發布時間：2021-07-28 發布人：山東股章瀏覽次數：774次 來源：www.newadnetwork.com
Equity design is a very important part of enterprise top-level design. How to divide the ownership structure needs to have clear standards in the early stage of enterprise establishment. Although there is room for adjustment and negotiation in the process of equity design, from the general direction, the result of design is irreversible, and there is only one chance for enterprises to communicate.
In the initial stage, the enterprise is relatively in a static and closed environment. Even if there are only simple and rough design schemes, it can easily balance the interests of founders and shareholders. However, with the growth of enterprises and the continuous introduction of new investors, the lack of equity design will become the fuse for enterprises to fail.
At present, according to the equity design cases of many enterprises, it can be roughly divided into the following four equity structures: highly centralized, highly decentralized, average distribution and mutual checks and balances.
1、 Highly concentrated
This ownership structure allows the controlling shareholders to have control over the company, which can indeed improve the decision-making efficiency of the company to a certain extent. At the same time, the concentration of equity also makes the major shareholders have sufficient motivation and ability to increase the supervision of the management, effectively solve the agency problems between the two sides and reduce the agency cost.
2、 Highly dispersed
Intuitively, a large number of shareholders holding the company's equity can reduce the liquidity risk of the company's shares, so as to bring good liquidity income. At the same time, in this case, shareholders hold similar equity shares and equal rights, so as to automatically form a check and balance mechanism among shareholders to ensure the democracy of the company's decision-making.
3、 Average distribution type
On the surface, the equal distribution of equity represents the founder's determination to pursue fairness and justice, but in fact, there are two huge hidden dangers. First of all, when facing the company's major business decisions, if the opinions of shareholders with the same equity cannot be unified, it is easy to make the decision-making discussion deadlock and often miss the opportunity of business development. Secondly, with the continuous financing of the company in the later stage, the design of average equity can easily dilute the founder's equity ratio, thus losing the control and discourse right of the company.
4、 Mutual check and balance type
In this way, due to the relative concentration of equity, the major shareholders' awareness of strengthening the supervision of the company's operation and management is improved, and the agency friction and cost between the management team and shareholders are reduced. On the other hand, due to the unbalanced distribution of equity interests of major shareholders, a mechanism of mutual checks and balances will be formed, which can effectively avoid collusion between major shareholders and damage the interests of other small and medium-sized shareholders.