一、股權(quán)設(shè)計(jì)的三大核心原則

1、 The Three Core Principles of Equity Design

控制權(quán)優(yōu)先

Priority of control

山東某食品企業(yè)老板用 “金字塔控股” 模式，自己成立投資公司持股 60%，投資公司再控股實(shí)體企業(yè) 70%。這樣即使實(shí)體企業(yè)引入外部投資稀釋股權(quán)，他仍能通過投資公司保持對實(shí)體企業(yè)的絕對控制。這種 “層層嵌套” 的結(jié)構(gòu)，就像用杠桿撬動(dòng)巨石，以小博大。

The owner of a food enterprise in Shandong province adopts the "pyramid holding" model, setting up his own investment company to hold 60% of the shares, and the investment company then controls 70% of the entity enterprise. In this way, even if the entity enterprise introduces external investment to dilute its equity, it can still maintain absolute control over the entity enterprise through the investment company. This "layered nested" structure is like using a lever to pry open a giant rock, using small to expand.

利益平衡

Balance of interests

青島一家海鮮加工企業(yè)將股權(quán)分為 “資金股” 和 “經(jīng)營股”：投資人占 60% 資金股，管理團(tuán)隊(duì)占 40% 經(jīng)營股。管理股每年根據(jù)業(yè)績重新分配，連續(xù)三年達(dá)標(biāo)可轉(zhuǎn)為永久股權(quán)。這種設(shè)計(jì)既保障了投資者利益，又激發(fā)了管理層積極性。

A seafood processing enterprise in Qingdao divides its equity into "capital shares" and "operating shares": investors hold 60% of the capital shares, and the management team holds 40% of the operating shares. Management stocks are redistributed annually based on performance, and can be converted into permanent equity if they meet the standards for three consecutive years. This design not only safeguards the interests of investors, but also stimulates the enthusiasm of management.

風(fēng)險(xiǎn)隔離

Risk isolation

濟(jì)南某化工企業(yè)老板將高風(fēng)險(xiǎn)的生產(chǎn)環(huán)節(jié)獨(dú)立成子公司，自己通過控股公司持股。這樣即使子公司發(fā)生安全事故需承擔(dān)賠償，也不會波及個(gè)人資產(chǎn)。這種 “雞蛋分籃” 策略，就像給企業(yè)穿上了防彈衣。

The owner of a chemical enterprise in Jinan has separated high-risk production processes into a subsidiary and holds shares through a holding company. In this way, even if a subsidiary company is liable for compensation in the event of a safety accident, it will not affect personal assets. This "egg splitting basket" strategy is like putting bulletproof vests on the enterprise.

二、不同階段企業(yè)的設(shè)計(jì)要點(diǎn)

2、 Key design points for enterprises at different stages

初創(chuàng)期：避免均分股權(quán)

Start up period: Avoid equal distribution of equity

濰坊某農(nóng)業(yè)科技公司三位創(chuàng)始人各占 33% 股權(quán)，因意見不合導(dǎo)致決策癱瘓。正確做法是創(chuàng)始人占 51%，技術(shù)合伙人 25%，資源合伙人 24%，并約定重大事項(xiàng)需 70% 以上股權(quán)同意。這種 “主導(dǎo)權(quán) + 制衡” 結(jié)構(gòu)，就像船長與大副的關(guān)系。

The three founders of an agricultural technology company in Weifang each hold 33% of the shares, but due to disagreements, decision-making was paralyzed. The correct approach is for the founder to hold 51%, the technical partner to hold 25%, the resource partner to hold 24%, and to agree that major matters require the consent of over 70% of the equity. This "dominance+balance" structure is like the relationship between a captain and a first mate.

成長期：設(shè)置股權(quán)池

Growth period: Setting up equity pool

煙臺某機(jī)械制造企業(yè)預(yù)留 20% 股權(quán)池，用于吸引人才和未來融資。每引進(jìn)一位高管或完成一輪融資，股權(quán)池按比例釋放。這種 “動(dòng)態(tài)調(diào)整” 機(jī)制，就像給企業(yè)安裝了伸縮自如的彈簧。

A machinery manufacturing enterprise in Yantai has reserved a 20% equity pool for attracting talent and future financing. Every time a senior executive is introduced or a round of financing is completed, the equity pool is released proportionally. This "dynamic adjustment" mechanism is like installing a flexible spring for the enterprise.

成熟期：家族企業(yè)傳承

Mature stage: Inheritance of family businesses

威海某漁具集團(tuán)采用 “家族信托 + 職業(yè)經(jīng)理人” 模式：家族成員通過信托基金持有股權(quán)，日常經(jīng)營由職業(yè)經(jīng)理人負(fù)責(zé)。每年分紅的 30% 必須用于再投資，確保企業(yè)持續(xù)發(fā)展。這種 “所有權(quán)與經(jīng)營權(quán)分離” 策略，就像把企業(yè)交給專業(yè)司機(jī)駕駛。

A fishing gear group in Weihai adopts the "family trust+professional manager" model: family members hold equity through trust funds, and daily operations are managed by professional managers. 30% of the annual dividends must be used for reinvestment to ensure the sustainable development of the enterprise. This "separation of ownership and management" strategy is like handing over the enterprise to professional drivers.

三、股權(quán)設(shè)計(jì)的部分常見陷阱

3、 Common pitfalls in equity design

夫妻店股權(quán)混同

Mixed ownership of spousal shop shares

日照某建材公司老板將股權(quán)登記在妻子名下，離婚時(shí)被分割一半股權(quán)，導(dǎo)致企業(yè)易主。正確做法是設(shè)立家族控股公司，夫妻共同持股，避免個(gè)人資產(chǎn)與企業(yè)混淆。

The owner of a building materials company in Rizhao registered his equity in his wife's name, but was split in half during the divorce, resulting in a change of ownership of the company. The correct approach is to establish a family controlled company, with joint ownership by husband and wife, to avoid confusion between personal assets and the enterprise.

盲目引入對賭協(xié)議

Blindly introducing gambling agreements

臨沂某板材企業(yè)因?qū)€失敗，被迫低價(jià)轉(zhuǎn)讓控股權(quán)。對賭協(xié)議就像 “毒藥期權(quán)”，簽訂前需評估自身承受能力。

A board company in Linyi was forced to transfer its controlling stake at a low price due to a failed bet. A betting agreement is like a 'poison option', where one needs to evaluate their own ability to bear it before signing.

本文由山東股權(quán)頂層架構(gòu)設(shè)計(jì)友情奉獻(xiàn).更多有關(guān)的知識請點(diǎn)擊:http://zhenzhush.com我們將會對您提出的疑問進(jìn)行詳細(xì)的解答，歡迎您登錄網(wǎng)站留言.

This article is dedicated to friendship For more information, please click: We will provide detailed answers to your questions. You are welcome to log in to our website and leave a message