在當今復雜多變的商業環境中，合理的股權架構是企業穩定發展和高效治理的基石。股權架構是什么？股權架構是公司股東通過持股比例、持股方式和治理結構設計來控制公司和分配利益的制度安排。簡單點說：股權架構是股東怎么控制公司和分錢的。股權架構是企業治理的核心基礎，直接影響控制權分配、稅務成本、融資便利性及后續資本運作。不同發展階段、不同需求的企業，需匹配不同的股權架構模式。主體架構模型一般有6種。

　　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有限合伙架構有限合伙架構的核心邏輯是“間接持股+分層權責”：股東不直接持有核心公司股權，而是通過設立有限合伙企業，以合伙企業名義持有核心公司股權。架構中包含兩類角色：普通合伙人（GP）：通常由創始人控股的有限責任公司擔任，雖出資比例可低至1%，但掌握全部經營決策權，并通過有限責任公司形式承擔有限責任，有效隔離風險。?有限合伙人（LP）：主要為高管員工、外部投資人等，出資比例高但僅享有收益分配權，無經營決策權，不承擔無限連帶責任。典型的案例如馬云的螞蟻金服：由上圖知道，馬云的控制權路徑為：馬云控制云鉑公司——云鉑公司控制君瀚、君澳公司——君瀚、君澳公司控股螞蟻金服，馬云輕松用1070萬資金就撬動起一個萬億市值的金融帝國。一、核心優勢：（1）控制權集中：創始人以少量出資控制GP，即可掌握整體架構決策權，有效抵御股權稀釋風險。（2）股權流動靈活：通過合伙協議為不同股東定制進入退出規則，實現分層管理。（3）激勵高效便捷：員工作為LP參與收益分配，無需介入決策層，保障公司治理效率。二、 關鍵風險（1）征稅標準不一：各地對合伙制股權收益征稅口徑差異顯著，存在政策不確定性。（2）稅收優惠受限：無法適用個人直接持股的股息紅利優惠、轉增資本遞延納稅等政策。（3）洼地政策不穩：依賴地方稅收優惠（如核定征收）存在法規沖突或政策清理風險，長期穩定性不足。三、適用情形（1）資金密集型企業（如互聯網公司）創始人。需應對多輪VC/PE融資導致的股權稀釋，維持控制權。隨著資本不斷加入，創始人股東及其團隊的持股比例會慢慢地被稀釋得很低。為了控制權的需要，就會采取有限合伙企業的架構。來看看把有限合伙企業架構用到極致的綠地集團股權架構。

　　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）有短期套現圖的財務投資人。

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

　　可通過合伙企業快速實現股權退出。（3）需搭建員工持股平臺的企業。方便股權激勵管理，提高企業決策效力，大股東能獲得更多的控制權。

　　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自然人直接架構自然人直接架構是最基礎的股權模式：創始人、創業伙伴、高管員工等以自然人身份直接持有核心公司股權，無中間持股主體，如圖。這種公司架構有什么利弊呢？一、核心優勢：（1）套現個稅可預期。根據稅法規定[1]，個人轉讓限售股，以每次限售股轉讓收入，減除股票原值和合理稅費后的余額，為應納稅所得額，即應納稅額=[限售股轉讓收入[2]-（限售股原值[3]+合理稅費[4]）]×20。如果通過有限合伙企業套現，稅率可能是20%，也可能是35%；通過有限公司套現，全部稅負可達40%。不同的股權架構 ，自然人股東套現個稅率表，如圖。（2）套現免征增值稅。通過有限合伙企業、有限公司套現均需繳納增值稅。不同持股模式下增值稅稅率表，如圖。（3）上市后套現可選擇納稅地點。根據稅法規定，自然人轉讓上市公司限售股權，納稅地點為個人股東資金賬戶開戶的證券機構所在地。也就是說，可以比較全國各地方政府對股票交易個稅的財政返還力度，不決定資金賬戶開戶地，進而決定其納稅地。也就是我們前面所說的，稅收洼地的財務返還。不同持股模式下，納稅地點比較表，如圖。二、關鍵劣勢：（1） 控制權分散：股東直接持股易導致股權分散，創始人難以集中決策，尤其在股東人數較多時；?（2）缺乏股權杠桿：無法通過“小出資控大公司”實現控制權放大，擴張需依賴個人追加出資；（3）長期持股稅負高：取得股息紅利需繳納20%個稅，轉增資本時同樣需繳稅，資金再投資成本高。三、適用情形：（1）規劃上市后售股套現的財務投資人。可以通過證券交易賬戶便于操作，進而降低稅負。（2）創業期的創始人股東。創業期不穩定因素較多，股權結構不宜設計得過于復雜，以便于后期進行調整。

　　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控股公司架構屬于“金字塔”型股權結構，通過搭建持股平臺作為業務板塊管理公司。在這種架構模型里，創始人及其創業伙伴設立控股公司，控股公司旗下有多個業務板塊管理公司，每個業務板塊管理公司下投資N家實體公司。典型的控股公司架構圖。不同的業務版塊，涉及的行業稅收征管是不一樣的。特別是在戰略規劃里有IPO計劃的公司，證監會不怎么喜歡混合型業務的公司。那么控股型的公司有什么優缺點呢？一、核心優勢：我們前面章節總結過金字塔架構的優點，具體包括（1）控制權杠桿效應：創始人通過控股公司間接控制子公司，以少量出資實現多層級控制權，即“以小搏大”；（2）稅務籌劃空間：子公司向控股公司分紅時，免征企業所得稅，資金可留存于控股公司用于再投資，避免重復征稅；（3）適配多元化業務：將不同業務納入不同子公司，符合證監會對IPO企業“業務聚焦”的要求，便于子公司單獨上市；（4）便于人事與融資管理：控股公司層面可統籌各子公司人事安排，以控股公司為主體融資，提升融資能力。二、關鍵劣勢：（1）退出稅負高：股東退出需經過“自然人-控股公司-核心公司”兩層征稅，合計稅負約40%（企業所得稅25%+個稅20%），遠高于自然人直接架構，所以并不適合未來有明確套現意圖的財務投資人；（2）缺乏靈活性。不適合作為員工持股平臺，需要更加靈活的退出機制的員工持股平臺，有限合伙公司更適合。三、適用情形：（1）規劃長期持股的實業家：注重企業穩定經營與長期傳承；（2）多元化企業集團：如擁有多個業務板塊的制造業、服務業企業，需統一管控與資本運作；（3）家族持股平臺：便于家族財富集中管理與代際傳承；（4）成熟期非上市企業：無短期套現需求，聚焦業務深耕與規模擴張。

　　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混合股權架構混合股權架構是對上述架構的組合應用，根據不同股東的訴求（長期持股、短期套現、股權激勵等），匹配差異化持股模式，實現“定制化設計”。針對不同股東和不同訴求的混合架構便應運而生。典型的混合股權架構，如圖

　　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：公牛集團主體股權架構圖，其架構核心包含三部分混合股權架構的優點是可以根據股東持股目的，量體裁衣選擇最合適的架構，更有針對性。但該架構的難度在于預判公司的資本戰略。1、阮氏兄弟通過控股公司及一致行動協議，以金字塔架構掌握控制權

　　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、阮氏家族其他成員以自然人身份直接持股3、28名高管通過有限合伙持股，實現權責分離的股權激勵

　　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、核心優勢（1）適配多主體需求：可同時滿足創始人控制權、家族成員收益、員工激勵等多元訴求；（2）符合境內上市規范：通過架構拆分與整合，滿足證監會對股權清晰、控制權穩定的要求。

　　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、關鍵劣勢（1）設計難度高：需精準預判企業資本戰略（如上市時間、融資節奏），架構調整成本高；（1）管理復雜度提升：多架構并行需建立完善的治理機制，避免權責交叉。三、適用場景有明確境內上市規劃的企業：需平衡創始人、投資人、員工等多方利益，滿足上市監管要求。

　　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海外股權架構海外股權架構是指境內個人或公司在境外搭建離岸公司（如BVI、開曼、香港），通過離岸公司來控制中國境內或者境外業務的架構。搭建海外股權架構一般有以下幾種目的：為了境外上市；便于海外資本運作比如融資、并購等；為了享受中國某些地區對外資企業的招商引資政策；便利海外資產配置的財富管理；利用海外架構避稅；為了開拓境外市場，拓展境外業務。常見的海外股權架構有以下幾種：1、紅籌架構：紅籌模式是指境內公司/個人將境內資產/權益通過股權/資產收購或協議控制（VIE）等形式轉移至在境外注冊的離岸公司，然后通過境外離岸公司來持有境內資產或股權，最后以離岸公司名義申請在境外交易所（主要是香港聯交所、紐約證券交易所、倫敦證券交易所等）掛牌交易的上市模式。為了實現紅籌上市目的搭建的股權架構本書稱為“紅籌架構”。紅籌架構主要有股權控制模式和VIE模式這兩種模式。（1）股權控制模式：股權控制架構先由境內公司的創始股東在英屬維京群島（以下簡稱“BVI”）、開曼群島等地設立離岸公司，然后利用離岸公司通過各種方式收購境內權益，最后以該離岸公司為融資平臺發售優先股或者可轉股貸款給基金進行私募融資，最終實現該離岸公司境外上市目的。適用于外資無限制行業。控股權模式架構，如圖：

　　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）協議控制架構。也稱“VIE”架構，是指外國投資者通過一系列協議安排控制境內運營實體，無須收購境內運營實體股權而取得境內運營實體經濟利益的一種投資結構。境外公司通過WOFE協議控制境內運營實體，規避外資準入限制，適用于互聯網、教育等敏感行業。VIE模式架構，如圖：

　　(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”架構：又稱“對外直接投資”。指我國企業在國外及港澳臺地區以現金、實物、無形資產等方式投資，并以控制境外企業的經營管理權為核心的經濟活動。境內企業通過境外多層架構（如BVI→香港→歐洲/東南亞公司）開展海外投資，如巨輪股份股權架構

　　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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