巧妙應(yīng)對股權(quán)稀釋，穩(wěn)固控制權(quán)?

Cleverly deal with equity dilution and stabilize control

隨著山東成長型企業(yè)不斷發(fā)展，融資成為擴大規(guī)模、提升競爭力的必然選擇，但也帶來股權(quán)稀釋風(fēng)險。以濟南一家快速崛起的互聯(lián)網(wǎng)電商企業(yè)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(quán)。為確保創(chuàng)始人團隊對企業(yè)的控制權(quán)，創(chuàng)始人之間簽訂了一致行動人協(xié)議，在股東會重大決策上保持統(tǒng)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(xù)融資規(guī)劃中，企業(yè)精準(zhǔn)把握融資節(jié)奏，根據(jù)業(yè)務(wù)發(fā)展需求和市場估值，合理確定每次融資的額度和出讓股權(quán)比例。在 B 輪融資時，僅出讓 10% 股權(quán)，引入戰(zhàn)略投資者，不僅獲得充足資金用于拓展業(yè)務(wù)，還成功將戰(zhàn)略投資者的行業(yè)資源整合進企業(yè)發(fā)展體系。而在泰安，一些成長型企業(yè)因缺乏對股權(quán)稀釋的前瞻性規(guī)劃，在多輪融資后，創(chuàng)始人股權(quán)被過度稀釋，失去對企業(yè)的實際控制權(quán)，企業(yè)發(fā)展方向也隨之偏離原有戰(zhàn)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(zhàn)略轉(zhuǎn)型，動態(tài)調(diào)整股權(quán)?

Aligning with strategic transformation and dynamically adjusting equity

當(dāng)企業(yè)戰(zhàn)略轉(zhuǎn)型或業(yè)務(wù)拓展時，股權(quán)結(jié)構(gòu)需同步優(yōu)化。威海一家傳統(tǒng)服裝制造企業(yè)，在面對行業(yè)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(zhuǎn)型。為此，企業(yè)引入一家擁有先進智能制造技術(shù)的戰(zhàn)略投資者，并向其出讓 12% 股權(quán)，獲得關(guān)鍵技術(shù)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(nèi)部團隊積極參與轉(zhuǎn)型，企業(yè)從預(yù)留股權(quán)池中拿出 8% 股權(quán)，對核心技術(shù)人員和業(yè)務(wù)骨干實施股權(quán)激勵。通過股權(quán)結(jié)構(gòu)的調(diào)整，企業(yè)順利實現(xiàn)戰(zhàn)略轉(zhuǎn)型，產(chǎn)品附加值大幅提升，市場份額不斷擴大。而在日照，有企業(yè)在拓展新業(yè)務(wù)時，未能及時根據(jù)新業(yè)務(wù)特點和戰(zhàn)略需求調(diào)整股權(quán)結(jié)構(gòu)，導(dǎo)致新業(yè)務(wù)缺乏足夠的資源投入和團隊激勵，最終新業(yè)務(wù)拓展失敗，錯失發(fā)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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