任何好的設(shè)計(jì)一定有一個原則，股權(quán)也是。在這個原則框里，填充自己企業(yè)的血肉，才能形成一個很好的股權(quán)設(shè)計(jì)。在此，我們提出以下五項(xiàng)基本原則：

There must be a principle for any good design, and so is equity. In this principle box, fill the flesh and blood of your own enterprise to form a good equity design. Here, we propose the following five basic principles:

一、股權(quán)比例適當(dāng)原則的具體內(nèi)容

1、 Specific content of the principle of appropriate equity ratio

二、明確公司內(nèi)部角色原則

2、 Clarify the principle of internal role of the company

一開始公司有幾種角色必須要清晰而明確--創(chuàng)始人、聯(lián)合創(chuàng)始人、員工、外部投資人。創(chuàng)始人和聯(lián)合創(chuàng)始人必須要全職投入。在一個創(chuàng)始團(tuán)隊(duì)中，既扮演出資人，又提供部分資源，有時候還協(xié)助處理公司事務(wù)的人，是麻煩的。作為投資人，不管幫助創(chuàng)業(yè)團(tuán)隊(duì)做了多少事，都是資本的增值部分，不能在投資人和創(chuàng)始人之間來回騎墻。

At the beginning, the company has several roles that must be clear and clear -- founder, co-founder, employee, and external investor. Founders and co-founders must invest full-time. In a founding team, it is troublesome to act as a performer, provide some resources, and sometimes assist in handling company affairs. As an investor, no matter how much we have done to help the entrepreneurial team, it is the value-added part of the capital, and we cannot ride the wall between the investor and the founder.

三、股權(quán)架構(gòu)干凈原則

3、 Principle of clean equity structure

股權(quán)架構(gòu)一定要干凈，不能特別復(fù)雜。一個創(chuàng)業(yè)公司的股權(quán)應(yīng)該有三類：創(chuàng)始人的股權(quán)、員工的期權(quán)和投資人的股權(quán)。創(chuàng)始人可以出資也可以不出資，因?yàn)閯?chuàng)始人是以過去的經(jīng)驗(yàn)、資源以及未來對公司的全職投入作為條件來換得公司股權(quán)的，而且按照一般的股權(quán)投資規(guī)則，創(chuàng)始人出小錢或不出錢占大股，投資人出大錢占小股。

The equity structure must be clean and not particularly complex. There are three types of equity in a start-up company: the equity of the founder, the option of the employee and the equity of the investor. Founders can contribute or not, because the founders get the company's equity based on their past experience, resources and full-time investment in the company in the future. According to the general rules of equity investment, the founders pay small or no money to account for large shares, while the investors pay large money to account for small shares.

四、明確股權(quán)的權(quán)和利原則

4、 Clarify the principle of equity rights and interests

股權(quán)有兩個核心利益：一是投票權(quán)，這是“權(quán)”；二是利益分配，就是收益權(quán)，這是“利”。大家都競爭投票權(quán)，因?yàn)橥镀睓?quán)決定分配權(quán)。例如萬科，誰成為一大股東，誰就有權(quán)改組董事會，改組經(jīng)理層班子。

Equity has two core interests: one is the right to vote, which is "right"; The second is the distribution of benefits, that is, the right to benefit, which is "benefit". Everyone competes for voting rights, because voting rights determine distribution rights. For example, Vanke, who becomes a major shareholder, has the right to reorganize the board of directors and the management team.

五、避免兩種極端的股權(quán)架構(gòu)

5、 Avoid two extreme equity structures

一種是一股獨(dú)大，典型的就是家族企業(yè)，要么法律上只有一個股東，要么在法律上體現(xiàn)的是兩個人，但其實(shí)都是一家人；另一種是高度分散，典型代表是華為，是全員持股。

One is that one share is dominant, which is typically a family business. Either there is only one shareholder in law, or there are two people in law, but they are all one family; The other is highly dispersed. The typical representative is Huawei, which is fully owned.

一股獨(dú)大帶來的問題是實(shí)現(xiàn)不了生產(chǎn)資料的社會化。因?yàn)橹挥泄蓹?quán)分散，獲得融資并且上市，形成多元化的股權(quán)架構(gòu)，才能稱得上是一個社會化企業(yè)。如果你拒絕改制，拒絕開放股權(quán)，很容易就形成一個企業(yè)的天花板。因?yàn)橘Y本進(jìn)不來，先進(jìn)理念進(jìn)不來，人才進(jìn)不來，就形成了一個封閉體系，這樣的企業(yè)長不大。

The problem brought about by the dominance of a company is that it cannot realize the socialization of the means of production. Because only when equity is dispersed, financing is obtained and listed, and a diversified equity structure is formed, can it be called a socialized enterprise. If you refuse to reform the system and open the equity, it is easy to form a ceiling of the enterprise. Because capital can't come in, advanced ideas can't come in, and talents can't come in, a closed system has been formed. Such enterprises will not grow.

比較理想的狀態(tài)是，主導(dǎo)者能作為一個相對的大股東，在天使輪的時候要控股，后面在不斷稀釋中，要保持相對控股權(quán)。如果個人不行的話，一定要把團(tuán)隊(duì)形成“一致行動人”，把投票權(quán)放你手里，你來決策。更多相關(guān)內(nèi)容就來我們網(wǎng)站http://m.lfttpm.com咨詢吧！

The ideal state is that the leader, as a relatively large shareholder, should hold the shares in the angel round, and then maintain the relative control in the continuous dilution. If you can't do it personally, you must form a "concerted action person" in the team, put the voting right in your hands, and make decisions. Come to our website for more relevant content http://m.lfttpm.com Ask!