股权激励方案落地执行
十年股权整理解决方案落地实施

　　在创业的道路上，许多创业者往往集中精力于产品开发、市场拓展和团队建设，却忽视了股权设计的重要性。

　　On the path of entrepreneurship, many entrepreneurs often focus on product development, market expansion, and team building, but overlook the importance of equity design.

　　殊不知，股权结构的疏忽，可能导致创业者之间的信任破裂和决策权争夺，最终陷入股权纠纷，从而影响公司的生存发展。

　　Little do they know, the negligence of equity structure may lead to the breakdown of trust and competition for decision-making power among entrepreneurs, ultimately resulting in equity disputes and affecting the survival and development of the company.

　　因此，大到合伙创业，小到搭伙做生意，都应该主动学习股权设计。

　　Therefore, from starting a business together to doing business together, one should actively learn equity design.

　　本文将从股权基本概念、股权设计的核心原则，以及创业不同阶段的股权架构三个部分来做详细解析，帮助创业者了解股权设计，少踩前人之坑！

　　This article will provide a detailed analysis from three parts: the basic concept of equity, the core principles of equity design, and the equity structure at different stages of entrepreneurship, to help entrepreneurs understand equity design and avoid pitfalls of predecessors!

　　01股权的基本概念

　　01 Basic concepts of equity

　　1.股权的定义

　　1. Definition of Equity

　　股权设计是创业公司运营管理中的重要组成部分，合理的股权结构不仅能激励创业团队，还能吸引外部投资。以下是股权设计的一些基本概念。

　　Equity design is an important component of the operation and management of start-up companies. A reasonable equity structure can not only motivate entrepreneurial teams, but also attract external investment. Here are some basic concepts of equity design.

　　2.股权的分类

　　2. Classification of equity

　　股权可以按照不同的标准进行分类，主要包括：

　　Equity can be classified according to different standards, mainly including:

　　（1）普通股：普通股东享有公司的所有权利，包括投票权和利润分配权，但他们在公司清算时的索偿权位于优先股东之后。普通股一般用于创业者和员工的激励。

　　(1) Common stock: Common shareholders enjoy all the rights of the company, including voting rights and profit distribution rights, but their claim rights in the event of company liquidation are after those of preferred shareholders. Common stocks are generally used for incentivizing entrepreneurs and employees.

　　（2）优先股：优先股东通常在分红和清算时享有优先权，获得固定的股息，并在公司破产时优先获取资产。因此，优先股更具安全性，适合风险厌恶型的投资者。

　　(2) Preferred stock: Preferred shareholders usually have priority rights in dividends and liquidation, receive fixed dividends, and have priority access to assets in the event of company bankruptcy. Therefore, preferred stocks are more secure and suitable for risk averse investors.

　　（3）受限股与非受限股：受限股是指股东在一定期限内无法出售或转让的股份，通常是为了确保团队成员的稳定性；而非受限股则没有此类限制，股东可以随时进行交易。

　　(3) Restricted shares and unrestricted shares: Restricted shares refer to shares that shareholders are unable to sell or transfer within a certain period of time, usually to ensure the stability of team members; Non restricted shares do not have such restrictions, and shareholders can trade at any time.

　　02股权设计的六大核心原则

　　Six core principles of equity design in 02

　　股权设计不仅关乎公司的股东结构和利益分配，更是影响企业发展和团队稳定的关键因素。根据实践经验，了解以下六大核心原则，有助于创业者合理设计股权结构，从而增强公司抗风险能力和长期发展潜力。

　　Equity design is not only related to the shareholder structure and benefit distribution of a company, but also a key factor affecting the development of the enterprise and team stability. Based on practical experience, understanding the following six core principles can help entrepreneurs design a reasonable equity structure, thereby enhancing the company's risk resistance and long-term development potential.

　　1. 控制权红线

　　1. Red Line of Control

　　控制权的设计是股权结构中的核心问题。一般而言，持有超过67%的股份通常能够确保在关键决策中控制权不被撼动，而51%是绝对的控股线，能够有效避免被迫进行股东投票。持有34%的股权，虽然未达到控股，但若股东结构较为分散，也可实现对公司的重要影响力。

　　The design of control rights is a core issue in equity structure. Generally speaking, holding more than 67% of the shares can ensure that control is not shaken in key decisions, while 51% is the absolute control line, which can effectively avoid being forced to vote by shareholders. Holding 34% of the equity, although not reaching a controlling stake, can still achieve significant influence on the company if the shareholder structure is relatively dispersed.

　　因此，创业者在设计股权时，应充分考虑合作伙伴的背景与未来的股东动力，确保自身及核心团队在重要决策中的话语权。2. 动态调整机制

　　Therefore, when designing equity, entrepreneurs should fully consider the background of their partners and future shareholder motivation, ensuring their own and core team's voice in important decisions. 2. Dynamic adjustment mechanism

　　在创业过程中，团队和公司环境都可能随时变化，因此设计一个动态调整机制至关重要。动态调整可以通过股权兑现条款进行明确。

　　In the process of entrepreneurship, both the team and company environment may change at any time, so it is crucial to design a dynamic adjustment mechanism. Dynamic adjustments can be clarified through equity redemption clauses.

　　例如，创始团队成员在达到预定业绩指标或服务年限后能够获得更高比例的股份。这类条款不仅可以激励团队成员努力工作，更方便在遇到业绩波动时对股权进行调整，从而保持团队的稳定性。

　　For example, founding team members can receive a higher percentage of shares after achieving predetermined performance indicators or service years. This type of clause not only motivates team members to work hard, but also facilitates the adjustment of equity in the event of performance fluctuations, thereby maintaining the stability of the team.

　　在模板设计时，可以明确规定各类业绩考核标准和兑现条件，确保保护创始团队和公司利益。3. 创始人保护条款

　　When designing templates, various performance evaluation standards and fulfillment conditions can be clearly defined to ensure the protection of the founding team and company interests. 3. Founder Protection Clause

　　为了防止股份稀释及维护创始团队的利益，创始人保护条款不可或缺。这些条款包括防稀释条款和优先清算权等。

　　In order to prevent dilution of shares and maintain the interests of the founding team, founder protection clauses are indispensable. These terms include anti dilution clauses and priority liquidation rights.

　　防稀释条款可以确保当公司进行后续融资时，创始人仍能维持持股比例；而优先清算权则确保创始人在公司清算时优先于普通股东分配剩余资产。

　　The anti dilution clause can ensure that the founder can still maintain their shareholding ratio when the company conducts subsequent financing; The priority liquidation right ensures that the founder has priority over ordinary shareholders in distributing remaining assets during the company's liquidation.

　　这不仅保护了创始人的经济利益，也增加了投资者的信心，为后续融资打下良好基础。4. 期权池预留标准

　　This not only protects the economic interests of the founder, but also increases investor confidence, laying a solid foundation for subsequent financing. 4. Reserve standards for option pools

　　期权池即为吸引和激励员工而预留的股份。不同融资阶段的期权池预留比例通常有所区别。在早期阶段，建议预留10%至20%的期权池，而在后期融资阶段，可能适度降低至5%至10%。

　　Option pool refers to the reserved shares for attracting and motivating employees. The reserve ratio of option pools in different financing stages usually varies. In the early stages, it is recommended to reserve a 10% to 20% option pool, while in the later stages of financing, it may be moderately reduced to 5% to 10%.

　　创业者需根据公司成长需要，确保期权池的合理性和激励性，避免因为过度稀释影响团队士气。同时，应定期评估期权池的使用情况，以调整池内股份数额，保持动力与公司战略方向的一致性。5. 税务优化方案

　　Entrepreneurs need to ensure the rationality and incentive of the option pool according to the growth needs of the company, and avoid the impact of excessive dilution on team morale. At the same time, the use of the option pool should be regularly evaluated to adjust the number of shares in the pool and maintain consistency between the momentum and the company's strategic direction. 5. Tax optimization plan

　　股东的税务负担直接影响其持股的吸引力，因此合理的税务优化方案至关重要。持股平台设计有三种方式：

　　The tax burden of shareholders directly affects the attractiveness of their shareholding, therefore a reasonable tax optimization plan is crucial. There are three ways to design a shareholding platform:

　　首先，设立控股公司可以有效降低个人所得税；其次，进行信托结构设计，确保权益能够分配到更高效的税务实体；最后，采用合伙企业结构，在分红时减轻个人股东的税负。

　　Firstly, establishing a holding company can effectively reduce personal income tax; Secondly, design the trust structure to ensure that equity can be allocated to more efficient tax entities; Finally, adopting a partnership structure can reduce the tax burden on individual shareholders when distributing dividends.

　　选择合适的持股平台能够让股东在享受分红与资本增值的同时，减少税务支出，提升投资回报。6. 退出机制设计

　　Choosing a suitable shareholding platform can enable shareholders to enjoy dividends and capital appreciation while reducing tax expenses and enhancing investment returns. 6. Exit mechanism design

　　清晰的退出机制有助于处理股东在离婚、离职等情况下的股权问题。设计退出机制时，创业者应详细规定股东的股权回购条件、价格评估标准，以及退出的时间框架。

　　A clear exit mechanism helps to address equity issues for shareholders in situations such as divorce or resignation. When designing an exit mechanism, entrepreneurs should specify in detail the conditions for shareholder equity repurchase, price evaluation criteria, and time frame for exit.

　　针对不同情况，应建立合理的条款，比如在离婚时，股东应依法分割，但必须保证公司运营的稳定性；而在离职时，团队原股东能够优先收回其股份。此外，还可以引入第三方评估机构的参与，为双方的权益提供公正的保障。

　　Reasonable terms should be established for different situations, such as in the event of divorce, shareholders should be legally divided, but the stability of the company's operations must be ensured; When resigning, the original shareholders of the team have priority in reclaiming their shares. In addition, the participation of third-party evaluation agencies can be introduced to provide fair protection for the rights and interests of both parties.

　　通过遵循这六大原则，创业者就能够结合自身情况，初步构建出既能激励团队，又能保护公司和投资者利益的股权架构。

　　By following these six principles, entrepreneurs can combine their own situation to initially construct an equity structure that can both motivate the team and protect the interests of the company and investors.

　　03创业不同阶段的股权架构

　　03 Equity Structure at Different Stages of Entrepreneurship

　　创业公司的股权架构需要根据不同的发展阶段进行灵活调整，以满足公司的战略目标和团队激励需求。

　　The equity structure of a startup company needs to be flexibly adjusted according to different stages of development to meet the company's strategic goals and team incentive needs.

　　1. 初创期（2-3人团队）

　　1. Start up period (2-3 person team)

　　最优持股比例模型?在初创期，团队成员通常由创始人及其合伙人组成，持股比例需要确保每位核心成员都能被有效激励。一个常见的模型是采用“均分”的方式，例如三人团队中，创始人占50%，其他两名合伙人各占25%。

　　The optimal shareholding ratio model? In the start-up stage, team members are usually composed of founders and their partners, and the shareholding ratio needs to ensure that each core member can be effectively motivated. A common model is to use an "equal distribution" approach, for example, in a three person team, the founder accounts for 50% and the other two partners each account for 25%.

　　这样可以确保创始人对公司的控制权，同时较好地激励团队成员。在资产或资源较少的初期阶段，还可以设计一定的期权奖励，鼓励团队成员创造更大价值。?兼职/资源型股东处理方案?在创业初期，团队可能会邀请兼职股东或拥有资源（人脉、技术等）的股东进入。这类股东的股权比例应适度，通常建议不超过10%-15%。

　　This can ensure the founder's control over the company and effectively motivate team members. In the early stages when assets or resources are limited, certain option rewards can be designed to encourage team members to create greater value.? Part time/resource-based shareholder handling plan? In the early stages of entrepreneurship, the team may invite part-time shareholders or shareholders with resources (networks, technology, etc.) to join. The equity ratio of such shareholders should be moderate, usually not exceeding 10% -15%.

　　同时，需要通过股东协议明确资源型股东的贡献与权利，包括决策参与、项目支持等。

　　At the same time, it is necessary to clarify the contributions and rights of resource-based shareholders through shareholder agreements, including decision-making participation, project support, etc.

　　此外，创业者也可以设计以时间为基础的股权释放（Vesting）机制，以确保资源型股东在项目推进中积极参与。

　　In addition, entrepreneurs can also design a time-based equity release (Vesting) mechanism to ensure active participation of resource-based shareholders in project advancement.

　　2. 成长期（天使轮-A轮）

　　2. Growth period (Angel Round-A round)

　　投资人进入后的调整策略

　　Adjustment strategy for investors after entering

　　在成长期，尤其是进行天使轮或A轮融资后，股权结构需要进行相应调整。投资人通常会要求获得一定的优先股，并可能要求获得董事会席位。在此阶段，创业者要设计合理的控股比例，确保创始团队仍能保持相对的控制权。

　　During the growth phase, especially after angel or Series A financing, the equity structure needs to be adjusted accordingly. Investors typically demand a certain amount of preferred stock and may also demand a seat on the board of directors. At this stage, entrepreneurs need to design a reasonable shareholding ratio to ensure that the founding team can still maintain relative control.

　　实践中，可将创始团队股份调整至65%-75%，将外部投资人股份设置在20%-30%，并为未来企业融资预留5%-10%的期权池。

　　In practice, the founding team's shares can be adjusted to 65% -75%, external investors' shares can be set at 20% -30%, and a 5% -10% option pool can be reserved for future corporate financing.

　　ESOP设置的最佳时间点

　　The optimal time point for ESOP setting

　　员工持股计划（ESOP）是激励团队不可或缺的工具。最理想的时间点是在进行天使轮融资或A轮融资之前，确保在这一轮融资时，可同时和投资者沟通期权池的设置。

　　Employee Stock Ownership Plan (ESOP) is an indispensable tool for motivating teams. The ideal timing is to ensure that the option pool settings can be communicated with investors simultaneously during the angel round or Series A financing before proceeding with this round.

　　在融资前期合理地设定期权池，一般建议在天使轮融资时设置10%-15%的期权池，为未来员工和核心团队提供激励，保证公司的持续发展和人才留存。

　　Reasonably setting up a periodic option pool in the early stage of financing, it is generally recommended to set up a 10% -15% option pool during angel round financing to provide incentives for future employees and core teams, ensuring the sustainable development and talent retention of the company.

　　3. 成熟期（B轮后）

　　3. Maturity stage (after B-round)

　　多层架构搭建要点

　　Key points for building a multi-layer architecture

　　成熟期的股权架构需要更多样化，以适应资本市场的变化和公司内部治理的需要。在这个阶段，公司体量增大，通常需要建立多层次的股权结构，包括创始人股东、优先股东及普通股东等。

　　The mature equity structure needs to be more diversified to adapt to changes in the capital market and the needs of internal corporate governance. At this stage, as the company grows in size, it is usually necessary to establish a multi-level equity structure, including founder shareholders, preferred shareholders, and ordinary shareholders.

　　建议为高管设立不同于普通员工的股权激励机制，确保管理层的激励与公司业绩挂钩。同时，可以引入专业投资机构、战略投资者，使得股东结构更加多样化，从而提升企业治理水平。

　　Suggest establishing a different equity incentive mechanism for executives from ordinary employees to ensure that management incentives are linked to company performance. At the same time, professional investment institutions and strategic investors can be introduced to make the shareholder structure more diversified, thereby improving the level of corporate governance.

　　境外架构的搭建

　　Construction of overseas architecture

　　搭建境外架构通常是为满足多重需求：一方面可以顺利实现境外上市或家族信托，并为融资、并购等海外资本运作提供便利；另一方面可享受国内部分地区对外资企业的招商引资政策，优化国际资产配置与财富管理，实现税务规划；此外还可助力企业开拓境外市场与业务。

　　Building an overseas architecture is usually to meet multiple needs: on the one hand, it can smoothly achieve overseas listing or family trust, and provide convenience for overseas capital operations such as financing and mergers and acquisitions; On the other hand, it can enjoy the investment promotion policies for foreign-funded enterprises in some regions of China, optimize international asset allocation and wealth management, and achieve tax planning; In addition, it can also assist enterprises in exploring overseas markets and businesses.

　　针对这些需求，创始人往往需要搭建VIE股权架构——先在境外注册离岸公司，由该公司持有境内资产或股权，再以离岸公司名义向海外交易所申请挂牌上市和开展资本运作。在确定具体设立时机时，企业还需充分评估市场环境、政策风险和自身融资状况，以确保境外上市路径的可行性与稳健性。

　　In response to these needs, founders often need to establish a VIE equity structure - first register an offshore company overseas, which holds domestic assets or equity, and then apply for listing and capital operations on overseas exchanges in the name of the offshore company. When determining the specific timing of establishment, enterprises also need to fully evaluate the market environment, policy risks, and their own financing situation to ensure the feasibility and robustness of the overseas listing path.

　　在现代商业环境中，股权设计不是一个可以被轻视的问题，它对创业公司的长远发展具有深远的影响。合理的股权结构不仅可以确保公司的稳定运营，避免因股东之间的争端而导致的内耗，还能激励团队成员，为公司的成长注入活力。

　　In the modern business environment, equity design is not an issue that can be underestimated, as it has a profound impact on the long-term development of start-up companies. A reasonable equity structure can not only ensure the stable operation of the company and avoid internal conflicts caused by disputes among shareholders, but also motivate team members and inject vitality into the company's growth.

　　值得强调的是，在实践中并不存在绝对完美的股权架构设计。在面对市场环境的变化、团队的扩展以及融资需求的调整时，需要及时引入专业人士来进行优化和重新设计股权结构，为企业的长期稳定发展打好基础。

　　It is worth emphasizing that there is no absolutely perfect equity structure design in practice. When facing changes in the market environment, team expansion, and adjustments in financing needs, it is necessary to promptly introduce professionals to optimize and redesign the equity structure, laying a solid foundation for the long-term stable development of the enterprise.

　　本文由 山东股权激励方案  友情奉献.更多有关的知识请点击  http://www.lushangyun.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is a friendly contribution from Shandong Equity Incentive Plan For more related knowledge, please click http://www.lushangyun.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.