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成長型企業：優化股權結構，助力騰飛
發布時間：2025-04-15 來源：http://www.yunjingwu.com.cn/
巧妙應對股權稀釋，穩固控制權?
Cleverly deal with equity dilution and stabilize control
隨著山東成長型企業不斷發展，融資成為擴大規模、提升競爭力的必然選擇，但也帶來股權稀釋風險。以濟南一家快速崛起的互聯網電商企業為例，在 A 輪融資時，為獲取 2000 萬元資金，向投資方出讓了 15% 股權。為確保創始人團隊對企業的控制權，創始人之間簽訂了一致行動人協議，在股東會重大決策上保持統一意見。
With the continuous development of growing enterprises in Shandong, financing has become an inevitable choice for expanding scale and enhancing competitiveness, but it also brings the risk of equity dilution. Taking a rapidly rising Internet e-commerce enterprise in Jinan as an example, in the A round of financing, in order to obtain 20 million yuan of capital, 15% equity was transferred to the investor. To ensure the control of the founder team over the enterprise, a concerted action person agreement was signed among the founders to maintain a unified opinion on major decisions made at the shareholders' meeting.
同時，在后續融資規劃中，企業精準把握融資節奏，根據業務發展需求和市場估值，合理確定每次融資的額度和出讓股權比例。在 B 輪融資時，僅出讓 10% 股權，引入戰略投資者，不僅獲得充足資金用于拓展業務，還成功將戰略投資者的行業資源整合進企業發展體系。而在泰安，一些成長型企業因缺乏對股權稀釋的前瞻性規劃，在多輪融資后，創始人股權被過度稀釋，失去對企業的實際控制權，企業發展方向也隨之偏離原有戰略，最終陷入困境。?
At the same time, in the subsequent financing planning, enterprises should accurately grasp the pace of financing, reasonably determine the amount of each financing and the proportion of equity transfer based on business development needs and market valuation. In the B-round financing, only 10% equity was sold and strategic investors were introduced, which not only obtained sufficient funds for expanding the business, but also successfully integrated the industry resources of strategic investors into the enterprise development system. In Tai'an, some growth oriented enterprises lack forward-looking planning for equity dilution. After multiple rounds of financing, the founder's equity is excessively diluted, losing actual control over the enterprise, and the development direction of the enterprise deviates from the original strategy, ultimately falling into difficulties. ?
契合戰略轉型，動態調整股權?
Aligning with strategic transformation and dynamically adjusting equity
當企業戰略轉型或業務拓展時，股權結構需同步優化。威海一家傳統服裝制造企業，在面對行業變革和市場需求升級時，決定向高端定制服裝和智能制造方向轉型。為此，企業引入一家擁有先進智能制造技術的戰略投資者，并向其出讓 12% 股權，獲得關鍵技術支持和資金注入。
When a company undergoes strategic transformation or business expansion, its equity structure needs to be optimized simultaneously. A traditional clothing manufacturing enterprise in Weihai has decided to transform towards high-end customized clothing and intelligent manufacturing in the face of industry changes and market demand upgrades. To this end, the company has introduced a strategic investor with advanced intelligent manufacturing technology and sold 12% equity to obtain key technology support and capital injection.
同時，為激勵內部團隊積極參與轉型，企業從預留股權池中拿出 8% 股權，對核心技術人員和業務骨干實施股權激勵。通過股權結構的調整，企業順利實現戰略轉型，產品附加值大幅提升，市場份額不斷擴大。而在日照，有企業在拓展新業務時，未能及時根據新業務特點和戰略需求調整股權結構，導致新業務缺乏足夠的資源投入和團隊激勵，最終新業務拓展失敗，錯失發展機遇。
At the same time, in order to motivate internal teams to actively participate in the transformation, the company has taken out 8% equity from the reserved equity pool and implemented equity incentives for core technical personnel and business backbones. Through the adjustment of equity structure, the enterprise has successfully achieved strategic transformation, significantly increased product added value, and continuously expanded market share. In Rizhao, some companies failed to adjust their equity structure in a timely manner according to the characteristics and strategic needs of new businesses when expanding, resulting in a lack of sufficient resource investment and team incentives for new businesses, ultimately leading to the failure of new business expansion and missed development opportunities.
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