股权激励方案落地执行
十年股权整理解决方案落地实施

国内公司股权结构常见的有四种：自然人直接架构、控股公司架构、有限合伙架构、混合股权架构。

There are four common types of equity structures in domestic companies: natural person direct structure, holding company structure, limited partnership structure, and mixed equity structure.

了解完这四种股权结构，基本上可以适用于绝大部分企业，特别是初创公司和中小型企业，这些公司在持续发展中，熟悉常见的股权架构的优劣势，设计适合本公司发展的股权结构是非常有必要的。

After understanding these four types of equity structures, they can basically be applied to the vast majority of enterprises, especially startups and small and medium-sized enterprises. These companies are in the process of continuous development and are familiar with the advantages and disadvantages of common equity structures. It is necessary to design equity structures that are suitable for the development of our company.

一、自然人直接架构

1、 Natural person direct structure

自然人直接架构就是自然人股东直接持股核心公司股权。

The direct structure of natural persons refers to the direct shareholding of core company equity by natural person shareholders.

99%的企业股权结构都是自然人直接架构，这种结构适用于创业初期的企业，结构简单，以便后期调整。这种结构有什么优缺点呢？

99% of corporate equity structures are directly structured by natural persons, which is suitable for early-stage enterprises and has a simple structure for later adjustment. What are the advantages and disadvantages of this structure?

自然人直接架构优点：

Advantages of natural person direct architecture:

1.套现税务成本确定

1. Determination of cash out tax costs

自然人直接持股，无论是分红还是转让股权进行套现，个税税率都是为20%。

The individual income tax rate is 20% for direct shareholding by natural persons, whether it is for dividends or equity transfer for cash out.

个人转让限售股，以每次限售股转让收入，减除股票原值和合理税费后的余额，为应纳税所得额，即应纳税额=（限售股转让收入-限售股原值-合理税费）×20%

Individual transfer of restricted shares, the taxable income shall be calculated based on the income from each transfer of restricted shares, after deducting the original value of the shares and reasonable taxes and fees. That is, the taxable amount shall be equal to (income from transfer of restricted shares - original value of restricted shares - reasonable taxes and fees) x 20%

2.套现免征增值税

2. Cashing out is exempt from value-added tax

自然人股东转让非上市公司股权，不属于增值税纳税范围，自然人股东转让上市公司股权，暂免征收增值税。

The transfer of equity of non listed companies by natural person shareholders does not fall within the scope of value-added tax payment. The transfer of equity of listed companies by natural person shareholders is temporarily exempt from value-added tax.

3.上市后套现可选择纳税地点

3. After listing, cashing out can choose the tax payment location

自然人股东转让上市公司非限售股，暂免征收个人所得税；自然人股东转让上市公司限售股取得的所得，按照“财产转让所得”20%税率缴纳个人所得税，纳税地点为个人股东证券资金账户的开户机构所在地。

The transfer of non restricted shares of listed companies by natural person shareholders is temporarily exempt from personal income tax; The income obtained from the transfer of restricted shares of a listed company by a natural person shareholder shall be subject to personal income tax at a rate of 20% on "property transfer income", and the tax payment location shall be the location of the opening institution of the individual shareholder's securities fund account.

所以说，有些上市公司在早期，股东就为将来转让股权套现，在全国范围内选择个税返还力度比较大的地点开立证券资金账户，进而在此地进行股权转让的个税缴纳，最后得到政府的财政返还，以降低税负。因此这种股权架构适用于有明确套现意图的财务投资人。

So, in the early stages of some listed companies, shareholders choose to open securities fund accounts in locations with relatively strong individual income tax returns nationwide in order to cash out future equity transfers, and then pay individual income tax for equity transfers here. Finally, they receive government financial returns to reduce tax burden. Therefore, this equity structure is suitable for financial investors who have a clear intention to cash out.

自然人直接架构缺点：

Disadvantages of natural person direct architecture:

1.股权容易被稀释

1. Equity is easily diluted

如果公司为了吸纳合作伙伴，或者融资，或者员工持股，只要每新增一个股东，控制人的股权就会被稀释，不利于控制权的集中。

If a company wants to attract partners, financing, or employee shareholding, as long as a new shareholder is added, the controlling shareholder's equity will be diluted, which is not conducive to the concentration of control.

2.缺乏股权杠杆空间

2. Lack of equity leverage space

如果想利用股权杠杆运营公司，比如吸收投资人的资金，来实现杠杆效应，那原来的创始人股东的股权比例就会被大量稀释，为了不失去控制权，那吸收投资的金额就很有限了。

If you want to use equity leverage to operate a company, such as absorbing investor funds, to achieve leverage effect, the equity ratio of the original founder shareholders will be greatly diluted. In order to not lose control, the amount of investment absorbed will be very limited.

3.股东再投资成本高

3. High cost of shareholder reinvestment

因为是自然人直接持股，股东如果需要资金再投资其他企业或者对本企业的盈余进行转增资本，都需要按“利息、股息、红利所得”项目20%的税率缴纳个人所得税。

Because it is directly held by a natural person, if shareholders need funds to reinvest in other enterprises or convert their own profits into capital, they are required to pay personal income tax at a rate of 20% under the "interest, dividend, and bonus income" item.

二、控股公司架构

2、 Holding Company Structure

控股公司架构就是自然人不直接持股核心的业务公司，而是由创始人持股一家控股公司，创始人可以是家族企业，控股公司可以作为对外投资的投资公司，一般为有限责任公司，然后再由这家控股公司持股各板块的管理公司，各板块管理公司再持股各家业务公司。

The structure of a holding company is that a natural person does not directly hold shares in the core business company, but rather holds shares in a holding company by the founder. The founder can be a family business, and the holding company can act as an investment company for external investment, usually a limited liability company. Then, this holding company holds shares in the management companies of each sector, and each sector management company holds shares in each business company.

控股公司架构优点：

Advantages of Holding Company Structure:

1.股权杠杆

1. Equity leverage

控股公司架构层级较多，每一层都可以引入资本，以小博大，实现股权杠杆效应。

The structure of the holding company has multiple levels, and each level can introduce capital to achieve equity leverage effect through small and large scale.

2.集中股权

2. Concentrated equity

这种金字塔结构，可以集中股权，提升控制力。

This pyramid structure can concentrate equity and enhance control.

3.纳税筹划

3. Tax planning

居民企业之间利润分配免征企业所得税，控股公司可以作为资金池，吸收各业务公司的利润，进行再投资，是免税的。

The distribution of profits between resident enterprises is exempt from corporate income tax, and the holding company can serve as a fund pool to absorb the profits of various business companies for reinvestment, which is tax exempt.

4.利于人事管理

4. Beneficial for personnel management

分版块分层级的股权架构，有利于将合适的人放在合适的位置，员工有了横向和纵向的发展通道。

A segmented and hierarchical equity structure is conducive to placing the right people in the right positions, providing employees with horizontal and vertical development channels.

5.便于资本运作

5. Facilitate capital operation

通过控股公司来持股，为未来公司上市以及资本运作留下空间。

Holding shares through holding companies leaves room for future company listings and capital operations.

控股公司架构缺点：

Disadvantages of the holding company structure:

1.股权转让税负高

1. High tax burden on equity transfer

自然人股东与业务公司之间有各层级的持股公司，在做股权转让时，持股公司需要对股权转让收益缴纳25%的企业所得税，再分配给自然人股东时还需缴纳20%的个人所得税。

There are various levels of shareholding companies between natural person shareholders and business companies. When conducting equity transfers, the shareholding companies are required to pay a 25% corporate

income tax on the proceeds of the equity transfer, and an additional 20% personal income tax when distributing them to natural person shareholders.

2.退出机制不灵活

2. The exit mechanism is not flexible

各个层级的股东都为有限公司，适用于公司法管理规定，股东变更机制较为复杂，缺乏灵活性，因此不适合作为员工持股平台，而设置有限合伙公司则更为合适。

The shareholders at all levels are limited companies, which are subject to the management regulations of the Company Law. The shareholder change mechanism is complex and lacks flexibility, making it unsuitable as an employee shareholding platform. However, setting up a limited partnership company is more appropriate.

因此，控股公司架构适用于：（1）规划长期持股的实业家；（2）有多个业务版块的多元化企业集团；（3）作为大股东的家族持股平台；（4）已进入成熟期，但没有上市规划，打算家族传承的实业家。

Therefore, the holding company structure is applicable to: (1) industrialists planning long-term shareholding; (2) Diversified enterprise groups with multiple business segments; (3) A family shareholding platform as the major shareholder; (4) An industrialist who has entered a mature stage but has no plans to go public and intends to inherit their family.

三、有限合伙架构

3、 Limited Partnership Structure

有限合伙架构是股东以有限合伙企业作为持股平台间接持股核心公司。

The limited partnership structure is a core company indirectly held by shareholders through a limited partnership enterprise as a shareholding platform.

创始人持股一家有限责任公司作为控股公司，该控股公司作为普通合伙人（GP）、公司员工作为有限合伙人（LP）成立有限合伙企业A，投资人作为有限合伙人（LP）与控股公司（GP）再成立有限合伙企业B，最后，有限合伙企业控制核心公司。

The founder holds a limited liability company as the holding company, which serves as a general partner (GP) and the company's employees as limited partners (LP) to establish a limited partnership enterprise A. The investor, as a limited partner (LP), then forms a limited partnership enterprise B with the holding company (GP). Finally, the limited partnership enterprise controls the core company.

合伙企业中的普通合伙人是要承担无限连带责任的，但是由有限责任公司去做普通合伙人（GP），就把无限责任有限化了，此时的控股公司（GP）就是创始人与合伙企业之间的一道防火墙。

The general partners in a partnership enterprise are required to bear unlimited joint and several liability, but if a limited liability company acts as a general partner (GP), the unlimited liability is limited. At this time, the holding company (GP) serves as a firewall between the founder and the partnership enterprise.

同时，有限合伙企业由普通合伙人执行合伙事务，有限合伙人不执行合伙事务，不得对外代表有限合伙企业。因此控制权是由控股公司（GP）掌握，最终也是由创始人掌握， 员工和投资人作为LP是不享有控制权的，只能分享收益。

At the same time, limited partnership enterprises are executed by general partners in partnership affairs, and limited partners are not allowed to represent limited partnership enterprises externally. Therefore, control is held by the holding company (GP) and ultimately by the founder. Employees and investors, as LPs, do not have control and can only share profits.