我们在谈论股权的时候，通常会谈到什么呢？总的来说，主要是谈论股权架构、股权运作、股权激励这三个与股权有关的话题。

What do we usually talk about when we talk about equity? Generally speaking, it mainly talks about three topics related to equity: equity structure, equity operation and equity incentive.

其中，股权架构是在企业初创时必然要面对一个问题，主要涉及股权比例的分配、持股主体的选择、表决权的约定等内容。在公司注册成立后经营过程中，企业必须要面对两个无法回避的问题：

Among them, the equity structure is a problem that enterprises must face when they start up, mainly involving the distribution of equity proportion, the selection of shareholding subjects, the agreement on voting rights and so on. In the business process after the incorporation of the company, the enterprise must face two unavoidable problems:

一个是资金的问题，

One is the issue of funds,

一个是人才的问题，

One is the problem of talents,

股权运作是解决股权投融资的问题，股权激励则是解决公司留住和吸引人才的问题。本文主要探讨的是如何通过股权顶层架构设计保障控制权和实现节税。大部分老板家对于公司股权架构的设计并不重视，甚至有些老板家不知道股权架构的内涵，简单地认为股权架构就是公司股权比例的分配，并未认识到公司股权顶层架构的设计对于保障创始人对公司的控制权和降低股东的税负有着非常重要的意义。

Equity operation is to solve the problem of equity investment and financing, and equity incentive is to solve the problem of retaining and attracting talents. This paper mainly discusses how to ensure control and realize tax saving through equity top-level architecture design. Most bosses do not pay attention to the design of the company's equity structure, and even some bosses do not know the connotation of the equity structure. They simply think that the equity structure is the distribution of the company's equity proportion, and do not realize that the design of the company's equity top-level structure is of great significance to protect the founders' control over the company and reduce the tax burden of shareholders.

针对老板家们普遍对于股权架构顶层设计的价值与意义认知不够的实际情况，为让老板家们认清股权顶层架构设计的现实必要性，本文将结合笔者多年的股权咨询和服务的实战经验，从控制权和税 务成本两个维度来解析如何进行股权架构设计，以期对老板家朋友产生有益的启发和思考。

In view of the fact that bosses generally do not know enough about the value and significance of equity structure top-level design, in order to make bosses understand the practical necessity of equity top-level structure design, this paper will analyze how to carry out equity structure design from the two dimensions of control right and tax cost in combination with the author's many years of practical experience in equity consultation and service, In order to have beneficial inspiration and thinking for the boss's family and friends.

一、企业进行股权架构设计的意义股权架构是公司治理的源头，良好的股权架构将为公司管理、决策以及开展股权激励和股权融资奠定坚实的基础；如果股权架构存在隐患，那么随着公司发展，股东之间往往会产生分歧和矛盾，甚至产生控制权纠 纷。现实中，诸如“真功夫”、“雷士照明”、“当当网”等企业出现的悲剧大家都耳熟能详，根本原因是股权架构设计存在缺 陷。

1、 The significance of equity structure design of enterprises. Equity structure is the source of corporate governance. A good equity structure will lay a solid foundation for corporate management, decision-making, equity incentive and equity financing; If there are hidden dangers in the ownership structure, with the development of the company, there will often be differences and contradictions among shareholders, and even control disputes. In reality, we are familiar with the tragedies of enterprises such as "real kung fu", "Rex lighting" and "Dangdang". The fundamental reason is the defects in the design of equity structure.

二、通过股权架构设计可保障公司控制权老 板家实现公司控制权的方式主要包括内部控制和外部架构控制，内部控制可以通过股权控制、协议和章程控制、董事会控制等方式实现，外部控制包括控股公司金字塔杠杆架构和有限合伙企业架构。

2、 Through the equity structure design, the company's control right can be guaranteed. The ways for the boss to realize the company's control right mainly include internal control and external structure control. Internal control can be realized through equity control, agreement and articles of association control, board of directors control, etc. external control includes pyramid leverage structure of holding company and limited partnership structure.