企业投资各方的股权比例及表决权安排被称为股权设计或股权顶层设计。很多人把股权设计夸大成了“股权决定论”，认为股权设计决定着企业的前途命运。股权设计的本质是合伙关系设计。合伙关系设计属于团队建设领域，因此股权设计一定遵循团队建设的基本规律，这就是股权设计的真实逻辑。

The equity ratio and voting right arrangement of all parties in an enterprise is called equity design or equity top-level design. Many people exaggerate the equity design as "equity determinism", and think that equity design determines the future of enterprises. The essence of equity design is partnership design. Partnership design belongs to the field of team building, so equity design must follow the basic law of team building, which is the real logic of equity design.

随着“大众创业，万众创新”大潮的兴起，人们对股权越来越熟悉，也越来越重视。企业投资各方的股权比例及表决权安排被称为股权设计或股权顶层设计，良好的股权设计对企业的稳定与长远发展十分很重要。

With the rise of the tide of "mass entrepreneurship and innovation", people are more and more familiar with equity and pay more and more attention to it. The equity ratio and voting right arrangement of all investors in an enterprise is called equity design or equity top-level design. Good equity design is very important for the stability and long-term development of an enterprise.

但是，市场上很多人把股权设计的重要性无限夸大了，把股权设计当成决定企业生死存亡、前途命运的要素，这种“股权决定论”的观点没有抓住事物的本质，仅仅停留于表象，是肤浅的、错误的。按照“股权决定论”的指引反而会把企业带到坑里去。

However, many people in the market exaggerate the importance of equity design. They regard equity design as the key factor to determine the life and death of an enterprise and its future. This "equity determinism" does not grasp the essence of things and only stays on the surface, which is superficial and wrong. According to the guidelines of "equity determinism", enterprises will be brought to the pit instead.

股权设计的本质就是它是合伙关系的外部展现形式，也可以说股权设计是合伙关系的表象。合伙关系是股权设计的内核，股权设计是合伙关系的外在形式。这两个东西不是独立平等存在的，合伙关系是本，股权设计是末，不可本末倒置。

The essence of equity design is that it is the external manifestation of partnership. It can also be said that equity design is the representation of partnership. Partnership is the core of equity design, and equity design is the external form of partnership. These two things do not exist independently and equally. Partnership is the foundation and equity design is the end. We should not put the cart before the horse.

但是，有人却认为“股权设计和合伙制两者都是企业的顶层设计”，这就是把股权设计与合伙关系相提并论了，这个说法是错误的。合伙关系决定着股权设计，股权设计一定服从于合伙关系，有什么样的合伙关系就有什么样的股权设计。只有相互认同的人才能拥有同一企业股权，与企业控制人认同度高的人可以多持有股权并且可以直接持有股权，与企业控制人认同度低的人应当少持有股权并且间接持有股权。这些都是合伙关系决定股权设计的具体表现。

However, some people think that "equity design and partnership are both top-level design of enterprises", which is to compare equity design with partnership. This is wrong. Partnership determines the design of equity, equity design must be subject to partnership, what kind of partnership has what kind of equity design. Only those who identify with each other can own the same enterprise equity. Those who have a high degree of identification with the enterprise controller can hold more equity and directly, while those who have a low degree of identification with the enterprise controller should hold less equity and indirectly. All of these are the concrete manifestation that the partnership decides the equity design.

合伙关系不是千篇一律的，而是五光十色的，不同的当事人之间形成不同的合伙关系。例如紧密合伙关系与松散合伙关系，长期合伙关系与短期合伙关系，内部合伙关系与外部合伙关系。重要的合伙关系划分标准是核心价值观认同度。

Partnership is not uniform, but colorful. Different parties form different partnerships. For example, close partnership and loose partnership, long-term partnership and short-term partnership, internal partnership and external partnership. An important criterion of partnership is the recognition of core values.