股權架構是公司治理結構的基礎，不同的股權結構將影響公司的行為和績效。常用的股權主體架構有自然人直接架構、控股公司架構、有限合伙架構三種。下面小編就對于前兩種進行一個分析：

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

一、自然人直接架構

1、 Direct structure of natural person

在本架構中，自然人直接持有公司的股權，其優缺點也都比較明顯。

In this framework, natural person directly holds the equity of the company, and its advantages and disadvantages are obvious.

優點：

advantage:

1、自然人直接持股，架構簡單、直接；

1. The structure is simple and direct;

2、股東皆為自然人，在公司日常管理、法律處理上無差別；

2. The shareholders are all natural persons, and there is no difference in the daily management and legal treatment of the company;

3、自然人股東在轉讓公司股權時，稅負較低且可預期；

3. When the natural person shareholder transfers the company's equity, the tax burden is low and predictable;

4、如果未來上市，便于股東投資，股東可以選擇在有稅收優惠的地點進行減持，稅負更低。

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.

缺點：

Disadvantages:

1、股權較為分散、不利于控制權的集中；

1. The ownership is scattered, which is not conducive to the concentration of control;

2、不利于使用杠桿對企業進行控制；

2. It is not conducive to the use of leverage to control the enterprise;

3、對于長線投資者來說，每次分紅必須要繳納“股息紅利所得”，才能將資金做其他用途，稅負較高。

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.

該股權架構適用于創業初期公司，公司只有少數幾個股東，每個人承擔的責任和享受的權利清晰明確；因為低稅收性，也適用于股東計劃上市后快速的擬上市公司。

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.

二、控股公司架構

2、 Structure of holding company

在本架構過程中，自然人不直接持有公司的股權，而是利用中間幾層架構對目標公司進行控制，其優缺點分析如下。

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.

優點：

advantage:

1、如上圖，自然人持有x公司51%股權，x公司持有xx公司51%股權，xx公司持有xx1公司51%股權，相當于自然人只持有xx1公司13.26%（0.51*0.51*0.51）的股權，實現對xx1公司的控制。通過中間幾層架構，可以利用股權杠桿提升對公司的控制力；

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、多個業務板塊（xx1、xx2等）可以分別運作，方便后續的上市資本運作；

2. Multiple business sectors (xx1, XX2, etc.) can operate separately to facilitate the subsequent operation of listed capital;

3、對于長線投資者來說，持股公司享受的分紅無需繳納“股息紅利所得”，可以將該部分收益進行再次投資；

3. For long-term investors, the dividends enjoyed by the holding company do not need to pay "dividend income", which can be reinvested;

4、可以將部分板塊業務（例：xx2等）進行打包，不影響整體架構。

4. You can package part of the business (for example, XX2, etc.) without affecting the overall architecture.

缺點：

Disadvantages:

1、自然人股東退出時稅負非常高，持股公司轉讓標的公司的股權，繳納企業所得稅后，還要代扣代繳“股息紅利所得”個人所得稅，才能將收益分配到自然人股東；

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、該架構缺少靈活性，如無法設計員工的股權激勵持股平臺等；

2. The structure is lack of flexibility, such as unable to design employee equity incentive shareholding platform;

該架構過于穩定，適合有多個業務板塊的打算長期持股發展的家族式企業。

The structure is too stable and suitable for family enterprises with multiple business sectors that intend to hold shares for a long time.