濟(jì)南股權(quán)架構(gòu)設(shè)計(jì)的常見(jiàn)模式?

Common patterns of equity structure design in Jinan

金字塔型股權(quán)架構(gòu)?

Pyramid shaped equity structure

這種架構(gòu)以大股東為核心，通過(guò)層層控股的方式控制企業(yè)。在濟(jì)南的大型企業(yè)集團(tuán)中較為常見(jiàn)，例如部分房地產(chǎn)企業(yè)，大股東通過(guò)設(shè)立多層子公司，以較少的資金實(shí)現(xiàn)對(duì)龐大業(yè)務(wù)體系的控制。金字塔型架構(gòu)有利于大股東集中股權(quán)，實(shí)現(xiàn)對(duì)企業(yè)的絕對(duì)控制，但也存在股權(quán)杠桿過(guò)高、小股東利益易受侵害等問(wèn)題，需在設(shè)計(jì)時(shí)通過(guò)完善的公司治理機(jī)制加以平衡。?

This architecture centers around the major shareholder and controls the enterprise through layers of control. It is common in large enterprise groups in Jinan, such as some real estate companies, where major shareholders establish multi-level subsidiaries to achieve control over a large business system with less capital. The pyramid structure is beneficial for major shareholders to concentrate their equity and achieve absolute control over the enterprise, but it also has problems such as high equity leverage and vulnerable interests of minority shareholders, which need to be balanced through a sound corporate governance mechanism during design. ?

分散型股權(quán)架構(gòu)?

Decentralized equity structure

一些新興的濟(jì)南科創(chuàng)企業(yè)或文創(chuàng)企業(yè)，為激發(fā)團(tuán)隊(duì)成員的積極性，采用分散型股權(quán)架構(gòu)。多個(gè)核心成員股權(quán)比例相對(duì)接近，共同參與企業(yè)決策。這種架構(gòu)能充分發(fā)揮團(tuán)隊(duì)成員的主觀能動(dòng)性，但也可能導(dǎo)致決策效率低下、缺乏核心決策人等問(wèn)題。因此，通常會(huì)配套建立有效的議事規(guī)則和決策機(jī)制，如通過(guò)公司章程約定重大事項(xiàng)的決策流程，確保企業(yè)運(yùn)營(yíng)有序。?

Some emerging Jinan science and technology innovation enterprises or cultural and creative enterprises adopt a decentralized equity structure to stimulate the enthusiasm of team members. Multiple core members have relatively similar equity ratios and jointly participate in corporate decision-making. This architecture can fully leverage the subjective initiative of team members, but it may also lead to issues such as low decision-making efficiency and a lack of core decision-makers. Therefore, effective rules of procedure and decision-making mechanisms are usually established, such as the decision-making process for major issues agreed upon through the company's articles of association, to ensure orderly operation of the enterprise. ?

有限合伙持股平臺(tái)架構(gòu)?

Structure of Limited Partnership Shareholding Platform

濟(jì)南不少企業(yè)選擇設(shè)立有限合伙持股平臺(tái)來(lái)進(jìn)行股權(quán)架構(gòu)設(shè)計(jì)。將員工持股、外部投資者等集中在有限合伙企業(yè)中，由企業(yè)創(chuàng)始人或核心管理團(tuán)隊(duì)擔(dān)任普通合伙人（GP），掌握控制權(quán)；其他股東作為有限合伙人（LP），僅享有收益權(quán)，不參與企業(yè)決策。這種架構(gòu)既能實(shí)現(xiàn)股權(quán)的集中管理，又便于進(jìn)行股權(quán)激勵(lì)和融資，在濟(jì)南的科技型中小企業(yè)中應(yīng)用廣泛。

Many enterprises in Jinan choose to establish limited partnership shareholding platforms for equity structure design. Concentrate employee shareholding, external investors, etc. in a limited partnership enterprise, with the founder or core management team serving as the general partner (GP) and holding control; Other shareholders, as limited partners (LPs), only enjoy the right to profits and do not participate in corporate decision-making. This architecture not only enables centralized management of equity, but also facilitates equity incentives and financing, and is widely used in technology-based small and medium-sized enterprises in Jinan.

濟(jì)南股權(quán)架構(gòu)設(shè)計(jì)的核心要點(diǎn)?

The core points of equity structure design in Jinan

結(jié)合企業(yè)發(fā)展階段規(guī)劃?

Combining enterprise development stage planning

企業(yè)不同發(fā)展階段對(duì)股權(quán)架構(gòu)的需求不同。初創(chuàng)期，濟(jì)南企業(yè)需明確核心創(chuàng)始人的股權(quán)比例，確保其對(duì)企業(yè)的絕對(duì)控制權(quán)，同時(shí)預(yù)留一定股權(quán)用于吸引早期人才和投資者；成長(zhǎng)期，隨著業(yè)務(wù)擴(kuò)張和融資需求增加，要合理稀釋股權(quán)，引入戰(zhàn)略投資者和優(yōu)秀人才，此時(shí)可通過(guò)股權(quán)架構(gòu)調(diào)整優(yōu)化治理結(jié)構(gòu)；成熟期，企業(yè)可考慮通過(guò)股權(quán)架構(gòu)設(shè)計(jì)進(jìn)行產(chǎn)業(yè)整合、資本運(yùn)作，如設(shè)立子公司、開(kāi)展并購(gòu)等。?

The demand for equity structure varies among different stages of enterprise development. In the start-up stage, Jinan enterprises need to clarify the equity ratio of their core founders to ensure their absolute control over the enterprise, while reserving a certain amount of equity to attract early talent and investors; During the growth period, as business expansion and financing demand increase, it is necessary to dilute equity reasonably and introduce strategic investors and outstanding talents. At this time, the governance structure can be optimized through equity structure adjustment; In the mature stage, enterprises can consider industrial integration and capital operation through equity structure design, such as setting up subsidiaries, conducting mergers and acquisitions, etc. ?

平衡各方利益訴求?

Balance the interests and demands of all parties involved

股權(quán)架構(gòu)設(shè)計(jì)要兼顧創(chuàng)始人、合伙人、員工、投資者等各方利益。對(duì)于創(chuàng)始人，需確保其對(duì)企業(yè)的控制權(quán)和決策權(quán)；對(duì)于合伙人，要根據(jù)其貢獻(xiàn)大小合理分配股權(quán)；對(duì)于員工，通過(guò)股權(quán)激勵(lì)計(jì)劃將員工利益與企業(yè)發(fā)展綁定；對(duì)于投資者，要保障其合理的收益預(yù)期和參與企業(yè)決策的權(quán)利。例如，濟(jì)南一家餐飲連鎖企業(yè)在股權(quán)架構(gòu)設(shè)計(jì)中，根據(jù)合伙人在品牌創(chuàng)立、市場(chǎng)拓展、技術(shù)研發(fā)等方面的不同貢獻(xiàn)，確定差異化的股權(quán)分配方案，同時(shí)設(shè)置員工持股平臺(tái)，激發(fā)員工積極性，實(shí)現(xiàn)各方利益的平衡。?

The design of equity structure should take into account the interests of founders, partners, employees, investors and other parties. For founders, it is necessary to ensure their control and decision-making power over the enterprise; For partners, equity should be allocated reasonably based on their contribution size; For employees, linking their interests with the development of the company through equity incentive plans; For investors, it is important to ensure their reasonable expected returns and their right to participate in corporate decision-making. For example, in the equity structure design of a catering chain enterprise in Jinan, a differentiated equity distribution plan is determined based on the different contributions of partners in brand establishment, market expansion, technology research and development, etc. At the same time, an employee shareholding platform is set up to stimulate employee enthusiasm and achieve a balance of interests among all parties. ?

遵循法律法規(guī)與政策導(dǎo)向?

Adhere to laws, regulations, and policy guidance

濟(jì)南企業(yè)在進(jìn)行股權(quán)架構(gòu)設(shè)計(jì)時(shí)，必須嚴(yán)格遵循國(guó)家法律法規(guī)和地方政策要求。在股權(quán)分配、股權(quán)轉(zhuǎn)讓、股權(quán)激勵(lì)等方面，要符合《公司法》《證券法》等相關(guān)法律規(guī)定。同時(shí)，關(guān)注濟(jì)南本地的產(chǎn)業(yè)政策和扶持措施，例如在新舊動(dòng)能轉(zhuǎn)換政策支持下，符合條件的企業(yè)可通過(guò)合理的股權(quán)架構(gòu)設(shè)計(jì)，更好地享受政策紅利，實(shí)現(xiàn)企業(yè)發(fā)展與政策導(dǎo)向的契合。

Jinan enterprises must strictly comply with national laws, regulations, and local policy requirements when designing their equity structure. In terms of equity distribution, equity transfer, equity incentives, etc., they must comply with relevant laws and regulations such as the Company Law and the Securities Law. At the same time, attention should be paid to the local industrial policies and support measures in Jinan. For example, under the support of the new and old kinetic energy conversion policies, eligible enterprises can better enjoy policy dividends through reasonable equity structure design, and achieve the alignment between enterprise development and policy guidance.

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