金字塔股權(quán)架構(gòu)是一種形象的說(shuō)法，是指一個(gè)集團(tuán)公司的股權(quán)架構(gòu)像金字塔一樣，呈現(xiàn)為多層級(jí)、多鏈條的集團(tuán)控制結(jié)構(gòu)。山東股權(quán)頂層架構(gòu)設(shè)計(jì)公司告訴您，此結(jié)構(gòu)般可分為三層:

Pyramid equity structure is a visual term that refers to a group company's equity structure resembling a pyramid, presented as a multi-level and multi chain group control structure. Shandong Equity top-level architecture design company tells you that this structure can generally be divided into three layers:

頂層是實(shí)際控制人;中間層是持股公司，其作用主要是放大控制權(quán);下層是實(shí)體公司，用于承載公司實(shí)際業(yè)務(wù)。金字塔股權(quán)架構(gòu)的層級(jí)越多，控制鏈條就越長(zhǎng)，實(shí)際控制人的現(xiàn)金流權(quán)與控制權(quán)的偏離度就越高。

The top level is the actual controller; The middle tier is a holding company, whose main role is to amplify control; The lower level is a physical company used to carry the actual business of the company. The more hierarchical the pyramid equity structure, the longer the control chain, and the higher the deviation between the actual controller's cash flow rights and control rights.

(1)金字塔結(jié)構(gòu)是一種高能效的融資工具

(1) Pyramid structure is a highly energy-efficient financing tool

位于頂端的實(shí)際控制人通過(guò)層層控股，以有限的出資就能在每條控制鏈上使得控制權(quán)和現(xiàn)金流權(quán)進(jìn)行分離，在集團(tuán)的每個(gè)決策點(diǎn)上都可以實(shí)現(xiàn)控制，從而達(dá)到以少的資金控制盡量多的資源的目的。金字塔的層級(jí)越多，放大的倍數(shù)就越大，我國(guó)已有很多企業(yè)通過(guò)復(fù)雜的金字塔結(jié)構(gòu)，以幾億元或幾十億元的資金，控制著數(shù)百億元的資金。這是一種以小博大、四兩撥千斤的高能效融資方式。

The actual controller located at the top can separate control and cash flow rights on each control chain with limited investment through layer by layer control, achieving control at each decision-making point of the group, thereby achieving the goal of controlling as many resources as possible with minimal funds. The more hierarchical the pyramid, the greater the magnification. Many enterprises in China have controlled tens of billions of yuan of funds through complex pyramid structures, with billions or billions of yuan of funds. This is a high-efficient financing method that uses small, broad, and four or two to allocate a thousand pounds.

(2)金字塔結(jié)構(gòu)的類(lèi)型

(2) Types of pyramid structures

金字塔形的股權(quán)結(jié)構(gòu)依據(jù)不同的標(biāo)準(zhǔn)可以劃分為以下四個(gè)類(lèi)型:

The pyramid shaped equity structure can be divided into the following four types based on different standards:

①雙層控制結(jié)構(gòu)。是指在頂層實(shí)際控制人與下層實(shí)體公司中間間隔了一層持股公司的股權(quán)結(jié)構(gòu)形式，這是簡(jiǎn)單的種金字塔結(jié)構(gòu)。

① Double layer control structure. It refers to the equity structure of a company with a layer of shareholding separated between the actual controller at the top and the physical company at the bottom, which is a simple pyramid structure.

(3)金字塔結(jié)構(gòu)中控制權(quán)和現(xiàn)金流權(quán)的計(jì)算方式金字塔股權(quán)架構(gòu)嵌套的層級(jí)越多，鏈條數(shù)量越大，則控制權(quán)和現(xiàn)金流權(quán)分離的程度就越大。通過(guò)上述各自類(lèi)型的金字塔結(jié)構(gòu)可以看出，這兩種權(quán)利的計(jì)算方式如下:

(3) The calculation method of control rights and cash flow rights in the pyramid structure The more levels and chains nested in the pyramid equity structure, the greater the degree of separation between control rights and cash flow rights. From the pyramid structures of each type mentioned above, it can be seen that the calculation methods for these two rights are as follows:

①多層級(jí)金字塔股權(quán)架構(gòu):控制權(quán)等于各層級(jí)中小的持股比例，現(xiàn)金流權(quán)等于各層級(jí)持股比例的乘積。

① Multilevel pyramid equity structure: Control rights are equal to the proportion of small and medium-sized shareholding at each level, and cash flow rights are equal to the product of the proportion of shareholding at each level.

②多鏈條金字塔股權(quán)架構(gòu):控制權(quán)等于各鏈條中小持股比例之和，現(xiàn)金流權(quán)等于各鏈條現(xiàn)金流權(quán)之和。

② Multi chain pyramid equity structure: Control rights are equal to the sum of small and medium-sized shareholding ratios in each chain, and cash flow rights are equal to the sum of cash flow rights in each chain.

③計(jì)算控制權(quán)和現(xiàn)金流權(quán)分離度的方法:控制權(quán)除以現(xiàn)金流權(quán)。

③ The method for calculating the separation of control rights and cash flow rights is to divide control rights by cash flow rights.

不過(guò)應(yīng)當(dāng)注意的是，這種結(jié)構(gòu)雖然具有低成本帶來(lái)的控制便利性，實(shí)踐中利用金字塔股權(quán)架構(gòu)進(jìn)行的融資的企業(yè)并不多，更多的是利用這種控制關(guān)系，通過(guò)非正當(dāng)?shù)年P(guān)聯(lián)交易、資產(chǎn)置換等形式進(jìn)行利潤(rùn)轉(zhuǎn)移，掏空公司，以達(dá)到滿(mǎn)足終實(shí)際控制人的個(gè)人私利之目的。更多相關(guān)內(nèi)容就來(lái)我們網(wǎng)站http://zhenzhush.com咨詢(xún)吧！

However, it should be noted that although this structure has the control convenience brought by low costs, there are not many enterprises that use the pyramid equity structure for financing in practice. Instead, they use this control relationship to transfer profits through illegal related party transactions, asset exchanges, and other forms, hollowing out the company, in order to meet the personal interests of the actual controller. For more related content, come to our website http://zhenzhush.com Consult!