除了有限合伙架构，还有多种控制权工具可以灵活组合使用：

In addition to the limited partnership structure, there are various control tools that can be flexibly combined and used:

金字塔架构。 通过多层控股实现股权杠杆，用少量资金撬动多层控制权。A公司控股B公司，B公司控股C公司，创始人只需要控制A公司，就能间接控制C公司。每一层都可以引入不同性质的股东，实现“上层控股、下层经营”的分工。

Pyramid architecture. Realize equity leverage through multi-level holding and leverage multi-level control with a small amount of funds. Company A controls Company B, and Company B controls Company C. The founder only needs to control Company A to indirectly control Company C. Each layer can introduce shareholders of different natures to achieve a division of labor between "upper level control and lower level management".

一致行动人协议。 多个股东签署协议，约定在股东会、董事会表决时采取一致行动。这种方式能捆绑关键股东，但稳定性相对较弱——协议可以签署也可以解除，而且需要持续维护各方关系。

Agreement of concerted action. Multiple shareholders sign an agreement to take unanimous action during shareholder meetings and board voting. This approach can bind key shareholders, but the stability is relatively weak - agreements can be signed or terminated, and it requires continuous maintenance of relationships among all parties.

委托投票权。 股东将表决权委托给特定主体行使，能短期、灵活地集中表决权。适合在特定时期（如重大决策、融资关键期）快速集中控制权，但不适合作为长期控制权安排。

Delegate voting rights. Shareholders delegate their voting rights to specific entities for exercise, allowing for short-term and flexible concentration of voting rights. Suitable for rapid concentration of control during specific periods (such as major decisions, financing critical periods), but not suitable as a long-term control arrangement.

股模式。 同股不同权，A类股1股1票，B类股1股N票（通常是10票）。创始人持有B类股，以较少的股权比例掌握多数表决权。京东、小米等公司都采用了AB股架构。但要注意，AB股模式在A股市场受到较多限制，科创板虽有试点但门槛较高。

Stock model. Same stock with different rights, 1 Class A share with 1 vote, and 1 Class B share with N votes (usually 10 votes). The founder holds Class B shares and holds a majority of voting rights with a relatively small proportion of equity. Companies such as JD.com and Xiaomi have adopted an AB share structure. However, it should be noted that the AB share model is subject to many restrictions in the A-share market, and although there are pilot projects on the Science and Technology Innovation Board, the threshold is relatively high.

优先股模式。 发行优先股融资，优先股股东享有优先分红权和优先清偿权，但不享有表决权或表决权受限。这样既融到了资金，又保住了控制权。

Preferred stock model. Issuing preferred stock financing, preferred stock shareholders enjoy priority dividend rights and priority repayment rights, but do not have voting rights or voting rights are restricted. This not only raises funds but also preserves control.

在实际操作中，这些工具往往是组合使用的。例如：创始人通过有限合伙架构控制公司（分股不分权），同时与核心合伙人签署一致行动人协议（强化控制），再预留部分优先股用于融资（保持控制的同时获得资金）。

In practical operation, these tools are often used in combination. For example, the founder controls the company through a limited partnership structure (with no separation of powers), while signing a concerted action person agreement with the core partners (to strengthen control), and reserving some preferred shares for financing (to maintain control while obtaining funds).

股权顶层架构设计还需关注新《公司法》的变化。新法强化了实质穿透原则，明确“影子股东”“股权代持”的法律责任。当创始人通过多层持股平台控制企业时，新法要求其承担与实际控制权相匹配的责任义务。这意味着架构设计不能只考虑“怎么控制”，还要考虑“控制背后的责任”。股权设计从来不是单一领域的事——法律层面要合规，财务层面要平衡，税务层面要节税，商业层面要兼顾控制权与融资。只有将四大领域知识融会贯通，才能设计出真正经得起考验的股权顶层架构。

The top-level structure design of equity also needs to pay attention to the changes in the new Company Law. The new law strengthens the principle of substantive penetration and clarifies the legal responsibilities of "shadow shareholders" and "equity proxy holders". When the founder controls the enterprise through a multi-level shareholding platform, the new law requires them to assume responsibilities and obligations that match their actual control rights. This means that architecture design cannot only consider 'how to control', but also 'the responsibility behind the control'. Equity design is never a single domain matter - it needs to be compliant at the legal level, balanced at the financial level, tax efficient at the tax level, and balanced between control and financing at the commercial level. Only by integrating knowledge from the four major fields can a truly testable top-level equity structure be designed.

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