當企業進行融資時，必然意味著股權的轉讓變動，如果股權稀釋到一定程度，沒有事先進行有效的
山東股權頂層架構設計，創始人的控制權就可能搖搖欲墜。
When an enterprise carries out financing, it will inevitably mean the transfer of equity. If the equity is diluted to a certain extent, without the effective design of the top structure of Shandong equity in advance, the control of the founder may be precarious.
因此，如何用好股權設計，保護好自己的“孩子”，在發展社大的同時依舊讓其屬于你，值得每個企業家為之深入思考。
Therefore, how to make good use of equity design, protect their "children", and still make them belong to you while developing the society, is worthy of in-depth consideration by every entrepreneur.
公司的控制權離不開股權的控制權。控制好手中的股權，企業家才能對自己的“孩子”有真正的控制權。這看起來似乎顯而易見，但卻一-次次被現實中企業家的慘痛經歷所反證。
The control of the company cannot be separated from the control of equity. Only by controlling the equity in their hands can entrepreneurs have real control over their "children". This seems obvious, but it has been repeatedly proved by the tragic experience of entrepreneurs in reality.
為了不失去自己辛苦創辦的企業，企業家無論何時都要通過控股，保證廚基本的控制權，確保控股底線，將必要的股權牢固抓在手上。
In order not to lose the enterprise they have set up hard, entrepreneurs should guarantee the basic control right of the kitchen, ensure the bottom line of control, and firmly hold the necessary equity in their hands.
控股的底線有3條，如：
There are three bottom lines for holding shares, such as:
1.絕對控股。
1. Absolute holding.
絕對控股權情形下創始人持股比例達到67%，也就是達到三分之二，公司決策權基本可以完全被掌握在手中。
In the case of absolute control, the founder's shareholding ratio reaches 67%, or two-thirds, and the company's decision-making power can basically be fully controlled.
2.相對控股。
2. Relative holding.
在相對控股權情形下，創始人至少應持有公司51%的股權。可見，相對控股權同樣也需要創始人是持有公司股權多的股東。唯有如此，才能與其他股東相比保持對公司的相對控制。
In the case of relative control, the founder should hold at least 51% of the company's equity. It can be seen that the relative control right also requires that the founder is a shareholder who holds more shares in the company. Only in this way can we maintain relative control over the company compared with other shareholders.
3.謹慎對賭。
3. Be cautious about gambling.
從本質上看，許多創始人失去企業的股權，進而失去控制權的根源在于融資協議。甚至可以毫不夸張地說，某些股權融資協議中的對賭條款、回購條款往往是經過精心設計的，其目的就在于讓創始人出局。
In essence, many founders lost their equity in the enterprise, and then lost their control. The root cause lies in the financing agreement. It is even no exaggeration to say that the wager clauses and repurchase clauses in some equity financing agreements are often carefully designed to make the founders out.
對賭條款的問題在于信息不對稱。創始人想要融資，就要說服投資人看好企業的未來，雙方必定要圍繞企業的未來進行“賭”。如果未來業績沒有達到預期，為了減少投資人的損失，創始人必須拿出一部分股權。這個條款的形式本身是相對公平的，但具體數額往往不利于創始人。尤其在簽訂對賭條款時，不少創始人都抱著僥幸的心態，希望先將資金引進，也就接受了有關條款，而實際上為日后對賭失敗導致股權流失，
The problem with the wager clause is information asymmetry. If the founder wants to raise funds, he must persuade investors to look good at the future of the enterprise. Both sides must "bet" on the future of the enterprise. If the future performance does not meet the expectations, the founder must take part of the equity in order to reduce the losses of investors. The form of this clause itself is relatively fair, but the specific amount is often not conducive to the founder. Especially when signing the gambling terms, many founders took a lucky attitude and hoped to introduce the funds first, and then accepted the relevant terms. In fact, the failure of gambling in the future led to the loss of equity,
埋下了無法逆轉的源頭。因此，只有在融資時謹慎觀察對賭條款并做出準確的判斷，創始人才能守住底線。
Buried an irreversible source. Therefore, only by carefully observing the terms of the bet and making accurate judgments when financing can the founder hold the bottom line.
面對外來投資機構，創始人需要認識到，股權的安全邊際設置，是自身的底線與保障。在引入投資人時，創始人需要從股權安全角度出發，對投資人做出分析，保證股權的安全邊際。
In the face of foreign investment institutions, founders need to realize that the security margin setting of equity is their own bottom line and guarantee. When introducing investors, founders need to analyze investors from the perspective of equity security to ensure the safety margin of equity.
當然，并非每一種投資機構都對企業的股權“虎視眈眈”。通常情況下，對企業的投資人分為財務投資人和戰略投資人。財務投資人的目的通常相對短淺，只是投入金額后經過若干年，通過公司的發展獲得財務回報并正常退出。
Of course, not every kind of investment institution is eyeing the equity of enterprises. Generally, investors in enterprises are divided into financial investors and strategic investors. The purpose of financial investors is usually relatively short, but after a few years of investment, they can obtain financial returns through the development of the company and withdraw normally.
與此相比，戰略投資人的目的可能更加深遠，他們經常愿意比財務投資人承擔更大的風險、投入更多的成本，也就更有可能想要在公司壯大之后，獲得公司的控制權。因此，在想要簽署對賭協議、引入戰略投資人之前，創始人應該根據實際情況，為加強自身的控制權做出特別準備。更多相關內容就來我們網站
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Compared with this, the purpose of strategic investors may be more far-reaching. They are often willing to bear more risks and invest more costs than financial investors, and they are more likely to want to gain control of the company after the company grows. Therefore, before signing the gambling agreement and introducing strategic investors, the founders should make special preparations to strengthen their control according to the actual situation. Come to our website for more relevant content http://www.yunjingwu.com.cn Ask!
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