我們在談論股權的時候，通常會談到什么呢？總的來說，主要是談論股權架構、股權運作、股權激勵這三個與股權有關的話題。

What do we usually talk about when we talk about equity? Generally speaking, it mainly talks about three topics related to equity: equity structure, equity operation and equity incentive.

其中，股權架構是在企業初創時必然要面對一個問題，主要涉及股權比例的分配、持股主體的選擇、表決權的約定等內容。在公司注冊成立后經營過程中，企業必須要面對兩個無法回避的問題：

Among them, the equity structure is a problem that enterprises must face when they start up, mainly involving the distribution of equity proportion, the selection of shareholding subjects, the agreement on voting rights and so on. In the business process after the incorporation of the company, the enterprise must face two unavoidable problems:

一個是資金的問題，

One is the issue of funds,

一個是人才的問題，

One is the problem of talents,

股權運作是解決股權投融資的問題，股權激勵則是解決公司留住和吸引人才的問題。本文主要探討的是如何通過股權頂層架構設計保障控制權和實現節稅。大部分老板家對于公司股權架構的設計并不重視，甚至有些老板家不知道股權架構的內涵，簡單地認為股權架構就是公司股權比例的分配，并未認識到公司股權頂層架構的設計對于保障創始人對公司的控制權和降低股東的稅負有著非常重要的意義。

Equity operation is to solve the problem of equity investment and financing, and equity incentive is to solve the problem of retaining and attracting talents. This paper mainly discusses how to ensure control and realize tax saving through equity top-level architecture design. Most bosses do not pay attention to the design of the company's equity structure, and even some bosses do not know the connotation of the equity structure. They simply think that the equity structure is the distribution of the company's equity proportion, and do not realize that the design of the company's equity top-level structure is of great significance to protect the founders' control over the company and reduce the tax burden of shareholders.

針對老板家們普遍對于股權架構頂層設計的價值與意義認知不夠的實際情況，為讓老板家們認清股權頂層架構設計的現實必要性，本文將結合筆者多年的股權咨詢和服務的實戰經驗，從控制權和稅 務成本兩個維度來解析如何進行股權架構設計，以期對老板家朋友產生有益的啟發和思考。

In view of the fact that bosses generally do not know enough about the value and significance of equity structure top-level design, in order to make bosses understand the practical necessity of equity top-level structure design, this paper will analyze how to carry out equity structure design from the two dimensions of control right and tax cost in combination with the author's many years of practical experience in equity consultation and service, In order to have beneficial inspiration and thinking for the boss's family and friends.

一、企業進行股權架構設計的意義股權架構是公司治理的源頭，良好的股權架構將為公司管理、決策以及開展股權激勵和股權融資奠定堅實的基礎；如果股權架構存在隱患，那么隨著公司發展，股東之間往往會產生分歧和矛盾，甚至產生控制權糾 紛?，F實中，諸如“真功夫”、“雷士照明”、“當當網”等企業出現的悲劇大家都耳熟能詳，根本原因是股權架構設計存在缺 陷。

1、 The significance of equity structure design of enterprises. Equity structure is the source of corporate governance. A good equity structure will lay a solid foundation for corporate management, decision-making, equity incentive and equity financing; If there are hidden dangers in the ownership structure, with the development of the company, there will often be differences and contradictions among shareholders, and even control disputes. In reality, we are familiar with the tragedies of enterprises such as "real kung fu", "Rex lighting" and "Dangdang". The fundamental reason is the defects in the design of equity structure.

二、通過股權架構設計可保障公司控制權老 板家實現公司控制權的方式主要包括內部控制和外部架構控制，內部控制可以通過股權控制、協議和章程控制、董事會控制等方式實現，外部控制包括控股公司金字塔杠桿架構和有限合伙企業架構。

2、 Through the equity structure design, the company's control right can be guaranteed. The ways for the boss to realize the company's control right mainly include internal control and external structure control. Internal control can be realized through equity control, agreement and articles of association control, board of directors control, etc. external control includes pyramid leverage structure of holding company and limited partnership structure.