什么是股权架构设计的主体架构内容?主体架构模型一般有6种,下面
山东股权公司分别展开了解这6种基本架构内容。
What is the main structure content of equity structure design? There are generally six types of main structure models. Below, Shandong Equity Company will explore the six basic structure contents.
一、有限合伙架构
1、 Limited Partnership Structure
这种架构模型,股东并不直接持有核心公司股权,而是通过有限合伙间接持有。创始人公司一般可以为家族企业,控股公司可以是创始人的作为对外投资的投资公司,以有限责任公司主体形式比较好。
In this structural model, shareholders do not directly hold equity in the core company, but indirectly through limited partnerships. Founder companies can generally be family owned enterprises, while holding companies can be founders' investment companies as external investments, preferably in the form of limited liability companies.
有限合伙架构的适用情形
Application of limited partnership structure
1、钱权分离度高的创始人股东。比如互联网企业,属于资金密集型企业,VC/PE会在发展过程中起到非常重要的作用。随着资本不断加入,创始人股东及其团队的持股比例会慢慢地被稀释得很低。为了控制权的需要,就会采取有限合伙企业的架构。
1. Founder shareholders with high separation of money and power. For example, Internet companies are capital intensive enterprises, and VC/PE will play a very important role in the development process. As capital continues to be added, the shareholding ratio of founder shareholders and their teams will gradually be diluted to a very low level. In order to meet the need for control, a limited partnership structure will be adopted.
2、有短期套现图的财务投资人。
2. Financial investors with a short-term cash flow chart.
3、员工持股平台。方便股权激励管理,提高企业决策效力,大股东能获得更多的控制权。
3. Employee stock ownership platform. Facilitate equity incentive management, improve the effectiveness of corporate decision-making, and enable major shareholders to gain more control.
二、自然人直接架构
2、 Direct structure of natural person
这种架构很好理解,就是自然人股东直接持股核心公司股权。自然人直接架构的适用情形:
This structure is easy to understand, which means that natural person shareholders directly hold equity in core companies. Applicable situations of the direct structure of natural persons:
(1)规划上市后售股套现的财务投资人。可以通过证券交易账户便于操作,进而降低税负。
(1) Financial investors who plan to sell shares and cash out after listing. It can be easily operated through securities trading accounts, thereby reducing tax burden.
(2)创业期的创始人股东。创业期不稳定因素较多,股权结构不宜设计得过于复杂,以便于后期进行调整。
(2) Founder shareholders during the startup period. There are many unstable factors during the startup period, and the equity structure should not be designed too complex to facilitate adjustment in the later stage.
三、控股公司架构
3、 Holding company structure
不同的业务版块,涉及的行业征管是不一样的。控股公司架构的适用情形:
Different business segments involve different industries in tax collection and management. Applicability of the holding company structure:
(1)规划长期持股的实业家;
(1) Industrialists planning long-term shareholding;
(2)有多个业务版块的多元化企业集团;
(2) Diversified enterprise groups with multiple business segments;
(3)作为大股东的家族持股平台;
(3) A family shareholding platform as a major shareholder;
(4)已进入成熟期,但没有上市规划,打算家族传承的实业家。
(4) An industrialist who has entered a mature stage but has no listing plan and intends to inherit from his family.
四、混合股权构
4、 Mixed equity structure
在实践中,每个股东的诉求可能会有所不同,混合股权架构的优点是可以根据股东持股目的,量体裁衣选择合适的架构,更有针对性。但该架构的难度在于预判公司的资本战略。混合股权架构适用于有明确境内上市规划的公司。
In practice, the demands of each shareholder may vary. The advantage of a hybrid equity structure is that it can be tailored to the purpose of shareholders' shareholding, making it more targeted. However, the difficulty of this structure lies in anticipating the company's capital strategy. The hybrid equity structure is applicable to companies with clear domestic listing plans.
五、海外股权架构
5、 Overseas equity structure
海外股权架构是指境内个人或公司在境外搭建离岸公司,通过离岸公司来控制境内或者境外业务的架构。搭建海外股权架构一般有以下几种目的:为了境外上市;便于海外资本运作比如融资、并购等;为了享受某些地区对外资企业的招商引资政策;便利海外资产配置的财富管理;利用海外架构避税;为了开拓境外市场,拓展境外业务。
Overseas equity structure refers to the structure in which domestic individuals or companies establish offshore companies overseas to control domestic or overseas businesses in China through offshore companies. Generally, there are several purposes for establishing an overseas equity structure: for overseas listing; Facilitate overseas capital operations such as financing, mergers, and acquisitions; In order to enjoy the investment promotion policies for foreign-funded enterprises in certain regions; Wealth management that facilitates overseas asset allocation; Using overseas structures for tax avoidance; In order to explore overseas markets and expand overseas business.
六、契约型架构
6、 Contractual architecture
契约型架构是指投资人通过资产管理计划、信托计划、契约型私募基金等契约型组织间接持有实业公司的股权架构。由于资管计划、信托计划、契约型基金均没有工商登记的企业实体,是依据《中华人民共和国证券投资基金法》《中华人民共和国信托法》《私募证券投资基金管理暂行办法》等法规,通过一系列合同组织起来的代理投资行为,投资者的权利主要体现在合同条款上,而合同条款的主要方面通常由基金法律所规范,因此,我们将投资人通过资管计划、信托计划等间接持有被投资公司的架构称为契约型架构。
Contractual structure refers to the equity structure in which investors indirectly hold industrial companies through contractual organizations such as asset management plans, trust plans, and contractual private equity funds. Due to the fact that asset management plans, trust plans, and contractual funds are not registered with the industry and commerce, they are agency investment activities organized through a series of contracts in accordance with regulations such as the Securities Investment Fund Law of the People's Republic of China, the Trust Law of the People's Republic of China, and the Interim Measures for the Management of Private Securities Investment Funds. The rights of investors are mainly reflected in the terms of the contract, The main aspects of contract terms are usually regulated by fund laws. Therefore, we refer to the structure where investors indirectly hold invested companies through asset management plans, trust plans, etc. as a contractual structure.
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