　AB Share Plan: The parent company holds high voting shares (e.g. 1 share=10 votes) to ensure that decision-making power is not sidelined.

　　一票否决权：对重大事项（如股权转让、对外担保）保留否决权。

　　One vote veto power: The veto power is reserved for major matters such as equity transfer and external guarantees.

　　动态调整机制

　　Dynamic adjustment mechanism

　　业务拆分后，需建立股权与业绩的联动规则：

　　After the business split, it is necessary to establish linkage rules between equity and performance:

　　里程碑解锁：设定营收、利润、用户数等指标，达标后逐步释放股权。

　　Milestone unlocking: Set indicators such as revenue, profit, and user numbers, and gradually release equity after reaching the standards.

　　对赌回购条款：若团队未达承诺目标，母公司有权按约定价格回购部分股权。

　　Repurchase clause: If the team fails to meet the promised target, the parent company has the right to repurchase a portion of the equity at the agreed price.

　　三、拆分中的隐性风险防控

　　3、 Hidden risk prevention and control in the process of splitting

　　知识产权归属

　　Ownership of intellectual property rights

　　提前明确拆分业务涉及的技术专利、商标、软件的权属，避免后续纠纷。

　　Clearly define the ownership of technology patents, trademarks, and software involved in the business split in advance to avoid subsequent disputes.

　　关联交易规范

　　Related party transaction standards

　　母公司与拆分业务之间若存在采购、销售等关联交易，需制定公允定价规则，避免税务风险。

　　If there are related transactions such as procurement and sales between the parent company and the split business, fair pricing rules must be established to avoid tax risks.

　　竞业禁止协议

　　Non compete Agreement

　　对核心团队成员，需签署竞业禁止协议，防止拆分后业务被复制或掏空。

　　For core team members, a non compete agreement must be signed to prevent the business from being copied or emptied after the split.

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