發布時間：2021-03-22 發布人：山東股章瀏覽次數：714次 來源：www.newadnetwork.com
Ownership structure is the basis of corporate governance structure, different ownership structure will affect the behavior and performance of the company. There are three kinds of common equity subject structure: direct structure of natural person, holding company structure and limited partnership structure. The following is an analysis of the first two
1、 Direct structure of natural person
In this framework, natural person directly holds the equity of the company, and its advantages and disadvantages are obvious.
1. The structure is simple and direct;
2. The shareholders are all natural persons, and there is no difference in the daily management and legal treatment of the company;
3. When the natural person shareholder transfers the company's equity, the tax burden is low and predictable;
4. If listed in the future, it is convenient for shareholders to invest, and shareholders can choose to reduce their holdings in places with tax incentives, so the tax burden is lower.
1. The ownership is scattered, which is not conducive to the concentration of control;
2. It is not conducive to the use of leverage to control the enterprise;
3. For long-term investors, each dividend must pay "dividend income", in order to use the funds for other purposes, the tax burden is higher.
The equity structure is applicable to the initial stage of the company, the company has only a few shareholders, and the responsibilities and rights of each person are clear; because of the low tax nature, it is also applicable to the company to be listed quickly after the shareholders plan to be listed.
2、 Structure of holding company
In the process of this structure, the natural person does not directly hold the equity of the company, but uses the intermediate structure to control the target company. Its advantages and disadvantages are analyzed as follows.
1. As shown in the figure above, natural person holds 51% equity of company X, company X holds 51% equity of company XX, and company XX holds 51% equity of company xx1, which is equivalent to natural person only holding 13.26% (0.51 * 0.51 * 0.51) equity of company xx1, realizing the control of company xx1. Through the middle structure, we can use equity leverage to enhance the control of the company;
2. Multiple business sectors (xx1, XX2, etc.) can operate separately to facilitate the subsequent operation of listed capital;
3. For long-term investors, the dividends enjoyed by the holding company do not need to pay "dividend income", which can be reinvested;
4. You can package part of the business (for example, XX2, etc.) without affecting the overall architecture.
1. When natural person shareholders withdraw, the tax burden is very high. When the holding company transfers the stock right of the target company, it has to pay the enterprise income tax and the individual income tax of "dividend income" to distribute the income to the natural person shareholders;
2. The structure is lack of flexibility, such as unable to design employee equity incentive shareholding platform;
The structure is too stable and suitable for family enterprises with multiple business sectors that intend to hold shares for a long time.