股权架构是公司治理结构的基础，不同的股权结构将影响公司的行为和绩效。常用的股权主体架构有自然人直接架构、控股公司架构、有限合伙架构三种。下面小编就对于前两种进行一个分析：

Ownership structure is the basis of corporate governance structure, different ownership structure will affect the behavior and performance of the company. There are three kinds of common equity subject structure: direct structure of natural person, holding company structure and limited partnership structure. The following is an analysis of the first two

一、自然人直接架构

1、 Direct structure of natural person

在本架构中，自然人直接持有公司的股权，其优缺点也都比较明显。

In this framework, natural person directly holds the equity of the company, and its advantages and disadvantages are obvious.

优点：

advantage:

1、自然人直接持股，架构简单、直接；

1. The structure is simple and direct;

2、股东皆为自然人，在公司日常管理、法律处理上无差别；

2. The shareholders are all natural persons, and there is no difference in the daily management and legal treatment of the company;

3、自然人股东在转让公司股权时，税负较低且可预期；

3. When the natural person shareholder transfers the company's equity, the tax burden is low and predictable;

4、如果未来上市，便于股东投资，股东可以选择在有税收优惠的地点进行减持，税负更低。

4. If listed in the future, it is convenient for shareholders to invest, and shareholders can choose to reduce their holdings in places with tax incentives, so the tax burden is lower.

缺点：

Disadvantages:

1、股权较为分散、不利于控制权的集中；

1. The ownership is scattered, which is not conducive to the concentration of control;

2、不利于使用杠杆对企业进行控制；

2. It is not conducive to the use of leverage to control the enterprise;

3、对于长线投资者来说，每次分红必须要缴纳“股息红利所得”，才能将资金做其他用途，税负较高。

3. For long-term investors, each dividend must pay "dividend income", in order to use the funds for other purposes, the tax burden is higher.

该股权架构适用于创业初期公司，公司只有少数几个股东，每个人承担的责任和享受的权利清晰明确；因为低税收性，也适用于股东计划上市后的拟上市公司。

The equity structure is applicable to the initial stage of the company, the company has only a few shareholders, and the responsibilities and rights of each person are clear; because of the low tax nature, it is also applicable to the company to be listed quickly after the shareholders plan to be listed.

二、控股公司架构

2、 Structure of holding company

在本架构过程中，自然人不直接持有公司的股权，而是利用中间几层架构对目标公司进行控制，其优缺点分析如下。

In the process of this structure, the natural person does not directly hold the equity of the company, but uses the intermediate structure to control the target company. Its advantages and disadvantages are analyzed as follows.

优点：

advantage:

1、如上图，自然人持有x公司51%股权，x公司持有xx公司51%股权，xx公司持有xx1公司51%股权，相当于自然人只持有xx1公司13.26%（0.51*0.51*0.51）的股权，实现对xx1公司的控制。通过中间几层架构，可以利用股权杠杆提升对公司的控制力；

1. As shown in the figure above, natural person holds 51% equity of company X, company X holds 51% equity of company XX, and company XX holds 51% equity of company xx1, which is equivalent to natural person only holding 13.26% (0.51 * 0.51 * 0.51) equity of company xx1, realizing the control of company xx1. Through the middle structure, we can use equity leverage to enhance the control of the company;

2、多个业务板块（xx1、xx2等）可以分别运作，方便后续的上市资本运作；

2. Multiple business sectors (xx1, XX2, etc.) can operate separately to facilitate the subsequent operation of listed capital;

3、对于长线投资者来说，持股公司享受的分红无需缴纳“股息红利所得”，可以将该部分收益进行再次投资；

3. For long-term investors, the dividends enjoyed by the holding company do not need to pay "dividend income", which can be reinvested;

4、可以将部分板块业务（例：xx2等）进行打包，不影响整体架构。

4. You can package part of the business (for example, XX2, etc.) without affecting the overall architecture.

缺点：

Disadvantages:

1、自然人股东退出时税负非常高，持股公司转让标的公司的股权，缴纳企业所得税后，还要代扣代缴“股息红利所得”个人所得税，才能将收益分配到自然人股东；

1. When natural person shareholders withdraw, the tax burden is very high. When the holding company transfers the stock right of the target company, it has to pay the enterprise income tax and the individual income tax of "dividend income" to distribute the income to the natural person shareholders;

2、该架构缺少灵活性，如无法设计员工的股权激励持股平台等；

2. The structure is lack of flexibility, such as unable to design employee equity incentive shareholding platform;

该架构过于稳定，适合有多个业务板块的打算长期持股发展的家族式企业。

The structure is too stable and suitable for family enterprises with multiple business sectors that intend to hold shares for a long time.