從宏觀層面上，創業公司早期為核心的四類人：創始人、合伙人、核心員工、投資人。他們都是屬于公司也是早期風險的承擔者和價值貢獻輸出者，在人力資本/互聯網輕資產驅動的初創公司，早期做股權架構設計的時候基本上都是圍繞著基于人力資本價值輸出的高度認可。

From the macro level, there are four types of people in the early stage of start-up companies: founders, partners, core employees and investors. They all belong to the company, and they are also early risk takers and value contribution exporters. In the human capital / internet light asset driven start-ups, the early design of equity structure basically revolves around the high recognition based on the value output of human capital.

科學的股權架構基本上是要滿足早期這核心四類人的訴求：

The scientific equity structure is basically to meet the demands of the four core groups in the early stage

創始人維度來看，本質上的訴求是控制權，創始人的訴求是掌握公司的發展方向，所以在早期做股權架構設計的時候一定考慮到創始人控制權，有一個相對較大的股權（一般建議是合伙人平均持股比例的2-4倍）

From the perspective of the founder, the essence of the appeal is the control right, and the founder's appeal is to grasp the development direction of the company. Therefore, when designing the equity structure in the early stage, we must consider the control right of the founder, and have a relatively large equity (generally, it is recommended to be 2-4 times of the average shareholding ratio of partners)

合伙人維度來看，合伙人/聯合創始人作為創始人的追隨者，基于合伙理念價值觀一定是高度一致。合伙人作為公司的所有者之一，希望在公司有一定的參與權和話語權。所以，早期一定拿出一部分股權來均分

From the perspective of partners, as followers of founders, partners / CO founders must have highly consistent values based on the concept of partnership. As one of the owners of the company, partners hope to have a certain right of participation and discourse in the company. Therefore, in the early stage, we must take out part of the equity to share equally

核心員工維度來看，他們的訴求是分紅權，核心員工在公司高速發展階段起到至關重要的作用，在早期做股權架構設計的時候需要把這部分股權預留出來，等公司處于快速發展階段的期權就能意義派上用場

From the perspective of core employees, their demand is the dividend right. Core employees play a crucial role in the rapid development stage of the company. When designing the equity structure in the early stage, they need to reserve this part of the equity, which can be used when the company is in the rapid development stage

投資人維度來看，投資人追求高凈值回報，對于優良項目他們的訴求是快速進入和快速退出，所以在一定程度上說，投資人要求的優先清算權和優先權是非常合理的訴求，創始團隊在面臨這些訴求的時候，一定程度上還是需要理解。

From the perspective of investors, investors pursue high net worth returns. For excellent projects, their demands are fast entry and fast exit. Therefore, to a certain extent, the liquidation priority and priority required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.

從微觀層面上股權是多種股東權利的集 合體，其中，表現為重要的是決議權和分紅權。

From the micro level, equity is the aggregation of a variety of shareholders' rights, among which the important ones are resolution right and dividend right.

當我們在早期真 正做股權架構設計的時候可能需要考慮更多的是這四個宏觀維度背后具體的細節分析。股權比例確認(股權怎么分)的問題，事實上，在人力資本驅動的創業時代，我們要思考的不僅僅是股權比例的問題！而是圍繞著股權做體系化設計。

When we really do the equity structure design in the early stage, we may need to consider more detailed analysis behind the four macro dimensions. In fact, in the era of human capital driven entrepreneurship, we need to think about more than the equity ratio! But around the equity to do systematic design.