創業的基礎其實就是兩個，一個是團隊，一個是股權結構。如果股權結構不合理，這個公司一定做不成。股權結構設計的本質目的是為了維護股東之間的利益平衡，既能保障創始人對公司的控制權，又能夠吸引人才加入，并根據公司發展情況進行適度調整。最差的股權結構就是平均分配，在做股權分配時，要避免平均主義。今天小編來分享：股權設計的核心原則是什么？有哪些雷區？

　　The foundation of entrepreneurship is actually two, one is the team and the other is the equity structure. If the equity structure is unreasonable, this company will definitely not succeed. The essential purpose of equity structure design is to maintain a balance of interests among shareholders, which can ensure the founder's control over the company, attract talents to join, and make appropriate adjustments according to the company's development situation. The worst equity structure is equal distribution, and when making equity distribution, one should avoid egalitarianism. Today, the editor will share: What are the core principles of equity design? What are the minefields?

　　01 股權設計的6大原則

　　6 principles of equity design for 01

　　1）重視表決權比例：表決權≠股權比例表決權比例比股權更重要，公司在進行股權設計時，一定要控制好表決權比例，只有控制好表決權比例，才能掌控公司，才能保障公司的控制權。確定公司的控制權所考慮的3個層面：a.股權層面的控制權；b.董事會層面的控制權；c.公司經營的控制權。在創業初期，股權不完全意味著權利，更多的是意味著責任。在創業階段，建議核心大股東的股權能夠持股67%以上，退而求其次，也可以借助AB股制度、表決權委托、投票權杠桿和一致行動協議等方式保障控制權。否則，隨著公司的發展，股東之間很可能發生內斗，元氣大傷，或者隨著后續的股權融資，核心大股東的股權被稀釋，很可能喪失控制權，被投資人清理出局。

　　1) Pay attention to the proportion of voting rights: Voting rights ≠ Equity proportion Voting rights proportion is more important than equity. When designing equity, companies must control the proportion of voting rights. Only by controlling the proportion of voting rights can they control the company and ensure its control. The three levels considered in determining the control of a company are: a. equity level control; b. Control at the board level; c. The control of company operations. In the early stages of entrepreneurship, equity does not necessarily mean rights, but rather responsibilities. In the entrepreneurial stage, it is recommended that the core major shareholder holds at least 67% of the equity. Alternatively, the AB share system, voting rights delegation, voting rights leverage, and concerted action agreements can be used to safeguard control. Otherwise, as the company develops, there is a high possibility of internal conflicts among shareholders, causing significant damage to the company's reputation. Alternatively, with subsequent equity financing, the equity of the core major shareholder may be diluted, leading to the loss of control and being eliminated by investors.

　　2）避免平均主義，防范股權之爭最差的股權結構就是平均分配，在做股權分配時，要避免平均主義。股權設計要考慮公司的未來發展規劃、對公司的貢獻度、人力資本的重要性、資源優勢等因素決定。一定要有一個主心骨集思廣益各司其職保有對未來分配的期許預留后者進入的空間

　　2) To avoid egalitarianism and prevent equity disputes, the worst equity structure is equal distribution. When making equity distribution, egalitarianism should be avoided. Equity design should consider factors such as the company's future development plan, contribution to the company, importance of human capital, resource advantages, etc. There must be a backbone to brainstorm, each performing their own duties, maintaining expectations for future allocation, and reserving space for the latter to enter

　　3）要有核心股東，避免一股獨大股權架構不能太分散，要有核心股東。良好的股權架構，需要有一個核心股東，一個領頭人，便于決策。但也要避免一股獨大，影響小股東的積極性。一家公司的創始團隊往往是優勢互補的，在創業初期，有人提供了資金，有人提供了資源，有人運營能力強，有人技術能力強。但公司是不斷發展的，不同的階段有不同的需求，在公司前期具備特定優勢的股東，可能不能跟隨公司共同成長，在公司發展中已經不能提供幫助，此時，便需要根據股東約定適當調整股權比例。

　　3) We need to have core shareholders to avoid a single dominant shareholder structure that cannot be too dispersed. We need to have core shareholders. A good equity structure requires a core shareholder and a leader to facilitate decision-making. But it is also necessary to avoid a monopoly that affects the enthusiasm of minority shareholders. The founding team of a company often has complementary advantages. In the early stages of entrepreneurship, some provide funding, some provide resources, some have strong operational capabilities, and some have strong technical abilities. But the company is constantly developing, and different stages have different needs. Shareholders who have specific advantages in the early stages of the company may not be able to grow together with the company and may no longer be able to provide assistance in the company's development. At this time, it is necessary to adjust the equity ratio appropriately according to the shareholder agreement.

　　4）善用持股平臺持股平臺在稅收、保持控制權等方面具有很大的優勢。有限合伙企業由普通合伙人（GP）和有限合伙人（LP）組成。合伙企業層面產生的收入主要有：轉讓被投資企業股權：股權轉讓所得被投資企業分派：股息、紅利所得如下

　　4) Utilizing stock holding platforms has significant advantages in taxation, maintaining control, and other aspects. A limited partnership enterprise consists of general partners (GP) and limited partners (LP). The income generated at the partnership level mainly includes: transfer of equity of the invested enterprise; income from equity transfer; distribution of the invested enterprise; dividends and bonus income as follows

　　5）預留股權池預留股權池，便于做股權激勵、股權融資。預留期權池，持續引進人才。公司的持續發展，離不開各位股東的共同努力，更離不開人才的投入。隨著公司的不斷發展，前期投入的技術人才或資源可能已經不能滿足公司的需求，這時就需要引入更強的技術人才或外部資源，促進公司的快速發展。而通過股權激勵方式是一種十分完美的方式，既能減少對人才的薪酬支出，又能夠通過股權方式綁定共同利益。公司股權比例總和是100%，是一個固定的數字。在需要通過股權轉讓方式引進人才時，股東往往都不愿意放棄所持股權。為避免這種風險，建議公司事先設計合理的股權結構，在股東協議中約定預留一定比例的激勵股，由核心大股東代持，在需要釋放股權時，按照約定條件將激勵股釋放給引進的人才。

　　5) Reserved equity pool for equity incentives and financing. Reserve option pool and continuously introduce talents. The sustained development of the company cannot be achieved without the joint efforts of all shareholders, and even more importantly, the investment of talents. With the continuous development of the company, the technical talents or resources invested in the early stage may no longer meet the company's needs. At this time, it is necessary to introduce stronger technical talents or external resources to promote the rapid development of the company. And through equity incentives, it is a very perfect way to reduce talent compensation expenses and bind common interests through equity. The total equity ratio of the company is 100%, which is a fixed number. When it is necessary to introduce talents through equity transfer, shareholders are often unwilling to give up their equity holdings. To avoid such risks, it is recommended that the company design a reasonable equity structure in advance and agree to reserve a certain proportion of incentive shares in the shareholder agreement, which will be held by the core major shareholder. When the equity needs to be released, the incentive shares will be released to the introduced talents according to the agreed conditions.

　　6）要具有風險意識，預設退出機制中小企業一定要有風險意識，提前防范未來可能發生的糾紛，盡量明確在協議當中，提前約定好可能退出的方式、退出情形及退出價格等。在創業過程中，我們都很想伴隨公司白頭到老，但公司在發展過程中，因為主客觀的原因，總是有些合伙人主動或被動地退出公司，當合伙人離開時他地股權如何處理？假如說一家公司在設立時像一個新生的孩子，孩子在成長的過程中不僅需要錢更需要人，人的精力投入是巨大的，企業也一樣，所以合伙人的精力投入也是巨大的，當合伙人離開團隊時按照股東事先約定進行處理是比較合理的，也是容易實現的。因為在合伙人退出時，股東之間往往已經產生了分歧，很難再就股權處置達成一致意見，為避免扯皮，更為了不影響公司持續發展的動力，股東之間預先設定一個合理的爭議解決機制就顯得十分重要，也是股權設計的一個重要的環節。

　　6) Small and medium-sized enterprises must have a risk awareness and pre-set exit mechanisms to prevent potential disputes in the future. They should try to clearly specify in the agreement the possible ways, circumstances, and prices of exit. In the process of entrepreneurship, we all want to accompany the company throughout our lives. However, due to subjective and objective reasons, there are always some partners who voluntarily or passively withdraw from the company during its development. When a partner leaves, how should their equity be handled? If a company is established like a newborn child, the child not only needs money but also people in the process of growth. The energy investment of people is huge, and the enterprise is the same. Therefore, the energy investment of partners is also huge. When partners leave the team, it is reasonable and easy to handle according to the shareholders' prior agreement. Because when a partner withdraws, shareholders often have disagreements and it is difficult to reach a consensus on equity disposal. To avoid disputes and not affect the company's sustainable development, it is important for shareholders to establish a reasonable dispute resolution mechanism in advance, which is also an important part of equity design.

　　退出機制：

　　Exit mechanism:

　　IPO退出：終極目標，完美收官。但時限較長，考驗管理者智慧

　　IPO exit: ultimate goal, perfect conclusion. But the deadline is long, testing the wisdom of managers

　　兼并收購：皆大歡喜，出讓收編，選擇靠譜收購方，溢價勾兌

　　Mergers and acquisitions: everyone is happy, transfer and acquire, choose a reliable acquirer, and negotiate at a premium

　　清算：善始善終，壽終正寢。如何避免損失和資源浪費？

　　Liquidation: A good beginning and a good end, a peaceful death. How to avoid losses and resource waste?

　　股票回購：什么價格？什么時機？為什么回購？

　　Stock Repurchase: What Price? At what time? Why repurchase?

　　02 股權的比例如何規劃才科學？

　　How to plan the equity ratio scientifically?

　　1）充分認知分配股權的初衷，避免盲目分配

　　1) Fully understand the original intention of distributing equity and avoid blind distribution

　　a.回歸初心，為什么要做股權設置？明晰合伙人之間的權責利有助于創業公司的穩定影響公司的控制權方便融資融資、與資本市場對接解決企業傳承問題

　　a. Returning to the original intention, why do we need to set up equity? Clarifying the rights, responsibilities, and interests among partners can help stabilize a startup company, affect its control, facilitate financing, and connect with the capital market to solve the problem of corporate succession

　　b.進行科學比例設置的要點是什么？最差的股權設計是均等有帶頭大哥資源互補分配有預留：激勵、人才引進、資源導入

　　b. What are the key points for setting scientific proportions? The worst equity design is equal distribution with leading brothers, complementary allocation of resources, and reserved incentives, talent introduction, and resource introduction

　　c.股權該怎么分？看出資：在考慮出資的同時，也要充分考慮合伙人的資源貢獻帶頭人：為保證公司發展不偏離，帶頭人必須要有對公司的控制權合伙人優勢：資金、專利、創意、技術、運營、個人品牌

　　c. How should equity be divided? Looking at capital contribution: While considering capital contribution, it is also necessary to fully consider the resource contribution of partners. Leaders: To ensure that the company's development does not deviate, leaders must have control over the company. Partner advantages: capital, patents, creativity, technology, operations, personal brand

　　d.股權分配4原則？控制力：比例決定了控制力，要保有控制力公 平：比例的設定客觀上要體現公平，避免分配不公平導致的損失效 率：提高決策效率，而不是受比例困擾，造成拖延、對抗動 態：結合貢獻、經營、發展進行動態調整

　　d. What are the four principles of equity distribution? Control: Proportion determines control, and control must be maintained. Fairness: The setting of proportion should objectively reflect fairness and avoid losses caused by unfair distribution. Efficiency: Improve decision-making efficiency, rather than being troubled by proportion, causing delays and confrontations. Dynamics: dynamically adjust based on contribution, operation, and development

　　e.股權不該分配給誰？早期員工：達不到股東資格如格局、能力、資源的只能做員工兼職人員：無法全力投入時間和精力資源承諾者：承諾不等于兌現咨詢顧問：不能站在客觀的角度給建議不認同理念的人：理念不同不能站在一起奮戰

　　e. Who should not be allocated equity to? Early employees: those who cannot meet shareholder qualifications such as structure, ability, and resources can only work as part-time employees. Personnel: unable to fully invest time and energy. Resource promisors: promises do not equal fulfillment. Consultants: unable to give advice from an objective perspective. Those who do not agree with the concept: different concepts cannot stand together and fight hard

　　2）根據合伙合作股東人數合理分配比例

　　2) Reasonable distribution ratio based on the number of partnership shareholders

　　a.2人合伙股權設計避免：50% ：50%（均分）65% ：35%（一票否決，博弈型）98% ：2%（一言堂，孤軍奮戰）合理：70% : 30% 和 80% : 20% （老大清晰，快速決策）b.3人合伙股權設計避免：33.4% : 33.3% : 33.3%（均分）95% : 3% : 2%（一言堂，孤軍奮戰）40% : 40% : 20% 和49% : 47% : 4%（博弈型）合理：70% : 20% : 10% 和 60% : 30% : 10% （老大清晰，快速決策）c.4人合伙股權設計避免：25% : 25% : 25% :25%（均分）95% : 2% : 2%: 1%（一言堂，孤軍奮戰）

　　a. 2-Person Partnership Equity Design Avoidance: 50%: 50% (evenly distributed) 65%: 35% (one vote veto, game type) 98%: 2% (one-man, fighting alone) Reasonable: 70%: 30% and 80%: 20% (clear leader, quick decision) b. 3-Person Partnership Equity Design Avoidance: 33.4%: 33.3%: 33.3% (evenly distributed) 95%: 3%: 2% (one-man, fighting alone) 40%: 40%: 20% and 49%: 47%: 4% (game type) Reasonable: 70%: 20%: 10% and 60%: 30%: 10% (clear leader, quick decision) c. 4-person Partnership Equity Design Avoidance: 25%: 25% (evenly distributed) 95%: 2%: 2%: 1% (one-man, fighting alone) Yantang, fighting alone)

　　合理：70% : 20%: 5% : 5%（老大清晰，快速決策）67% : 18% : 15%(持股平臺)51% : 34% : 15%(持股平臺)

　　Reasonable: 70%: 20%: 5%: 5% (clear and quick decision-making by the boss) 67%: 18%: 15% (holding platform) 51%: 34%: 15% (holding platform)

　　3）提前設置動態調整機制和退出機制

　　3) Pre set dynamic adjustment mechanism and exit mechanism

　　a.提前設立調整機制創業是個長期的過程，在這個過程中個人的貢獻會隨著時間與環境的變化而變化，還會因經營需要加入其它的合伙人、股權激勵、融資等問題。這些都決定股權分配必須是動態的。動態股權系統：-激勵模式：有實有虛-激勵對象：有進有退- 授予股數：有增有減-股權價格：有升有降- 激勵收益：有分有留

　　a. Establishing an adjustment mechanism in advance for entrepreneurship is a long-term process, in which individual contributions will change over time and in response to changes in the environment. There may also be issues such as joining other partners, equity incentives, financing, etc. due to business needs. All of these determine that equity distribution must be dynamic. Dynamic Equity System: - Incentive Mode: Real and Fictitious - Incentive Object: Advance and Withdrawal - Number of Shares Awarded: Increase and Decrease - Equity Price: Increase and Decrease - Incentive Income: Points and Retention

　　b.合伙人退出機制股權成熟（股權兌換）條款按項目、融資進度調整機制：回購條款按經營業績（營收、利潤）期滿退出（提前約定合作期）退休、辭職、已故、違法退出

　　b. Partner exit mechanism: Equity maturity (equity exchange) terms adjusted according to project and financing progress mechanism: Repurchase terms based on business performance (revenue, profit), exit upon expiration (pre agreed cooperation period), retirement, resignation, death, illegal exit

　　03 股權比例的九條生命線

　　The Nine Lifelines of 03 Equity Ratio

　　創業團隊必須把握34%以上的股權，否則公司再也輪不到你控制！67%：完全控制權52%：相對控制權34%：一票否決權30%：要約收購線20%：界定同業競爭權利10%：申請解散公司權/召集會議權5%：股東變動會影響上市3%：臨時提案權1%：申請開股東會、監事會股權比例九條生命線

　　The entrepreneurial team must hold more than 34% of the equity, otherwise the company will never be under your control again! 67%: Full control 52%: Relative control 34%: One vote veto power 30%: Tender offer line 20%: Define inter industry competition rights 10%: Apply for dissolution of the company/convene meetings 5%: Shareholder changes will affect listing 3%: Temporary proposal right 1%: Apply for shareholder meetings, supervisory board equity ratio nine lifelines

　　1).67%擁有絕對控制權占比三分之二，能夠通過股東大會決議，有權修改公司章程、增資擴股等重大事項。公司章程是除了《合約法》《公司法》之外，能夠約束股東權利和義務最重要契約。創始人非常重要的關口，因為創始人要確保話語權，才可以帶領公司走得更遠。但隨著公司對外擴展，需要多輪融資，股份比例亦會隨之而下降，所以67%只可以在初創期堅守。另外，創始人可以考慮同股不同權的機制，為將來作更好的準備。

　　1) 67% holds absolute control, accounting for two-thirds of the shares, and has the power to amend the company's articles of association, increase capital and expand shares, and other major matters through resolutions of the shareholders' meeting. The articles of association are the most important contract that can constrain the rights and obligations of shareholders, in addition to the Contract Law and the Company Law. The founder is a crucial hurdle because they need to ensure their voice in order to lead the company further. But as the company expands externally, multiple rounds of financing are needed, and the shareholding ratio will also decrease accordingly, so 67% can only be maintained during the start-up period. In addition, founders can consider the mechanism of different rights for the same stock to better prepare for the future.

　　2).52%擁有相對控制權通過股東大會決議，可以對公司重大決策進行表決和控制：制定董事會和高管的薪酬，以及股權激勵等。這是非上市公司最后的一道防線，因為只要低于50%或以下，潛在的風險隨之而來。兩個人開始的時候是各占50%股份，后來引入第三方股東出讓10%股份，原始股東各人稀釋了5%。隨著經營問題，原始股東開始發生矛盾，最后能夠話事的，反而是第三方股東。因為只要他選擇站那一邊，那一邊就會超過50%。為什么是52%而不是51%？如果企業無論做多大都不考慮上市，那么創始人控股51%就足夠了。但是如果企業要上市，創始人所占比例要大于等于52%。這1%的控股將直接影響創始家對其企業對控制權。首先，企業要上市，股份至少要被稀釋兩次。第一輪稀釋是企業引進風險投資之時。第一筆風險投資希望占有的股權一般不會低于10%，此時老板的股權占比有兩種可能。第一種可能：其他合伙人的股份都是“優先股”，那么風險投資人的股份比例10%將從創始人的51%里面扣除，創始人的股份比例就只剩下41%了。第二種可能：所有合伙人共同稀釋股份，那么創始人也從51%中拿出10%，即拿出5.1%給風險投資人，自己剩下的股份比例是45.9%。然而，企業還要面臨公司上市時的第二輪稀釋，此時一般會再次稀釋25%?？傮w來算，企業上市期間兩輪股權稀釋的比例相加高達35%，如果創始人原來持有51%的股份，被將稀釋35%之后，所剩的股份比例就是33.15%，小于1/3，那么在股東會上投票時，創始人就很可能被其他股東聯合起來“一票否決”。如果創始人原先持有51%的股份，同樣被稀釋35%之后，所剩的股份比例就是33.8%，大于1/3，掌握重大事件否決權。

　　2) 52% has relative control and can vote and control major decisions of the company through resolutions of the shareholders' meeting, such as setting the compensation of the board of directors and executives, as well as equity incentives. This is the last line of defense for non listed companies, as potential risks arise as long as it is below 50% or below. At the beginning, each person held 50% of the shares, but later a third-party shareholder was introduced to sell 10% of the shares, and the original shareholders each diluted by 5%. As business problems arise, conflicts arise among the original shareholders, and in the end, it is the third-party shareholders who can speak up. Because as long as he chooses to stand on that side, that side will exceed 50%. Why 52% instead of 51%? If a company does not consider going public no matter how much it does, then a founder controlling 51% is sufficient. But if the company wants to go public, the proportion of founders must be greater than or equal to 52%. This 1% controlling stake will directly affect the founder's control over their company. Firstly, in order for a company to go public, its shares must be diluted at least twice. The first round of dilution is when the enterprise introduces venture capital. The first venture capital usually hopes to hold no less than 10% equity, and there are two possibilities for the boss's equity ratio at this time. The first possibility is that if the shares of other partners are all "preferred shares", then the 10% stake of venture capitalists will be deducted from the 51% stake of the founder, leaving only 41% of the founder's stake. The second possibility is that all partners will jointly dilute their shares, and the founder will also take out 10% of the 51%, which is 5.1%, to give to venture capitalists. The remaining proportion of their own shares is 45.9%. However, companies also face a second round of dilution when they go public, which usually involves another 25% dilution. Overall, the ratio of two rounds of equity dilution during the company's listing period adds up to 35%. If the founder originally held 51% of the shares, but after being diluted by 35%, the remaining share ratio is 33.15%, which is less than one-third, then when voting at the shareholders' meeting, the founder is likely to be jointly "vetoed" by other shareholders. If the founder originally held 51% of the shares, which were also diluted by 35%, the remaining shareholding ratio would be 33.8%, which is greater than one-third and holds the veto power over major events.

　　3).34%擁有一票否決權占比大于三分之一，對于股東會的決策，有直接否決權。這其實是從67%倒推過來的，因為占有34%，就代表總體不能超過67%。就代表不能通過修改公司章程、增資擴股等重大事項。所以這也是一道非常重要的防線。

　　3) 34% have veto power, accounting for more than one-third, and have direct veto power over decisions made by the shareholders' meeting. This is actually a reverse calculation from 67%, as occupying 34% means that the overall cannot exceed 67%. It means that major issues such as amending the company's articles of association, increasing capital and expanding shares cannot be resolved. So this is also a very important defense line.

　　4).30%要約收購線證券交易所規定持股超過上市已發行股份30%以上，繼續增持股份的，需要要約方式進行，全面要約或部分要約。這是一個被收購的明確信號，主要股東需要清楚現有核心的股份數量是多少。

　　4) 30% tender offer is required by the stock exchange for those who hold more than 30% of the listed issued shares and continue to increase their holdings, either through a comprehensive or partial tender offer. This is a clear signal of being acquired, and the major shareholders need to be clear about the number of existing core shares.

　　5).20%同業競爭警界線大股東，子公司，并列子公司和聯營公司持股超過20%，存在類似業務的進而可能存在同業競爭。這是一個潛在的危險信號，主要是看公司的股東分布情況。如果股東分布比較集中，跟股東分布比較分散，對潛在的投資人作收購有不同的投資戰略意向。

　　5) If the major shareholder, subsidiary, and affiliated companies hold more than 20% of the shares in the 20% industry competition alert line, there may be industry competition if similar businesses exist. This is a potential danger signal, mainly depending on the distribution of shareholders in the company. If the distribution of shareholders is relatively concentrated and dispersed, there may be different investment strategic intentions for potential investors to make acquisitions.

　　6).10%臨時會議權超過10%股東，可以有權召開臨時股東大會，可以質詢，調查，起訴，清算及解散公司。這是一個比較罕見的例子，通常都會發生于公司內部糾紛，或是股權大變動的情況下，才需要臨時召開股東大會。

　　6) 10% of shareholders with more than 10% of the rights to convene an extraordinary general meeting may have the right to question, investigate, sue, liquidate, and dissolve the company. This is a relatively rare example, usually occurring in cases of internal disputes within the company or major changes in equity, which require the convening of an extraordinary shareholders' meeting.

　　7).5%重大股權變動警示線超過5%股東，重點關注同業競爭，收購上市公司超過5%股權，變動需要公告。經過往歷史的教訓，潛在投資者的舉動，將投資人的身份披露出來，對所有股東是一件好事。從透明度方面來約束野蠻人的行動，這是較好的做法。

　　7) Warning line for significant equity changes exceeding 5% of shareholders, with a focus on inter industry competition. If the acquisition of more than 5% equity of a listed company is required, the changes need to be announced. After learning from the lessons of history, the disclosure of the identity of potential investors is a good thing for all shareholders. It is a better approach to constrain the actions of barbarians from the perspective of transparency.

　　8).3%臨時提案權開小會持有超過3%股份，可以在股東大會召開十日前提出臨時提案，并書面提交董事會。

　　8) 3% of temporary proposal rights. Holding more than 3% of shares in a small meeting, temporary proposals can be submitted in writing to the board of directors ten days before the shareholders' meeting.

　　9).1%代位訴訟權可以間接的調查和起訴權，這是小股東的權利。只有大部分的小股東聯手起來，才有機會采取較具體的行動。如果沒有團結或召集不夠的股份數量，最終小股東的權益仍然是會被侵蝕。

　　9) The 1% subrogation right can indirectly investigate and sue, which is the right of minority shareholders. Only when the majority of minority shareholders join forces can they have the opportunity to take more concrete actions. If there is no unity or insufficient number of shares convened, the rights of minority shareholders will still be eroded in the end.

　　04 股權設計的雷區有哪些？當今社會做老板所遇到的挑戰：員工招不來、管不了、留不住創業合伙人平分股權，沒有真正老大投資人、資源承諾者占大股的荒謬事故別人虧損的公司，卻能讓風投、PE都追著投資股東和投資人后續無法進入與退出的尷尬局面很多掙扎出好團隊、好產品，卻因為股權問題，死在通往牛逼的半路上

　　What are the pitfalls of equity design in 04? The challenges faced by bosses in today's society include the inability to recruit, manage, and retain employees, as well as the ridiculous accidents where entrepreneurial partners share the equity equally. There are no real bosses, investors, or resource guarantors who hold the majority of shares, and other companies suffer losses. However, venture capitalists and private equity firms are chasing after investment shareholders and investors, making it difficult for them to enter and exit in the future. Many companies struggle to create good teams and products, but due to equity issues, they die on the way to success

　　1）沒有簽約、口說無憑？口頭約定，未落實到具體合同條款，導致要求兌現時的爭議，導致時間精力的浪費，看似有人吃虧有人占便宜但實際都是虧，虧掉了人心虧掉了時間精力。

　　1) Without signing a contract and speaking without evidence? The verbal agreement was not implemented into specific contract terms, leading to disputes when requesting fulfillment, resulting in a waste of time and energy. It seems that some people are at a disadvantage and others are taking advantage, but in reality, they are all at a loss, losing people's hearts and time and energy.

　　2）前期省錢、賬務混亂？沒有完整的財務制度，賬目不夠清晰，合規都沒有做好，導致哪本賬是真賬都不知道。

　　2) Saving money in the early stage and chaotic accounting? There is no complete financial system, the accounts are not clear enough, and compliance is not done well, resulting in not knowing which account is genuine.

　　3）小利之爭、因小失大？股權的價值需要長期體現，在未兌現的時候容易短視行為，特別是關乎個人利益方面。導致違規違法現象頻發，股東間缺乏信任，利益沖突傷害。

　　3) The struggle for small profits, losing big for small gains? The value of equity needs to be reflected in the long term, and it is prone to short-sighted behavior when it is not realized, especially when it concerns personal interests. Resulting in frequent violations and illegal activities, lack of trust among shareholders, and harm caused by conflicts of interest.

　　4）借款投資混淆、引發秋后算賬？賬目不分明；股東對股權價值缺乏認知；缺錢時借貸，變股權；盈利時白分利潤。導致秋后算賬，引起法律沖突。

　　4) Confusion between borrowing and investment, triggering post autumn settlement? Unclear accounts; Shareholders lack awareness of the value of equity; Borrowing when short of money, turning into equity; Profit is divided into white profit when making a profit. Resulting in post autumn settlement and legal conflicts.

　　5）家族親戚爭權、相互揭底？男方親戚、女方親戚、男女雙方、男女關系，存在公私不分、權責不明、任人唯親、反目成仇。

　　5) Family relatives vying for power and revealing secrets to each other? There is a lack of distinction between public and private, unclear rights and responsibilities, nepotism, and hostility between the male and female relatives, as well as between men and women.

　　6）沒有帶頭人？一個隊伍必須有一個頭，火車跑得快，全靠車頭帶。領導者的認知時團隊發展的天花板。領導者認知提升和團隊成長的矛盾。跟誰干？聽誰的？擁護誰？信任誰？

　　6) No leader? A team must have a head, the train runs fast, all thanks to the locomotive. The leader's cognition is the ceiling of team development. The contradiction between leader cognitive enhancement and team growth. With whom? Listen to whom? Support whom? Trust whom?

　　7）選錯合伙人？不怕狼一樣的對手，就怕豬一樣的隊友。合伙人一旦無法成為推動力，就容易形成時間、精力、管理的黑洞。謹慎！謹慎！再謹慎?。?！

　　7) Choosing the wrong partner? Not afraid of opponents like wolves, but afraid of teammates like pigs. Once a partner cannot become a driving force, it is easy to form a black hole in time, energy, and management. Be cautious! Be cautious! Be even more cautious!!!

　　8）控制權缺失？沒有規劃保有控制權導致公司做著、做著，不是創始人的了。產權決定效率，股權（控制權）就是解決為誰干的問題。

　　8) Lack of control? The lack of planning to maintain control has led to the company not being owned by the founder. Property rights determine efficiency, and equity (control) is the solution to the problem of who to do it for.

　　9）進入規則不清晰？什么人可以成為股東？什么人可以成為持股平臺成員？要達到什么條件？成為股東除了給錢還要干什么？需要有清晰的條件、明確的要求，要進行成員篩選和宣導。

　　9) Are the entry rules unclear? Who can become a shareholder? Who can become a member of the stock holding platform? What conditions must be met? What else do you have to do besides giving money to become a shareholder? Clear conditions and requirements are required for member screening and promotion.

　　10）責權利不清晰？權力、責任和利益要體現對等、擔當、平衡。避免沖突和失衡，不讓好人吃虧。

　　10) Unclear responsibilities and rights? Power, responsibility, and interests should reflect equality, responsibility, and balance. Avoid conflicts and imbalances, and do not let good people suffer losses.

　　11）合作時間不清晰？股權合作需要考慮清楚：什么時候開始？合作多長時間？什么時候結束？什么情況必須結束？簽合同協議時間？打款注資時間？退出條件、條款促發時間？退款時間？12）退出機制不清晰？股權的退出需提前設置：什么情況退出？什么人需要退出？用什么方式退出？減資 or 回購？退出時什么價格？股東/合伙人離世情況考慮？是否能繼承？婚姻變動如何處理？

　　11) Is the cooperation time unclear? Equity cooperation needs to be carefully considered: when will it start? How long will the collaboration last? When will it come to an end? What situation must end? What is the time for signing the contract agreement? What is the time for making the payment and capital injection? What are the conditions and terms for withdrawal and when will they be triggered? Refund time? 12) Is the exit mechanism unclear? The withdrawal of equity needs to be set in advance: under what circumstances should the withdrawal be made? Who needs to withdraw? How to exit? Reduce capital or repurchase? What is the price when exiting? Considering the situation of shareholder/partner's death? Can it be inherited? How to handle changes in marriage?

　　13）增資擴股規則不清晰？增資擴股的考慮：什么情況增資擴股？什么股東可以增資擴股？用什么主體增資？什么價格？原有股東/合伙人權利？董事會席位？增資計劃和預算？14）股權轉讓規則不清晰？股權轉讓的考慮：什么情況股權轉讓？什么股東可以承接？用什么主體承接？什么價格？原有股東/合伙人權利？稅費扣繳？轉讓計劃和允許的條件？溢價利益的分配。

　　13) Are the rules for capital increase and share expansion unclear? Considerations for capital increase and share expansion: Under what circumstances is capital increase and share expansion? What shareholders are eligible for capital increase and share expansion? What entity will be used for capital increase? What's the price? Existing shareholder/partner rights? Board seats? Capital increase plan and budget? 14) Are the rules for equity transfer unclear? Considerations for Equity Transfer: Under what circumstances does equity transfer occur? What shareholders can undertake it? What entity should be used to undertake it? What's the price? Existing shareholder/partner rights? Tax withholding? Transfer plan and permitted conditions? Distribution of premium benefits.

　　15）違約轉換機制不清晰？違約轉換機制的考慮：存在什么情況可能導致違約？約定哪些條款？承擔什么責任？是否劃算？--->有沒有勝算？有沒有后備方案？--->最壞的狀況如何？能否承擔？

　　15) Is the default conversion mechanism unclear? Consideration of default conversion mechanism: What situations may lead to default? What terms are agreed upon? What responsibility should be taken? Is it cost-effective? --->Is there a chance of winning? Is there a backup plan? --->What is the worst-case scenario? Can you bear it?

　　股權設計雷區多，需全面認知并結合企業發展階段進行排查。推動創始人、合伙人及核心團隊的股權認知很重要。建議借助外力，協同完成對股權設計和架構搭建。

　　There are many pitfalls in equity design, which require comprehensive understanding and investigation based on the development stage of the enterprise. It is important to promote equity awareness among founders, partners, and core teams. Suggest leveraging external forces to collaboratively complete the equity design and structure construction.

　　本文由 濟南股權激勵   友情奉獻.更多有關的知識請點擊  http://www.yunjingwu.com.cn/   真誠的態度.為您提供為全面的服務.更多有關的知識我們將會陸續向大家奉獻.敬請期待.

　　This article is about Jinan Equity Incentive Friendship Dedication For more related knowledge, please click http://www.yunjingwu.com.cn/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.