股权激励方案落地执行
十年股权整理解决方案落地实施

1.明确公司内部的几种角色

1. Clarify several roles within the company

一开始公司有几种角色必须要清晰而明确，创始人、联合创始人、员工、外部投资人。

At the beginning, the company must have several clear and distinct roles, including founder, co-founder, employee, and external investor.

创始人和联合创始人必须要全职投入，谁兼职就不要考虑，这种骑墙行为是最没有担当的，创始人最重要的责任就是担当！

Founders and co founders must invest full-time, and whoever works part-time should not be considered. This kind of wall riding behavior is the least responsible, and the most important responsibility of founders is to take responsibility!

另外还有一种情况：就是在一个创始团队中，又扮演出资人，又提供部分资源，有时候还干点活的人，他们是最麻烦的。

Another situation is that in a founding team, those who play the role of investors, provide some resources, and sometimes even do some work are the most troublesome.

作为投资人，不管你帮创业团队做了多少事，都是你资本的增值部分，也是别人要你钱的理由。你不能在投资人和创始人之间来回骑墙。

As an investor, no matter how much you help the entrepreneurial team, it is the value-added part of your capital and also the reason why others want your money. You cannot ride back and forth between investors and founders.

投资人也应该清楚，我是投资人我就挣投资人的钱，不挣创始人该挣的钱。所以如果一开始创业遇到这样的人，你不把他处理好，会非常麻烦。

Investors should also be aware that as an investor, I earn the money of the investor and not the money that the founder should earn. So if you encounter someone like this at the beginning of your business and don't handle them well, it will be very troublesome.

2.股权结构一定要干净

2. The equity structure must be clean

首先股权结构一定要干净，不要特别复杂。一个创业公司的股权应该有三类：创始人的股权、员工的期权和投资人的股权。

Firstly, the equity structure must be clean and not particularly complex. A startup company should have three types of equity: founder's equity, employee options, and investor's equity.

创始人可以出资也可以不出资，因为创始人是以过去的经验和资源以及未来对公司的全职投入作为条件来换得公司的股权。

Founders can contribute or not, as they obtain equity in the company based on past experience and resources, as well as future full-time investment in the company.

而且按照一般的股权投资规则，创始人出小钱或不出钱占大股，投资人出大钱占小股。

Moreover, according to the general rules of equity investment, founders who contribute small or no money account for the majority of the shares, while investors who contribute large money account for the minority.

3.博弈

3. Game theory

天使投资人跟创始人其实是一种博弈关系，如果你是很牛的创业者，你肯定会找最牛的投资人。

Angel investors and founders are actually in a game relationship. If you are a very talented entrepreneur, you will definitely look for the most talented investor.

如果最牛的投资人不投，你才会考虑二三线投资人，因此二三线的投资人很难接触到特别好的创业项目。

If the best investors don't invest, you will consider second - and third tier investors, so it is difficult for second - and third tier investors to access particularly good entrepreneurial projects.

股权投资市场的集中度非常高。

The concentration of the equity investment market is very high.

我们看过去十多年在美国上市的高科技互联网公司的招股说明书，分析一下它的股权结构，会发现，参与其中的股权投资机构集中在30-50家之间，在这之外的投资机构，基本都跟去美国上市没什么关系。

If we look at the prospectus of high-tech Internet companies listed in the United States over the past decade and analyze their equity structure, we will find that the number of equity investment institutions participating in it is between 30-50, and the number of investment institutions outside of it has nothing to do with listing in the United States.

有人说，如果中国有5000家VC和PE的话，至少有4900家没有按规则办事。

Some people say that if there are 5000 VC and PE companies in China, at least 4900 have not followed the rules.

翻译一下，就是这4900家投资机构其实都在干陪太子读书的事，说的阳光一点儿，这4900家存在的价值就是把有钱人手里的钱，通过股权投资的方式还给社会。

By translation, these 4900 investment institutions are actually doing the business of accompanying the Crown Prince to study. To put it more openly, the value of these 4900 institutions is to return the money in the hands of the wealthy to society through equity investment.

因为创业者的成功率其实也就有1%-2%，所以也就有1%-2%的投资机构，大概也就是几十家，能够通过股权投资获得收益。

Because the success rate of entrepreneurs is actually only 1% -2%, there are also 1% -2% investment institutions, probably dozens, that can obtain returns through equity investment.

4.投资人不要试图去控制公司股权

4. Investors should not attempt to control the company's equity

所有创业型企业，如果投资人试图去控制公司股权，最后一定会把公司玩死。

All entrepreneurial enterprises, if investors try to control the company's equity, will definitely end up killing the company.

这也是投资机构在交了无数学费之后得出来的结果，投资人和创业者都必须各自守着自己的边界，不要越界。

This is also the result obtained by investment institutions after paying countless tuition fees. Investors and entrepreneurs must each guard their own boundaries and not cross them.

5.股权的两个核心利益

5. The two core interests of equity

股权有两个核心利益：第一是投票权；第二是利益分配，就是收益权。

Equity has two core interests: the first is the right to vote; The second is the distribution of benefits, which is the right to benefits.

大家都竞争投票权，因为投票权决定分配权，谁成为第一大股东，谁就有权改组董事会，改组经理层班子。

Everyone competes for voting rights because voting rights determine distribution rights. Whoever becomes the largest shareholder has the right to reorganize the board of directors and management team.

6.股权设计要解决2个问题

6. Two issues need to be addressed in equity design

设计创业公司股权结构的时候，要解决两个问题：

When designing the equity structure of a startup company, two issues need to be addressed:

一是创始人对公司的控制权；二是出让股权的目的是什么？

One is the founder's control over the company; What is the purpose of transferring equity?

出让股权的目的，第一是获得先进资本，先进理念；第二是获得人才；第三是获得对公司具有重大战略意义的资源。

The purpose of transferring equity is, firstly, to obtain advanced capital and advanced concepts; The second is to acquire talents; The third is to obtain resources that have significant strategic significance for the company.

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