有多少企業(yè)，在初創(chuàng)時(shí)期，為了獲得更多的資金而進(jìn)行股權(quán)融資，終結(jié)果是錢融到手了，但是控制權(quán)卻失去了。原因是什么?因?yàn)樗麄儧]有做好萬全的股權(quán)設(shè)計(jì)，從而丟了控制權(quán)。

How many enterprises, in the initial stage, carried out equity financing in order to obtain more funds, and the final result was that the money was in hand, but the control power was lost. What is the reason? Because they did not do a good job in equity design, they lost control.

在了解這一點(diǎn)之前，我們應(yīng)該從法律的角度去思考和提醒合伙創(chuàng)業(yè)者:如果不想讓自己辛苦創(chuàng)業(yè)的結(jié)果被他人盜取，就必須告訴自己，要牢牢掌握住公司的控制權(quán)。這需要從三方面來了解企業(yè)的控制權(quán):股權(quán)層面的控制權(quán)、董事會(huì)層面的控制權(quán)、公司經(jīng)營管理的實(shí)際控制權(quán)。下面主要來說一下股權(quán)層面的控制權(quán)問題。

Before understanding this point, we should consider and remind the partner entrepreneurs from the legal point of view: if you don't want the results of your hard work to be stolen by others, you must tell yourself to firmly hold the control of the company. This requires understanding the control power of the enterprise from three aspects: the control power at the equity level, the control power at the board level, and the actual control power of the company's operation and management. The following is mainly about the control right at the equity level.

避免僵局股權(quán)比例設(shè)置

Setting of equity ratio to avoid deadlock

股權(quán)是對(duì)公司的終極控制權(quán)利，公司重大的事項(xiàng)通常都是基于股權(quán)由股東(會(huì))決定的。相對(duì)控股權(quán)往往需要公司創(chuàng)始股東為持有公司股權(quán)多的股東，與其他股東相比可以保持對(duì)公司的相對(duì)控制力。

Equity is the ultimate control right of the company. Major matters of the company are usually decided by the shareholders (meeting) based on equity. Relative control often requires that the founding shareholder of the company is the shareholder who holds more shares of the company, and can maintain relative control over the company compared with other shareholders.

在這里，我們有法律作為依據(jù):根據(jù)《公司法》和公司章程，公司的高決策機(jī)構(gòu)是股東(會(huì))，股東會(huì)的普通表決事項(xiàng)，多為二分之一以上多數(shù)表決權(quán)通過，而少數(shù)重大事項(xiàng)(如公司章程修改)還需要三分之二以上表決權(quán)通過。掌握了控股權(quán)，就能夠控制股東(會(huì))決策，進(jìn)而控制公司。

Here, we have the legal basis: according to the Company Law of China and the Articles of Association, the company's high-level decision-making body is the shareholders (meeting), and the ordinary voting matters of the shareholders' meeting are mostly passed by more than half of the voting rights, while a few major matters (such as the amendment of the Articles of Association) still need more than two-thirds of the voting rights. If you master the controlling shares, you can control the decisions of the shareholders (meeting), and then control the company.

股權(quán)與投票權(quán)分離

Separation of equity and voting rights

股權(quán)與投票權(quán)是可以分離的。現(xiàn)實(shí)情況中，公司不斷融資壯大之后，創(chuàng)始人股權(quán)會(huì)被不斷稀釋，很難一直保持公司的絕對(duì)控股權(quán)。為繼續(xù)持有公司的控制權(quán)，可以將其他部分股東股權(quán)中的投票權(quán)分離出來，交給創(chuàng)始股東行使。

Equity and voting rights can be separated. In reality, after the company's continuous financing and expansion, the founder's equity will be continuously diluted, and it is difficult to maintain the company's absolute control. In order to continue to hold the control right of the company, the voting rights in the equity of other shareholders can be separated and handed over to the founding shareholders.

需要提醒的注意事項(xiàng)是:創(chuàng)始人需要注意把握融資的節(jié)奏。一般情況下，企業(yè)早期融資的估值和股價(jià)都比較低，隨著公司發(fā)展規(guī)模越來越大，公司的估值和溢價(jià)會(huì)越來越高，融資對(duì)創(chuàng)始人股權(quán)的稀釋效應(yīng)也會(huì)有股權(quán)合伙整體解決方案

The cautions to be reminded are: founders need to pay attention to the rhythm of financing. In general, the valuation and share price of early financing of enterprises are relatively low. As the company grows in size, the valuation and premium of the company will become higher and higher. The dilution effect of financing on the founder's equity will also have an overall solution of equity partnership

很大的遞減效果。但是，資本對(duì)企業(yè)擴(kuò)張的作用卻是不言而喻的，而融資市場瞬息萬變，因此創(chuàng)始人需仔細(xì)衡量和規(guī)劃，明確在什么時(shí)間該融資，融多少，以此來維持公司穩(wěn)健的資金流，同時(shí)又能兼顧與公司估值的合理平衡。

Great diminishing effect. However, the role of capital in the expansion of enterprises is self-evident, and the financing market is changing rapidly. Therefore, the founder needs to carefully measure and plan, clearly determine when and how much to finance, so as to maintain the company's stable capital flow, while taking into account the reasonable balance with the company's valuation.

當(dāng)然這也需要?jiǎng)?chuàng)始人去爭取盡可能多的投票權(quán)。投票權(quán)與股份份額并非--對(duì)應(yīng)或不可分離，創(chuàng)始人可以通過上述方式爭取控制其他股東的投票權(quán)，從而維持公司穩(wěn)定的控制權(quán)。更多相關(guān)事項(xiàng)就來我們網(wǎng)站http://zhenzhush.com咨詢到！

Of course, it also requires the founders to strive for as many voting rights as possible. The voting rights and share shares are not -- corresponding or inseparable. The founder can strive to control the voting rights of other shareholders through the above methods, so as to maintain the stable control of the company. Come to our website for more relevant matters http://zhenzhush.com Consult!