股权设计，就是企业顶层设计中非常重要的一环。股权结构如何划分需要在企业创立初期就有明确的标准。虽然，在股权设计的过程中可以有调整和谈判的空间，但是从大方向上来看，设计的结果是不可逆的，对于企业而言只有一次沟通的机会。

Equity design is a very important part of enterprise top-level design. How to divide the ownership structure needs to have clear standards in the early stage of enterprise establishment. Although there is room for adjustment and negotiation in the process of equity design, from the general direction, the result of design is irreversible, and there is only one chance for enterprises to communicate.

企业在初创期时，相对而言处于一个静态封闭的环境，即使只有简单粗糙的设计方案，也可以轻松地平衡创始人和股东们之间的利益。但随着企业开始成长，不断引进新的投资方，股权设计的缺失将会成为企业走向失败的导火索。

In the initial stage, the enterprise is relatively in a static and closed environment. Even if there are only simple and rough design schemes, it can easily balance the interests of founders and shareholders. However, with the growth of enterprises and the continuous introduction of new investors, the lack of equity design will become the fuse for enterprises to fail.

目前，根据众多企业的股权设计案例，大致可以分为以下四种股权结构：高度集中型、高度分散型、平均分配型、相互制衡型。

At present, according to the equity design cases of many enterprises, it can be roughly divided into the following four equity structures: highly centralized, highly decentralized, average distribution and mutual checks and balances.

一、高度集中型

1、 Highly concentrated

这样的股权结构让控股股东对公司拥有控制权，一定程度上，确实可以提高公司的决策效率。同时，股权的集中也使得大股东有足够的动机和能力增加对管理层的监督，有用解决双方存在的代理问题以及降低代理成本。

This ownership structure allows the controlling shareholders to have control over the company, which can indeed improve the decision-making efficiency of the company to a certain extent. At the same time, the concentration of equity also makes the major shareholders have sufficient motivation and ability to increase the supervision of the management, effectively solve the agency problems between the two sides and reduce the agency cost.

二、高度分散型

2、 Highly dispersed

直观来看，大量股东持有公司股权可以降低公司股份的流动性风险，从而带来良好的流动性收益。同时，在这种情况下，股东们持有的股权份额相近，权利相当，从而在股东间自动形成一种制衡机制，确保公司决策的民 主性。

Intuitively, a large number of shareholders holding the company's equity can reduce the liquidity risk of the company's shares, so as to bring good liquidity income. At the same time, in this case, shareholders hold similar equity shares and equal rights, so as to automatically form a check and balance mechanism among shareholders to ensure the democracy of the company's decision-making.

三、平均分配型

3、 Average distribution type

表面上看，平均分配股权代表了创始人追求公平公正的决心，但实际上却埋藏着两个巨大的隐患。，当面对公司的重大经营决策时，拥有相同股权的股东如果意见无法统一，容易使决策讨论陷入僵局，往往会错失业务发展的机遇。其次，随着公司后期的不断融资，平均股权的设计很容易使创始人的股权比例被不断稀释，从而丧失了对公司的控制权和话语权。

On the surface, the equal distribution of equity represents the founder's determination to pursue fairness and justice, but in fact, there are two huge hidden dangers. First of all, when facing the company's major business decisions, if the opinions of shareholders with the same equity cannot be unified, it is easy to make the decision-making discussion deadlock and often miss the opportunity of business development. Secondly, with the continuous financing of the company in the later stage, the design of average equity can easily dilute the founder's equity ratio, thus losing the control and discourse right of the company.

四、相互制衡型

4、 Mutual check and balance type

这样一来，由于股权的相对集中，提高了大股东们加强监督公司的经营管理意识，减少了经营团队和股东们之间的代理摩擦和成本。另一方面，由于大股东们自身的股权利益分配不均衡，所以无形中也会形成彼此相互制衡约束的机制，从而有效避免了大股东之间相互勾结，损害其他中小股东利益的情况发生。

In this way, due to the relative concentration of equity, the major shareholders' awareness of strengthening the supervision of the company's operation and management is improved, and the agency friction and cost between the management team and shareholders are reduced. On the other hand, due to the unbalanced distribution of equity interests of major shareholders, a mechanism of mutual checks and balances will be formed, which can effectively avoid collusion between major shareholders and damage the interests of other small and medium-sized shareholders.