企業投資各方的股權比例及表決權安排被稱為股權設計或股權頂層設計。很多人把股權設計夸大成了“股權決定論”，認為股權設計決定著企業的前途命運。股權設計的本質是合伙關系設計。合伙關系設計屬于團隊建設領域，因此股權設計一定遵循團隊建設的基本規律，這就是股權設計的真實邏輯。

The equity ratio and voting right arrangement of all parties in an enterprise is called equity design or equity top-level design. Many people exaggerate the equity design as "equity determinism", and think that equity design determines the future of enterprises. The essence of equity design is partnership design. Partnership design belongs to the field of team building, so equity design must follow the basic law of team building, which is the real logic of equity design.

隨著“大眾創業，萬眾創新”大潮的興起，人們對股權越來越熟悉，也越來越重視。企業投資各方的股權比例及表決權安排被稱為股權設計或股權頂層設計，良好的股權設計對企業的穩定與長遠發展十分很重要。

With the rise of the tide of "mass entrepreneurship and innovation", people are more and more familiar with equity and pay more and more attention to it. The equity ratio and voting right arrangement of all investors in an enterprise is called equity design or equity top-level design. Good equity design is very important for the stability and long-term development of an enterprise.

但是，市場上很多人把股權設計的重要性無限夸大了，把股權設計當成決定企業生死存亡、前途命運的要素，這種“股權決定論”的觀點沒有抓住事物的本質，僅僅停留于表象，是膚淺的、錯誤的。按照“股權決定論”的指引反而會把企業帶到坑里去。

However, many people in the market exaggerate the importance of equity design. They regard equity design as the key factor to determine the life and death of an enterprise and its future. This "equity determinism" does not grasp the essence of things and only stays on the surface, which is superficial and wrong. According to the guidelines of "equity determinism", enterprises will be brought to the pit instead.

股權設計的本質就是它是合伙關系的外部展現形式，也可以說股權設計是合伙關系的表象。合伙關系是股權設計的內核，股權設計是合伙關系的外在形式。這兩個東西不是獨立平等存在的，合伙關系是本，股權設計是末，不可本末倒置。

The essence of equity design is that it is the external manifestation of partnership. It can also be said that equity design is the representation of partnership. Partnership is the core of equity design, and equity design is the external form of partnership. These two things do not exist independently and equally. Partnership is the foundation and equity design is the end. We should not put the cart before the horse.

但是，有人卻認為“股權設計和合伙制兩者都是企業的頂層設計”，這就是把股權設計與合伙關系相提并論了，這個說法是錯誤的。合伙關系決定著股權設計，股權設計一定服從于合伙關系，有什么樣的合伙關系就有什么樣的股權設計。只有相互認同的人才能擁有同一企業股權，與企業控制人認同度高的人可以多持有股權并且可以直接持有股權，與企業控制人認同度低的人應當少持有股權并且間接持有股權。這些都是合伙關系決定股權設計的具體表現。

However, some people think that "equity design and partnership are both top-level design of enterprises", which is to compare equity design with partnership. This is wrong. Partnership determines the design of equity, equity design must be subject to partnership, what kind of partnership has what kind of equity design. Only those who identify with each other can own the same enterprise equity. Those who have a high degree of identification with the enterprise controller can hold more equity and directly, while those who have a low degree of identification with the enterprise controller should hold less equity and indirectly. All of these are the concrete manifestation that the partnership decides the equity design.

合伙關系不是千篇一律的，而是五光十色的，不同的當事人之間形成不同的合伙關系。例如緊密合伙關系與松散合伙關系，長期合伙關系與短期合伙關系，內部合伙關系與外部合伙關系。重要的合伙關系劃分標準是核心價值觀認同度。

Partnership is not uniform, but colorful. Different parties form different partnerships. For example, close partnership and loose partnership, long-term partnership and short-term partnership, internal partnership and external partnership. An important criterion of partnership is the recognition of core values.