什么是股权架构设计？为什么需要股权架构设计？公司的股权代表了股东的“权”与“财”，好的股权架构设计，可以让公司的权力分配更为稳定，让公司的财富分配更为公平，股东作为公司的“大脑”，才能健康运作，带领公司稳定前行。如果股权架构设计出了问题，股东之间不可避免地会产生矛盾与纠纷，“大脑”瘫痪，公司就会出现停摆甚至亏损的风险。

　　What is equity structure design? Why is equity structure design necessary? The equity of a company represents the "power" and "wealth" of its shareholders. A well-designed equity structure can make the distribution of power and wealth more stable, and shareholders, as the "brain" of the company, can operate healthily and lead the company forward steadily. If there are problems with the equity structure design, conflicts and disputes between shareholders are inevitable, causing the "brain" to become paralyzed and the company to face the risk of shutdown or even losses.

　　因此，股权架构设计属于动态平衡的艺术，其并非静态的一成不变的股权比例设计，很多时候，公司在不同阶段出于不同的原因会对股权架构进行变更，目的是使公司的运作或股东的权利与利益达到现阶段的最优配置。所以，股权架构设计的难点，在于它没有“放之四海而皆准”的模板，而是应该根据公司股东、行业特点、发展阶段等情形进行动态调节。

　　Therefore, equity structure design belongs to the art of dynamic balance, which is not a static and unchanging equity ratio design. Often, companies will change their equity structure at different stages for different reasons, in order to achieve the optimal allocation of the company's operations or shareholders' rights and interests at the current stage. So, the difficulty of equity structure design lies in the fact that it does not have a universal template, but should be dynamically adjusted according to the company's shareholders, industry characteristics, development stage, and other situations.

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　　one

　　科技初创公司

　　Technology startups

　　如今社会已全面进入AI智能时代，科技类型的企业已然成为推动全社会智能化发展的核心力量，该类型的公司如雨后春笋般大量涌现，生存竞争压力巨大。大部分的科技初创公司，其核心竞争力往往源于创始团队的技术能力与创新思维，因此在股权架构设计上更注重对核心技术人员的绑定，亟需保证核心技术人员的控制权，以保证公司保持持续的竞争力。

　　Nowadays, society has fully entered the era of AI intelligence, and technology-based enterprises have become the core force driving the development of intelligence in the whole society. Companies of this type have sprung up like mushrooms after rain, and the pressure of survival competition is enormous. Most technology startups rely on the technical capabilities and innovative thinking of their founding teams as their core competitiveness. Therefore, in equity structure design, more emphasis is placed on the binding of core technical personnel, and it is urgent to ensure their control to maintain the company's sustained competitiveness.

　　※股权架构设计要点：生存优先，绑定“核心大脑”

　　Key points of equity structure design: prioritize survival and bind to the "core brain"

　　绝对控制权：《公司法》规定“股东会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，应当经代表三分之二以上表决权的股东通过。”因此，为了确保核心技术人员取得公司的绝对控制权，其持股比例应当超过三分之二，也即67%的股权。基于此，针对科技初创公司的股权架构设计，均围绕核心技术人员的持股比例大于或等于67%而进行。实践中，既可以让核心技术人员直接持股67%以上，也可以以核心技术人员实际控制的公司或有限合伙企业持股67%以上（主要是税收计算的不同，根据实际情况使用），另外还可以设计AB股架构，创始人持有每股享10票投票权，这样在创始人持股较少的情况下，也可以拥有实际控制权，该设计主要为融资做准备。

　　Absolute control: According to the Company Law, "resolutions made by the shareholders' meeting to amend the company's articles of association, increase or decrease registered capital, as well as resolutions to merge, split, dissolve or change the company's form, shall be passed by shareholders representing more than two-thirds of the voting rights." Therefore, in order to ensure that core technical personnel obtain absolute control of the company, their shareholding ratio should exceed two-thirds, that is, 67% of the equity. Based on this, the equity structure design for technology startups revolves around core technical personnel holding a shareholding ratio of 67% or greater. In practice, core technical personnel can directly hold more than 67% of the shares, or companies or limited partnerships actually controlled by core technical personnel can hold more than 67% of the shares (mainly due to differences in tax calculations, used according to actual situations). In addition, an AB share structure can be designed, where the founder holds 10 voting rights per share, so that they can also have actual control in situations where the founder holds less shares. This design is mainly used to prepare for financing.

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　　two

　　家族企业

　　family business

　　家族企业的特点在于血缘关系与企业治理的深度交织，公司治理既涉及商业利益，也涉及亲缘关系，在无法完全在商言商的情况下，容易产生股东之间因意见不合而“对人不对事”的情况，从而反目成仇。且该企业还要考虑代际传承中的权力交接与利益分配问题，而如何在代际更替中保持企业稳定与家族和谐，成为其股权架构设计的核心挑战。

　　The characteristic of family businesses lies in the deep interweaving of blood ties and corporate governance. Corporate governance involves both commercial interests and kinship relationships. In situations where business cannot be fully discussed, it is easy for shareholders to become enemies due to differences in opinions, resulting in conflicts of opinion. And the enterprise also needs to consider the issue of power transfer and benefit distribution in intergenerational succession, and how to maintain enterprise stability and family harmony in intergenerational succession has become the core challenge of its equity structure design.

　　※股权架构设计要点：传承为纲，平衡“情”与“理”

　　Key points of equity structure design: Inheritance as the foundation, balancing "emotion" and "reason"

　　一致行动人制度：为了避免家族成员之间因意见不合产生公司治理僵局，可以在家族核心决策成员与其他成员之间签署一致行动人协议。一致行动人协议系指各方股东同意在公司某些具体事务上保持一致行动，一致行使股东权利并承担股东义务，在向股东会、董事会行使提案权、表决权时保持一致等内容的协议。家族核心成员只要与其他家族成员签署协议，表决权合计三分之二，则可以相对保证家族核心成员的控制权，保持家族成员的行动一致。

　　The system of concerted action: In order to avoid corporate governance deadlock caused by disagreements among family members, a concerted action agreement can be signed between the core decision-making members of the family and other members. The concerted action agreement refers to an agreement among all shareholders to maintain consistent actions, exercise shareholder rights and assume shareholder obligations in certain specific matters of the company, and maintain consistency in exercising proposal and voting rights to the shareholders' meeting and board of directors. As long as the core members of the family sign an agreement with other family members, with a total voting power of two-thirds, they can relatively ensure the control of the core members of the family and maintain the consistency of their actions.

　　家族信托持股：家族信托，是指家族企业的股东作为委托人，出于财富保护或传承的目的，将其所拥有的股权委托给受托人，由受托人按照委托人的意愿以自己的名义，为受益人（通常是其他家族成员）的利益进行管理或处分的行为。家族信托持股的主要目的是将“权”与“财”进行分离，其他家族成员作为受益人，只享有财产收益权，不参与企业经营决策，避免因家族成员过多介入经营而引发治理冲突。

　　Family trust shareholding: Family trust refers to the act of a shareholder of a family business acting as a principal, entrusting their equity to a trustee for the purpose of wealth protection or inheritance, and the trustee managing or disposing of it in their own name for the benefit of the beneficiary (usually other family members) according to the wishes of the principal. The main purpose of holding shares in a family trust is to separate "rights" from "wealth", with other family members as beneficiaries, only enjoying the right to property income, not participating in business decision-making, and avoiding governance conflicts caused by excessive involvement of family members in operations.

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　　three

　　传统制造企业

　　Traditional manufacturing enterprises

　　传统制造企业往往资产重、链条长、合作方众多，一旦某一环节出现法律或财务风险，极易波及整个企业体系。因此，其股权架构设计需以“风险隔离”为核心目标，通过设立多层控股结构，将核心资产置于顶层控股公司，生产运营交由下层子公司负责，实现“控制”与“风险”的有效分离。同时，引入战略投资者时应设置合理的股权比例上限，避免稀释创始人控制权，保障企业长期稳定发展。

　　Traditional manufacturing enterprises often have heavy assets, long chains, and numerous partners. Once a legal or financial risk arises in a certain link, it can easily ripple through the entire enterprise system. Therefore, the equity structure design should focus on "risk isolation" as the core goal, by establishing a multi-level holding structure, placing core assets in the top-level holding company, and handing over production and operation to lower level subsidiaries, achieving effective separation of "control" and "risk". At the same time, when introducing strategic investors, a reasonable upper limit of equity ratio should be set to avoid diluting the founder's control and ensure the long-term stable development of the enterprise.

　　※股权架构设计要点：稳定为基，隔离风险

　　Key points of equity structure design: stability as the foundation, risk isolation

　　有限合伙持股：有限合伙持股是指股东不直接持有目标公司股权，而是通过有限合伙企业间接持股。有限合伙企业包含普通合伙人（GP）和有限合伙人（LP），普通合伙人对合伙企业债务承担无限连带责任，负责执行合伙事务，对外代表有限合伙企业，通常由创始人或核心团队担任，以保障对企业的控制权。有限合伙人以其认缴的出资额为限对合伙企业债务承担责任，仅享有分红权等财产权益，不参与实际经营决策。

　　Limited partnership shareholding: Limited partnership shareholding refers to shareholders not directly holding equity in the target company, but indirectly holding shares through a limited partnership enterprise. A limited partnership enterprise includes a general partner (GP) and a limited partner (LP). The general partner assumes unlimited joint and several liability for the debts of the partnership enterprise, is responsible for executing partnership affairs, and represents the limited partnership enterprise externally. It is usually held by the founder or core team to ensure control over the enterprise. Limited partners are liable for the debts of the partnership enterprise to the extent of their subscribed capital, and only enjoy property rights such as dividend rights, without participating in actual business decisions.

　　因此，根据有限合伙企业的特点，创始人可通过担任普通合伙人（GP）以较小出资比例实现对有限合伙企业的控制，再通过有限合伙企业持股目标公司，从而实现“以小控大”的控制权架构设计。并且相对可以隔离风险，避免个人资产与企业经营风险直接关联。具体的不同业务类型，再成立不同的子公司进行运营。

　　Therefore, based on the characteristics of a limited partnership enterprise, the founder can control the limited partnership enterprise by serving as a general partner (GP) with a small capital contribution ratio, and then hold shares in the target company through the limited partnership enterprise, thus achieving a "small controlling big" control structure design. And it can relatively isolate risks and avoid direct correlation between personal assets and business risks. Establish different subsidiaries for operation based on specific business types.

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　　four

　　连锁品牌

　　chain brand

　　连锁品牌类型的企业如餐饮、教育等，通常具有标准化复制性强、区域扩张快的特点，其股权架构设计应注重“统一控制”与“灵活扩展”的平衡。

　　Chain brand enterprises such as catering, education, etc. usually have the characteristics of strong standardization and replication, and fast regional expansion. Their equity structure design should pay attention to the balance between "unified control" and "flexible expansion".

　　※股权架构设计要点：扩张为要，平衡“总部”与“区域”

　　Key points of equity structure design: Expansion is essential, balancing the "headquarters" and "regions"

　　总分结构：通过设立控股公司作为品牌运营主体，将商标、专利等核心资产集中持有，并以轻资产模式向各地子公司授权经营，实现品牌统一管理。同时，各地方门店可采用有限合伙或项目公司形式，引入员工跟投或区域合伙人机制，激发运营积极性。此类结构既保障总部对品牌的绝对控制，又可通过分层治理降低扩张中的合规与财务风险，提升整体抗风险能力。

　　Total score structure: By establishing a holding company as the main body of brand operation, core assets such as trademarks and patents are centrally held, and authorized to operate in a light asset model to local subsidiaries, achieving unified brand management. At the same time, local stores can adopt the form of limited partnerships or project companies, introduce employee co investment or regional partnership mechanisms, and stimulate operational enthusiasm. This type of structure not only ensures absolute control of the brand by the headquarters, but also reduces compliance and financial risks during expansion through hierarchical governance, enhancing overall risk resistance.

　　5

　　five

　　跨境出海企业

　　Cross border overseas enterprises

　　跨境出海企业业务覆盖多国，如互联网、跨境电商等企业类型，其股权架构需兼顾境外融资便利与境内资产安全，通常采用“VIE架构”实现境内外资本市场的对接。

　　The business of cross-border offshore enterprises covers many countries, such as the Internet, cross-border e-commerce and other types of enterprises. Their equity structure needs to take into account the convenience of overseas financing and the security of domestic assets. Usually, "VIE architecture" is used to achieve the docking of domestic and overseas capital markets.

　　※股权架构设计要点：合规为盾，集中“全球控权”

　　Key points of equity structure design: Compliance as a shield, centralized "global control"

　　VIE架构：VIE架构翻译为“可变利益实体”，或称为“协议控制框架”。之所以称为协议控制框架，源于VIE架构下，实体间的关联关系是借助协议或合同安排。在一揽子协议或合同安排下，境外注册实体可获取大部分经济利益或有权决定有重大影响的活动。

　　VIE architecture: VIE architecture is translated as "Variable Interest Entity" or "Protocol Control Framework". The reason why it is called a protocol control framework comes from the VIE architecture, where the relationships between entities are arranged through agreements or contracts. Under a package agreement or contractual arrangement, overseas registered entities can obtain the majority of economic benefits or have the right to decide on activities that have significant impact.

　　具体的操作方式是，通过在境外设立控股平台，境外控股平台与境内经营实体之间签署一揽子协议，包括股权质押协议、管理权委托和利润分配协议、股东表决权委托协议、借款协议、经营协议、合作协议、许可协议、独家购买权协议、独家咨询协议、独家服务协议等。通过该一系列的安排，既可以消除外资在增值电信服务、互联网信息服务等的限制，还使得VIE实体同时持有至关重要的牌照或主要资产，实现对全球业务的集中管控。

　　The specific operation method is to establish a holding platform overseas, and sign a package of agreements between the overseas holding platform and domestic operating entities, including equity pledge agreements, management rights delegation and profit distribution agreements, shareholder voting rights delegation agreements, loan agreements, operating agreements, cooperation agreements, license agreements, exclusive purchase rights agreements, exclusive consulting agreements, exclusive service agreements, etc. Through this series of arrangements, we can not only eliminate the restrictions on foreign investment in value-added telecommunications services, Internet information services, etc., but also enable VIE entities to hold critical licenses or major assets at the same time, realizing centralized control over global businesses.

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