投資人愿意投錢給初創企業，除了看重創業項目本身以及分析創始人能力等之外，在意的就是公司的組織架構和股權架構。一般投資者對企業的股權結構分配有什么樣的喜好呢？

Investors are willing to invest in start-ups, in addition to valuing the entrepreneurial project itself and analyzing the founder's ability, what they care about is the company's organizational structure and equity structure. What is the general investor's preference for the distribution of ownership structure?

其一，投資者是比較反對股權的平均主義

First, investors are more opposed to equity equalitarianism

平均主義給企業帶來的后果是沒有人能承擔起整個公司，也沒有人能做主。對于剛創立的規模較小的公司，投資者更偏向于讓公司的核心人物（比如說創始人，或者是CEO）拿到的股份應該比其他所有人所占的股份之和還要稍多一些；舉例：比如說以67%以上、51%、34%這些比較關鍵的比例為準。投資者之所以偏向于讓公司的核心人物掌握多數股權，主要原因在于讓一個決策者（通常是初創企業的CEO，或創始人）產生對企業的控制權，不至于使企業無法做出有用的決策。讓企業在初期實現快速成長的目標，從而使得投資人的投資能有兌現的可能。

The result of egalitarianism is that no one can afford the whole company, and no one can be the master. For newly founded small-scale companies, investors are more inclined to let the company's core figures (such as founders or CEOs) get a little more shares than the sum of other owners; For example: for example, the more critical proportions of 67%, 51% and 34% are taken as the criteria. The main reason why investors prefer to let the core person of the company control the majority of the shares is to let a decision maker (usually the CEO or founder of a start-up enterprise) have control over the enterprise, so that the enterprise will not be able to make useful decisions. Let the enterprise achieve the goal of rapid growth in the early stage, so that the investment of investors can be realized.

其二，投資者還看重初創企業在創業初期有沒有給股權調整預留空間。

Second, investors also value whether there is room for equity adjustment in the initial stage of start-up.

也就是說，考慮有沒有給之后的員工激勵和風投預留股權。因為創業者需要有一個長遠的眼光，考慮企業往后的發展還需要引進什么人才什么資源，不要在開始的時候就把股權分足。這時候就需要有一個股權池或期權池的概念，一般來說股權預留的比例大概在15%-20%左右?；蛘咭部梢园验_始需要分配股權的每個人的股比都先降5%下來，放在股權池里。以后根據項目開展的不同階段，每個人的不同貢獻進行股權的調整。并且是在早期建立股權池，因為晚期建立期權池股權就可能被投資人稀釋。

In other words, consider whether there is any reserved equity for employee incentive and venture capital. Because entrepreneurs need to have a long-term vision, consider what talents and resources they need to introduce for the future development of the enterprise, and don't divide up the equity at the beginning. At this time, we need to have a concept of equity pool or option pool. Generally speaking, the proportion of equity reservation is about 15% - 20%. Or you can reduce the share ratio of everyone who needs to allocate equity at the beginning by 5% and put it in the equity pool. Later, according to the different stages of the project, each person's different contribution to adjust the equity. And it is in the early establishment of equity pool, because the late establishment of option pool equity may be diluted by investors.

其三，投資人更傾向于有明顯梯度的股權架構。

Third, investors prefer the ownership structure with obvious gradient.

舉例：比如一般可以采取“創始人持股50-60%+聯合創始人持股20-30%+預留股權池10-20%”的股權結構。投資人對企業股權架構的喜好給予我們設計股權架構一個參考和建議。但是，對于企業給予投資者的股權，也要有一定的準則。一般來說，給投資者股權的分配要遵循“投資者投大錢，占小股，得股權，需退出”的思路。我們一直在強調要根據對企業的貢獻大小來分配股權。資金對于任何一個企業都是至關重要且貢獻直接的資源。但同時企業的股權也是很有限的。不能讓投資者占大股，導致沒有足夠剩余的股權分給其他人，這樣容易導致企業有錢卻辦不成事。

For example: for example, the equity structure of "founder holding 50-60% + co founder holding 20-30% + reserved equity pool holding 10-20%" can be generally adopted. Investors' preference for corporate equity structure gives us a reference and suggestion for designing equity structure. However, there should also be certain criteria for the equity granted to investors by enterprises. Generally speaking, the distribution of equity to investors should follow the idea of "investors invest a lot of money, occupy a small share, get equity, need to exit". We have been emphasizing the distribution of equity according to the contribution to the enterprise. Capital is a vital and direct resource for any enterprise. But at the same time, the equity of the enterprise is also very limited. Investors should not be allowed to hold large shares, resulting in not enough residual equity to be distributed to other people, which easily leads to enterprises having money but not being able to do things.

另外，投資者提供的資金對企業來說，不管是用于業務擴張還是給員工派發薪酬，都是直接對企業受益的，因此，投資者應該在履行資金投入后直接獲得股權。但是，投資者獲得的股權也只是暫時的，因為對投資者來說，獲得企業股權并不是的目的，而是要在企業升 值后將股權變現。而企業也需要在之后的融資中，有一定的股權份額分給新的投資者。因此，要設定好投資者的退出機制。

In addition, the funds provided by investors, whether for business expansion or salary distribution to employees, are directly beneficial to the enterprise. Therefore, investors should directly obtain equity after fulfilling the capital investment. However, the equity obtained by investors is only temporary, because for investors, the purpose of obtaining equity is not to realize the equity after the appreciation of the enterprise. And enterprises also need to have a certain share of equity to new investors in the subsequent financing. Therefore, it is necessary to set up a good exit mechanism for investors.