企業(yè)發(fā)展到一定階段，常面臨業(yè)務多元化與專業(yè)化之間的抉擇。將龐大業(yè)務體系拆分為獨立運營單元，既能提升各板塊靈活性，又能聚焦資源實現(xiàn)突破。但拆分不是簡單的“分家”，股權架構設計是貫穿始終的“隱形紐帶”。

　　Enterprises often face a choice between business diversification and specialization when they reach a certain stage of development. Breaking down the massive business system into independent operational units can not only enhance the flexibility of each sector, but also focus on resources to achieve breakthroughs. But splitting is not a simple "separation", the design of equity structure is the "invisible link" that runs through the entire process.

　　一、業(yè)務拆分的股權邏輯

　　1、 The equity logic of business splitting

　　業(yè)務拆分的本質是價值重構。企業(yè)需將原有股權結構“解構”，再根據(jù)新業(yè)務定位、資金需求、團隊貢獻等因素重新“編織”。這一過程需平衡三重關系：

　　The essence of business segmentation is value reconstruction. Enterprises need to "deconstruct" their original equity structure and then "weave" it again based on factors such as new business positioning, funding needs, and team contributions. This process requires balancing three relationships:

　　母體與新生體的權責邊界

　　The boundary of rights and responsibilities between the mother body and the newborn body

　　明確母公司對拆分業(yè)務的控制權邊界（如絕對控股、相對控股或戰(zhàn)略參股），避免“管得過死”或“放任自流”。

　　Clearly define the control boundary of the parent company over the split business (such as absolute control, relative control, or strategic equity participation), to avoid "excessive control" or "letting it go".

　　通過章程約定重大事項決策機制（如融資、并購、核心人員任命），確保戰(zhàn)略協(xié)同。

　　By establishing a decision-making mechanism for major matters (such as financing, mergers and acquisitions, and appointment of core personnel) through the articles of association, strategic synergy is ensured.

　　新老股東的利益平衡

　　Balancing the interests of new and old shareholders

　　拆分可能涉及原有股東權益稀釋，需設計過渡方案（如老股東優(yōu)先認購權、業(yè)績對賭補償）。

　　Splitting may involve dilution of existing shareholders' equity, and a transitional plan needs to be designed (such as preferential subscription rights for existing shareholders and performance based compensation).

　　引入新投資者時，需評估其資源匹配度，避免“為融資而融資”。

　　When introducing new investors, it is necessary to evaluate their resource matching and avoid "financing for the sake of financing".

　　團隊激勵的精準綁定

　　Accurate binding of team motivation

　　對拆分業(yè)務核心團隊，可設置“股權池+期權”組合，將個人收益與業(yè)務目標強關聯(lián)。

　　For splitting the core business team, a combination of "equity pool+options" can be set up to strongly link personal income with business goals.

　　考慮設置“回購條款”，若團隊未達約定目標，母公司有權按約定價格回購股權。

　　Consider setting up a 'repurchase clause', where the parent company has the right to repurchase equity at the agreed price if the team fails to achieve the agreed target.

　　二、股權定制的三大核心工具

　　2、 The three core tools for equity customization

　　分層持股架構

　　Layered shareholding structure

　　通過母公司→控股公司→業(yè)務公司的三層架構設計，實現(xiàn)：

　　Through the three-tier architecture design of parent company, holding company, and business company, achieve:

　　風險隔離：業(yè)務公司經(jīng)營風險被限制在控股公司層面，母公司資產(chǎn)安全邊際更高。

　　Risk isolation: The operational risks of the business company are limited to the level of the holding company, and the safety margin of the parent company's assets is higher.

　　稅務優(yōu)化：合理利用區(qū)域稅收政策，降低整體稅負。

　　Tax optimization: Reasonably utilize regional tax policies to reduce overall tax burden.

　　同股不同權設計

　　Same stock, different rights design

　　對需要保持控制權的業(yè)務（如核心技術板塊），可采用：

　　For businesses that require control (such as core technology sectors), the following can be used:

　　AB股計劃：母公司持有高表決權股份（如1股=10票），確保決策權不旁落。

　　AB Share Plan: The parent company holds high voting shares (e.g. 1 share=10 votes) to ensure that decision-making power is not sidelined.

　　一票否決權：對重大事項（如股權轉讓、對外擔保）保留否決權。

　　One vote veto power: The veto power is reserved for major matters such as equity transfer and external guarantees.

　　動態(tài)調整機制

　　Dynamic adjustment mechanism

　　業(yè)務拆分后，需建立股權與業(yè)績的聯(lián)動規(guī)則：

　　After the business split, it is necessary to establish linkage rules between equity and performance:

　　里程碑解鎖：設定營收、利潤、用戶數(shù)等指標，達標后逐步釋放股權。

　　Milestone unlocking: Set indicators such as revenue, profit, and user numbers, and gradually release equity after reaching the standards.

　　對賭回購條款：若團隊未達承諾目標，母公司有權按約定價格回購部分股權。

　　Repurchase clause: If the team fails to meet the promised target, the parent company has the right to repurchase a portion of the equity at the agreed price.

　　三、拆分中的隱性風險防控

　　3、 Hidden risk prevention and control in the process of splitting

　　知識產(chǎn)權歸屬

　　Ownership of intellectual property rights

　　提前明確拆分業(yè)務涉及的技術專利、商標、軟件的權屬，避免后續(xù)糾紛。

　　Clearly define the ownership of technology patents, trademarks, and software involved in the business split in advance to avoid subsequent disputes.

　　關聯(lián)交易規(guī)范

　　Related party transaction standards

　　母公司與拆分業(yè)務之間若存在采購、銷售等關聯(lián)交易，需制定公允定價規(guī)則，避免稅務風險。

　　If there are related transactions such as procurement and sales between the parent company and the split business, fair pricing rules must be established to avoid tax risks.

　　競業(yè)禁止協(xié)議

　　Non compete Agreement

　　對核心團隊成員，需簽署競業(yè)禁止協(xié)議，防止拆分后業(yè)務被復制或掏空。

　　For core team members, a non compete agreement must be signed to prevent the business from being copied or emptied after the split.

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