从宏观层面上，创业公司早期为核心的四类人：创始人、合伙人、核心员工、投资人。他们都是属于公司也是早期风险的承担者和价值贡献输出者，在人力资本/互联网轻资产驱动的初创公司，早期做股权架构设计的时候基本上都是围绕着基于人力资本价值输出的高度认可。

From the macro level, there are four types of people in the early stage of start-up companies: founders, partners, core employees and investors. They all belong to the company, and they are also early risk takers and value contribution exporters. In the human capital / internet light asset driven start-ups, the early design of equity structure basically revolves around the high recognition based on the value output of human capital.

科学的股权架构基本上是要满足早期这核心四类人的诉求：

The scientific equity structure is basically to meet the demands of the four core groups in the early stage

创始人维度来看，本质上的诉求是控制权，创始人的诉求是掌握公司的发展方向，所以在早期做股权架构设计的时候一定考虑到创始人控制权，有一个相对较大的股权（一般建议是合伙人平均持股比例的2-4倍）

From the perspective of the founder, the essence of the appeal is the control right, and the founder's appeal is to grasp the development direction of the company. Therefore, when designing the equity structure in the early stage, we must consider the control right of the founder, and have a relatively large equity (generally, it is recommended to be 2-4 times of the average shareholding ratio of partners)

合伙人维度来看，合伙人/联合创始人作为创始人的追随者，基于合伙理念价值观一定是高度一致。合伙人作为公司的所有者之一，希望在公司有一定的参与权和话语权。所以，早期一定拿出一部分股权来均分

From the perspective of partners, as followers of founders, partners / CO founders must have highly consistent values based on the concept of partnership. As one of the owners of the company, partners hope to have a certain right of participation and discourse in the company. Therefore, in the early stage, we must take out part of the equity to share equally

核心员工维度来看，他们的诉求是分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来，等公司处于发展阶段的期权就能意义派上用场

From the perspective of core employees, their demand is the dividend right. Core employees play a crucial role in the rapid development stage of the company. When designing the equity structure in the early stage, they need to reserve this part of the equity, which can be used when the company is in the rapid development stage

投资人维度来看，投资人追求高净值回报，对于优良项目他们的诉求是进入和退出，所以在一定程度上说，投资人要求的优先清算权和优先权是非常合理的诉求，创始团队在面临这些诉求的时候，一定程度上还是需要理解。

From the perspective of investors, investors pursue high net worth returns. For excellent projects, their demands are fast entry and fast exit. Therefore, to a certain extent, the liquidation priority and priority required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.

从微观层面上股权是多种股东权利的集 合体，其中，表现为重要的是决议权和分红权。

From the micro level, equity is the aggregation of a variety of shareholders' rights, among which the important ones are resolution right and dividend right.

当我们在早期真 正做股权架构设计的时候可能需要考虑更多的是这四个宏观维度背后具体的细节分析。股权比例确认(股权怎么分)的问题，事实上，在人力资本驱动的创业时代，我们要思考的不仅仅是股权比例的问题！而是围绕着股权做体系化设计。

When we really do the equity structure design in the early stage, we may need to consider more detailed analysis behind the four macro dimensions. In fact, in the era of human capital driven entrepreneurship, we need to think about more than the equity ratio! But around the equity to do systematic design.