創業的熱潮一波接著一波，從未停歇，大家都想當領導，說到創業，余老師想到的是很多朋友創業中都遇到的問題，那就是股權設計，相信很多朋友對股權設計的重要性是深有體會，今天余老師就從幾個角度來剖析下關于股權的那些問題。

The upsurge of entrepreneurship wave after wave never stops. Everyone wants to be a leader. When it comes to entrepreneurship, what Mr. Yu thinks about is the problem that many friends encounter in entrepreneurship, that is, equity design. I believe many friends have a deep understanding of the importance of equity design. Today, Mr. Yu will analyze those problems about equity from several angles.

在進行股權結構設計之前，應該清楚認識到股權結構不是簡單的股權比例或投資比例，應該以股東股權比例為基礎，通過對股東權利、股東會及董事會職權與表決程序等進行一系列調整后的股東權利結構體系。

Before designing the equity structure, we should clearly realize that the equity structure is not a simple equity ratio or investment ratio. It should be based on the equity ratio of shareholders, through a series of adjustments to the rights of shareholders, the powers and voting procedures of the board of shareholders and the board of directors.

一、股權比例、公司管理、公司決策

1、 Equity ratio, corporate management and corporate decision making

股權是一種基于投資而產生的所有權。公司管理權來源于股權或基于股權的授權。公司決策來源于股權，同時又影響公司管理的方向與規模。股東只要有投資，就會產生一定的決策權利，差別在于決策參與程度和影響力。

Equity is a kind of ownership based on investment. The management right of a company comes from equity or authorization based on equity. Corporate decision-making comes from equity, but also affects the direction and scale of corporate management. As long as shareholders have investment, they will have certain decision-making rights. The difference lies in the degree of participation and influence in decision-making.

二、控股股東

2、 Controlling shareholder

取得決策權的股東是法律上的控股股東。取得控股股東的方式有兩種：一是直接實際出資達百分之五十以上；二是直接實際出資沒有達到百分之五十，但股權比例大，再通過吸收關聯公司股東、密切朋友股等形式，以聯盟形式在公司形成控股局勢。

The shareholder who gets the decision-making right is the controlling shareholder in law. There are two ways to obtain the controlling shareholder: first, the direct actual capital contribution is more than 50%; Second, the direct actual capital contribution does not reach 50%, but the proportion of equity is large, and then through the absorption of shareholders of related companies, close friends and other forms to form a holding situation in the company in the form of alliance.

三、表決權的取得

3、 Acquisition of voting rights

沒能通過以上兩種方式成為公司的控股股東，如何對公司進行控股呢?這種情況下，需要在公司成立之初時，在公司章程的起草方面下功夫，以此擴大己方的表決權數。要實現這個股權設計的目的，一般情況下是己方有一定的市場優勢或技術優勢或管理優勢，通過這些優勢彌補投資資金上的不足，來換取換取表決權。

If we can't become the controlling shareholder of the company through the above two ways, how can we control the company? In this case, we need to work hard in the drafting of the articles of association at the beginning of the establishment of the company, so as to expand our voting power. In order to achieve the goal of equity design, we usually have certain market advantages, technical advantages or management advantages, which can make up for the lack of investment funds in exchange for voting rights.

四、股權的弱化或強化

4、 Weakening or strengthening of equity

股權的弱化或強化是出于對實際投資人的利益的保護，以及對吸引人才的考慮。常規的股權設計遵循的是同等出資同等權利，但遇有隱名股東，干股等情況下，一旦有人訴求其完整股東權利或要求解散公司并要求分配剩余資產時，就會將公司推向危險的境地。因此，在實踐中運用章程、股東合同等形式予以約束\明確相關股東之間的權利取舍，才可以避免今后產生糾 紛。

The weakening or strengthening of equity is due to the protection of the interests of actual investors and the consideration of attracting talents. The conventional equity design follows the principle of equal capital contribution and equal rights. However, in the case of dormant shareholders and dry shares, once someone demands the complete rights of shareholders or demands the dissolution of the company and the distribution of residual assets, the company will be in a dangerous situation. Therefore, in practice, the use of articles of association, shareholders' contract and other forms to restrict and clarify the rights of the relevant shareholders can avoid disputes in the future.

五、表決程序

5、 Voting procedure

股東會與董事會是常見的公司重大事宜表決部門，但如何設計表決的形式及程序需要依據公司的實際情況而定。有些封閉式的公司規定股東對外轉讓股權時，要求全體股東2/3的表決權通過才可以；有些公司對股東死亡后其繼承人進入公司決策層及管理層的表決比例或時限作出特別限 制。

The board of shareholders and the board of directors are the common voting departments for the company's major issues, but how to design the voting form and procedure depends on the actual situation of the company. Some closed companies require 2 / 3 voting rights of all shareholders to pass when shareholders transfer their shares; Some companies impose special restrictions on the voting proportion or time limit for their heirs to enter the decision-making and management of the company after the death of shareholders.

總之，投資者應充分考慮自己的投資目的、投資額、投資所占公司比例，結各項優勢對股權結構進行深入的分析考慮，才能更好地維護自身利益，為公司穩健發展奠定基礎。

In a word, investors should fully consider their investment purpose, investment amount, investment proportion in the company, and make in-depth analysis and Consideration on the ownership structure with various advantages, so as to better safeguard their own interests and lay the foundation for the steady development of the company.