為什么合理的股權設計至關重要?
發布時間:2025-03-06 來源:http://www.yunjingwu.com.cn/
股權設計就是公司組織頂層設計。傳統企業向互聯網企業轉型,部署戰略和商業模式解決的做什么、怎么做的問題,而股權設計解決的是誰投資、誰來做、誰收益的問題。
Equity design is the top-level organizational design of a company. Traditional enterprises are transforming to Internet enterprises. The deployment strategy and business model solve the problem of what to do and how to do, while equity design solves the problem of who invests, who does, and who benefits.
要了解股權設計,首先要搞清楚什么是股權。股權即“有限責任公司”或者“股份有限公司”的股東對公司享有的人身和財產權益的一種綜合性權利,是多種股東權利的集合,其中包括控制權、投票權、分紅權、知情權、經營決策權、優先認購權等等。
To understand equity design, the first step is to clarify what equity is. Equity is a comprehensive right enjoyed by shareholders of a "limited liability company" or "joint stock limited company" over the personal and property rights of the company. It is a collection of various shareholder rights, including control rights, voting rights, dividend rights, information rights, business decision-making rights, preemptive rights, and so on.
股權在法律意義上有十種權利,包括股東身份權、參與重大決策權、選擇權、監督管理者權、資產收益權、知情權、關聯交易審查權、提議/召集/主持股東會臨時會議權、決議撤銷權、退出權、訴訟權。
Equity has ten types of rights in legal terms, including shareholder identity rights, participation in major decision-making rights, selection rights, supervision and management rights, asset income rights, information rights, related party transaction review rights, proposal/convening/presiding over extraordinary shareholder meetings, resolution revocation rights, withdrawal rights, and litigation rights.
從管理意義上講,股東權利在公司治理中籠統概括為三類:
From a management perspective, shareholder rights can be broadly summarized into three categories in corporate governance:
所有權;
Ownership;
收益權(分紅權);
Income rights (dividend rights);
決策權。
Decision making power.
從其中可以看出,所有權延伸出來的權利,表現最為重要的是控制權和分紅權。
From this, it can be seen that the most important rights derived from ownership are control and dividend rights.
數據顯示,大概50%-60%的國內企業存活不到3年,是因為企業開始步入盈利期,各大利益分配不當導致,股權分配是利益體之間的博弈。一旦創始人團隊沒有合理分配股權,企業也活不久。可見股權結構設計關系著企業的生死存亡,其重要性不言而喻。
Data shows that about 50% -60% of domestic enterprises survive for less than 3 years because they have entered a profitable period and the distribution of major interests is improper. Equity distribution is a game between interest groups. Once the founder team fails to allocate equity reasonably, the enterprise will not survive for long. It can be seen that the design of equity structure is closely related to the survival of enterprises, and its importance is self-evident.
那么,如何設計股權結構才合理?
So, how to design a reasonable equity structure?
根據4C理論,創始人、合伙人、核心員工、投資人這四個維度是企業管理的重點,承載著企業的愿景、資源、資金、人力貢獻,因此從這四個維度來設計股權是科學的。
According to the 4C theory, the four dimensions of founders, partners, core employees, and investors are the focus of enterprise management, carrying the vision, resources, funds, and human resources contributions of the enterprise. Therefore, designing equity from these four dimensions is scientific.
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