股權設計，就是企業頂層設計中非常重要的一環。股權結構如何劃分需要在企業創立初期就有明確的標準。雖然，在股權設計的過程中可以有調整和談判的空間，但是從大方向上來看，設計的結果是不可逆的，對于企業而言只有一次溝通的機會。

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.

企業在初創期時，相對而言處于一個靜態封閉的環境，即使只有簡單粗糙的設計方案，也可以輕松地平衡創始人和股東們之間的利益。但隨著企業開始成長，不斷引進新的投資方，股權設計的缺失將會成為企業走向失敗的導火索。

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.

目前，根據眾多企業的股權設計案例，大致可以分為以下四種股權結構：高度集中型、高度分散型、平均分配型、相互制衡型。

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.

一、高度集中型

1、 Highly concentrated

這樣的股權結構讓控股股東對公司擁有控制權，一定程度上，確實可以提高公司的決策效率。同時，股權的集中也使得大股東有足夠的動機和能力增加對管理層的監督，有用解決雙方存在的代理問題以及降低代理成本。

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.

二、高度分散型

2、 Highly dispersed

直觀來看，大量股東持有公司股權可以降低公司股份的流動性風險，從而帶來良好的流動性收益。同時，在這種情況下，股東們持有的股權份額相近，權利相當，從而在股東間自動形成一種制衡機制，確保公司決策的民 主性。

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.

三、平均分配型

3、 Average distribution type

表面上看，平均分配股權代表了創始人追求公平公正的決心，但實際上卻埋藏著兩個巨大的隱患。首先，當面對公司的重大經營決策時，擁有相同股權的股東如果意見無法統一，容易使決策討論陷入僵局，往往會錯失業務發展的機遇。其次，隨著公司后期的不斷融資，平均股權的設計很容易使創始人的股權比例被不斷稀釋，從而喪失了對公司的控制權和話語權。

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.

四、相互制衡型

4、 Mutual check and balance type

這樣一來，由于股權的相對集中，提高了大股東們加強監督公司的經營管理意識，減少了經營團隊和股東們之間的代理摩擦和成本。另一方面，由于大股東們自身的股權利益分配不均衡，所以無形中也會形成彼此相互制衡約束的機制，從而有效避免了大股東之間相互勾結，損害其他中小股東利益的情況發生。

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.