股权激励方案落地执行
十年股权整理解决方案落地实施

　　当企业是一股独大的时候，《公司法》中的很多要求都会变得不是很明晰。如果企业在发展过程中引进了外部投资人，出现了多元化的股东，就需要《公司法》对股东之间，股东和经理之间，董事、监事、管理层之间的权利义务进行划分和调整。

　　When a company is dominant, many requirements in the Company Law become less clear. If a company introduces external investors and has diversified shareholders during its development process, the Company Law needs to divide and adjust the rights and obligations among shareholders, shareholders and managers, directors, supervisors, and management.

　　公司股东持股比例影响着其所能行使的股东权利。如何运用手中的有效股权，在《公司法》和公司章程赋予的权限之内最大限度地影响公司决策，维护股东自身的合法权益，成为股东关注的重中之重。

　　The shareholding ratio of company shareholders affects the shareholder rights they can exercise. How to use the effective equity in hand to maximize the influence on company decisions and safeguard the legitimate rights and interests of shareholders within the authority granted by the Company Law and the company's articles of association has become a top priority for shareholders.

　　为了让企业家们特别是中小企业家们掌握公司股权顶层设计的基本原则，不掉入分配股权的陷阱。通过《公司法》研究，整理出在公司股权顶层设计时，中小企业家们务必死守股权最重要的3条生命线，在开始阐述股权最重要的3条生命线之前，先讲述梁山好汉的故事。

　　In order to enable entrepreneurs, especially small and medium-sized entrepreneurs, to master the basic principles of top-level design of company equity and avoid falling into the trap of distributing equity. Through the study of the Company Law, it has been sorted out that when designing the top-level equity of a company, small and medium-sized entrepreneurs must adhere to the three most important lifelines of equity. Before starting to elaborate on the three most important lifelines of equity, let's first tell the story of the heroes of Liangshan.

　　水浒传启示梁山泊本就山东的一个小山寨，有湖、有山，易守难攻。一群受难于现世的落魄人聚集于此，发现了梁山泊这个地利，这相当于发现了非常好的“商机”，加上聚集的一群人能打敢闹的“人才”，然后开始创业。梁山泊最开始的老板是王伦，下辖杜迁和宋万左膀右臂。刚开始的股权，王伦占50%，另两位各占25%，结构稳定、股权合理。未料想来了个“刺头”林冲，干掉了王伦，取而代之为大股东。后来林冲又主动让贤给新来的晁盖。总而言之，股权的结构在不同的时日就有不同的江湖，没有了稳定的股权结构带来的影响就是一团乱，这个乱局直到读书人宋江入伙才改变。书读得多自然也就多了谋略，“莫论功劳高下，待日后出力多寡再行定夺”，宋江把他手下队伍的股份全都代持了。代持后，弟兄们都变成了股东，可以好好干活了。再后来，梁山泊的事业不断发展壮大，108将的座次排定，这就相当于上市了，108人的股权都得以体现，因此，大家都很开心。但好景不长，朝廷后来出面来“招安”，这也可以视为现代版的“收购”。收购之后，一些新人来担任股东和董事会成员，权力的分配发生了变化，于是产生了一些问题。梁山好汉的故事体现了股权的复杂性。一般来说，股权确定后并不会频繁变动，但是在公司创设和发展的过程中，最初设计的看似完美的股权结构，到后面还是会发生很多变化。好的股权结构会激发全体股东共同努力的合力，助力公司基业长青，1+1成了龙；坏的股权结构会让股东心生间隙，使人性中的自私滋生出来并且腐蚀公司股东的团结，1+1成了虫。

　　The Water Margin reveals that Liangshanpo is already a small mountain stronghold in Shandong, with lakes and mountains that are easy to defend but difficult to attack. A group of destitute people who have suffered in this world gathered here and discovered the advantageous location of Liangshanbo, which is equivalent to discovering a very good "business opportunity". In addition, the gathered group of people can fight against the "talents" who dare to make a fuss, and then start their own business. The original boss of Liangshanbo was Wang Lun, who was subordinate to Du Qian and Song Wan's right-hand men. At the beginning, Wang Lun held 50% of the equity, while the other two each held 25%. The structure was stable and the equity was reasonable. Unexpectedly, a "thorn in the side" Lin Chong came and killed Wang Lun, replacing him as the major shareholder. Later, Lin Chong took the initiative to offer Xian to the newly arrived Chao Gai. In summary, the structure of equity varies at different times, and without a stable equity structure, the impact is chaos. This chaos did not change until the scholar Song Jiang joined in. As he read more books, he naturally gained more strategies. 'Regardless of the merits, the decision will be made based on the amount of effort he puts in in the future,' Song Jiang held all the shares of his team on his behalf. After being entrusted, the brothers have all become shareholders and can work hard now. Later on, the business of Liangshanbo continued to grow and expand, and the seating arrangement of 108 was made, which was equivalent to going public. The equity of 108 people was reflected, so everyone was very happy. But the good times didn't last long, and the court later came forward to "surrender", which can also be seen as a modern version of "acquisition". After the acquisition, some new members came to serve as shareholders and board members, and the distribution of power changed, resulting in some problems. The story of the heroes of Liangshan reflects the complexity of equity. Generally speaking, after the equity is determined, there will not be frequent changes, but in the process of company establishment and development, the initially designed seemingly perfect equity structure will still undergo many changes later on. A good equity structure will inspire the joint efforts of all shareholders, helping the company to establish a long-lasting foundation, and 1+1 will become a dragon; A bad equity structure can create gaps in the hearts of shareholders, breed selfishness in human nature, and erode the unity of company shareholders, turning 1+1 into a worm.

　　股权是股东控制公司的“定海神针”股东投资公司的目的就是要获取收益，要确保这个目标实现就要在某种程度上控制公司。股东控制公司最重要的手段就是股权。公司的最高权力机构是股东（大）会，股东要控制公司就要控制股东会，股东在股东会中进行表决时，表决权的大小取决于股权比例（特殊情况不予讨论）。所以股权就是股东控制公司的定海神针。股东需要根据自己在公司中的投入的资源、地位、利益诉求等综合决定公司的股权结构，因此股权布局是一种战略层面的智慧和手段，是综合考虑企业未来各方面后所作出的安排。

　　Equity is the "anchor" for shareholders to control a company. The purpose of shareholders investing in a company is to obtain profits, and to ensure the achievement of this goal, they need to control the company to some extent. The most important means for shareholders to control a company is through equity. The highest authority of the company is the shareholders' (general) meeting. If shareholders want to control the company, they must control the shareholders' meeting. When shareholders vote in the shareholders' meeting, the size of their voting rights depends on their equity ratio (special circumstances are not discussed). So equity is the anchor of shareholder control over the company. Shareholders need to make a comprehensive decision on the company's equity structure based on the resources, status, and interests they have invested in the company. Therefore, equity layout is a strategic level of wisdom and means, which is an arrangement made after considering all aspects of the company's future.

　　重点提示《民法总则》第二百零五条??民法所称的“以上”“以下”“以内”“届满”，包括本数；所称的“不满”“超过”“以外”，不包括本数。我们也要特别注意《公司法》有关数字的表述。

　　Key point: Article 205 of the General Principles of Civil Law?? The terms "above", "below", "within", and "upon expiration" referred to in the Civil Law include this number; The terms' dissatisfaction ',' exceeding ', and' beyond 'do not include this number. We should also pay special attention to the wording of numbers in the Company Law.

　　有限责任公司在制定章程时要特别注意“过半数”与“半数以上”、“二分之一以上”以及其他数字表达的区别，过半数不包含50%，而后两者包含50%。章程中要尽量避免出现“半数以上”、“二分之一以上”的约定，否则可能导致股东会决议无法执行。有限责任公司股东会一般决议的通过比例务必约定为全部表决权的“过半数”通过，而不是“二分之一以上”通过。因为如果规定二分之一以上的表决权通过即可，必然会导致另一方持股50%的股东亦可以自行作出与之前决议相反的公司决议，这样就会陷入新决议不断推翻之前旧决议的恶性循环，最终造成公司股东会机制失灵、公司经营管理发生严重困难。但是，如果规定为“过半数”通过，则表示必须超过半数股权的股东同意股东会决议才生效，这样就可以保证决议效力的唯一性

　　A limited liability company should pay special attention to the difference between "more than half" and "more than half", "more than half", and other numerical expressions when formulating its articles of association. More than half does not include 50%, while the latter two include 50%. In the articles of association, it is advisable to avoid provisions of "more than half" or "more than half", as this may result in the inability to implement shareholder resolutions. The approval ratio for general resolutions of the shareholders' meeting of a limited liability company must be agreed upon as "more than half" of all voting rights, rather than "more than half". Because if it is stipulated that more than half of the voting rights can be passed, it will inevitably lead to the other party holding 50% of the shares being able to make company resolutions that are opposite to the previous ones on their own. This will lead to a vicious cycle of new resolutions constantly overturning the old ones, ultimately causing the failure of the company's shareholder meeting mechanism and serious difficulties in the company's operation and management. However, if it is stipulated to be passed by "more than half", it means that the resolution of the shareholders' meeting must be approved by more than half of the shareholders to take effect, which can ensure the uniqueness of the effectiveness of the resolution

　　02股权三条生命线

　　02 Three Lifelines of Equity

　　每个公司情况都各不相同，股权结构也就千差万别，有多少家公司就会有多少个可能不同的股权结构，但是都逃不开2/3、1/2、1/3三个比例。这三个比例由此被称为生死线。接下来就以有限责任公司为例来把这三条线说透，你就会理解为什么它能决定生或死了。

　　The situation of each company is different, and the equity structure varies greatly. There may be as many different equity structures as there are companies, but they cannot escape the three ratios of 2/3, 1/2, and 1/3. These three ratios are thus referred to as the life and death line. Next, let's take a limited liability company as an example to explain these three lines, and you will understand why it can determine life or death.

　　01生命线：绝对控制线（股权>=2/3）

　　01 Lifeline: Absolute Control Line (Equity>=2/3)

　　1

　　one

　　真实案例

　　real-life case

　　某A公司注册资本5000万元,由三股东组成,大股东甲持股90%,另两股东乙和丙分别持股8%和2%,公司,大股东甲认缴出资4500万元,实际出资1000万元,乙和丙分别认缴400万元、100万，乙和丙的认缴出资均未到位。当公司经营形势恶化，发生巨额债务。甲股东召集临时股东会，提议将公司注册资本从5000万元减少为1500万元，乙和丙对该决议案投票反对，甲对该议案投票赞成，决议通过后，A公司据以向工商行政管理机关办理了注册资本变更登记手续，变更后的注册资本为1500万元，甲乙丙分别占其中1000万、400万、100万。随即A公司在法院起诉要求乙和丙缴纳未到位的400万和100万元，法院判决支持。启示：单一股东持股比例超过三分之二时，该股东就有权完全操控公司所有事项，如果其心术不正，就会滥用控制权将小股东的利益玩弄于鼓掌之间。即使是关于注册资本比例之类的关乎股东切身利益格局的增资和减资事宜，也完全不受其他股东的掣肘。在经营状况向好的时候单方面增资，扩大自己的持股比例，掠夺其他股东的利益；在经营状况预期变差的时候单方面减资，将风险转嫁于其他股东。呜呼哀哉，一怪遇人不淑，二怪没有防患于未然。

　　A company has a registered capital of 50 million yuan and is composed of three shareholders. The major shareholder A holds 90% of the shares, while the other two shareholders, B and C, hold 8% and 2% of the shares respectively. The company's major shareholder A subscribed for 45 million yuan, but actually contributed 10 million yuan, while B and C subscribed for 4 million yuan and 1 million yuan respectively. The subscribed capital of B and C has not been fully paid. When the company's business situation deteriorates and huge debts occur. Shareholder A convened an extraordinary shareholders' meeting and proposed to reduce the registered capital of the company from 50 million yuan to 15 million yuan. Shareholders B and C voted against the resolution, while shareholder A voted in favor. After the resolution was passed, Company A completed the registration procedures for the change of registered capital with the Administration for Industry and Commerce. The changed registered capital is 15 million yuan, with shareholders A, B, and C accounting for 10 million, 4 million, and 1 million yuan respectively. Subsequently, Company A filed a lawsuit in court demanding that Company B and Company C pay the outstanding amounts of 4 million and 1 million yuan, which were upheld by the court's judgment. Inspiration: When a single shareholder holds more than two-thirds of the shares, that shareholder has the right to completely control all matters of the company. If their intentions are improper, they will abuse their control and manipulate the interests of minority shareholders into applause. Even capital increase and decrease matters related to the vital interests of shareholders, such as the proportion of registered capital, are completely free from the constraints of other shareholders. Unilaterally increasing capital, expanding one's own shareholding ratio, and plundering the interests of other shareholders when the business situation is improving; Unilaterally reducing capital and transferring risks to other shareholders when the expected business situation deteriorates. Alas, one monster is unlucky when encountering people, and the other monster did not take preventive measures.

　　2

　　two

　　意义

　　meaning

　　在公司初创时期，创始人应强化对于公司的掌控。创始人对公司进行控制是有很多路径的，其中最核心的一条是通过绝对控股实现对公司的控制。在绝对控股的情况下，创始人可以完全把控股东会，进而主宰股东会通过任何想通过的决议。

　　During the start-up phase of a company, the founder should strengthen their control over the company. There are many paths for founders to control a company, and the most crucial one is through absolute control of the company. In the case of absolute control, the founder can completely control the shareholders' meeting and thus dominate any resolution that the shareholders' meeting wants to pass.

　　3

　　three

　　权限

　　permission

　　拥有2/3以上的股权，就可以在股东会对公司一切事项，包括重大事项（也称为特别决议事项）进行表决时，确保表决的结果符合自己的利益诉求：公司增资减资，比如公司打算融资引入投资人或者公司进行减资；修改公司章程；公司合并分立解散，比如公司因业务需要分立为两家或几家公司；公司组织形式变更，比如公司筹划上市时，有限责任公司变更为股份有限公司。

　　By owning more than 2/3 of the equity, one can ensure that the voting results on all matters of the company, including major matters (also known as special resolutions), in the shareholders' meeting meet their own interests and demands: the company plans to increase capital or reduce capital, such as raising funds to introduce investors or the company plans to reduce capital; Amend the company's articles of association; Merger, division, and dissolution of a company, such as splitting into two or more companies due to business needs; Changes in the organizational form of the company, such as when planning to go public, a limited liability company is changed to a joint-stock limited company.

　　4

　　four

　　法律依据

　　legal basis

　　根据《公司法》第四十三条有规定，“股东会会议作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经代表三分之二以上表决权的股东通过。”因此，当股东所持股权大于或等于2/3的话，便有权单方来决定是否修改公司章程、增加或减少注册资本等上述涉及公司生死存亡的重大事项。

　　According to Article 43 of the Company Law, "resolutions made by the shareholders' meeting to amend the company's articles of association, increase or decrease registered capital, as well as resolutions to merge, split, dissolve or change the form of the company, must be passed by shareholders representing more than two-thirds of the voting rights." Therefore, when shareholders hold more than or equal to two-thirds of the equity, they have the right to unilaterally decide whether to amend the company's articles of association, increase or decrease registered capital, and other major matters related to the survival of the company.

　　02生命线：管理控制线（股权>1/2）

　　02 Lifeline: Management Control Line (Equity>1/2)

　　1

　　one

　　意义

　　meaning

　　企业发展到发展期的时候，随着外来投资者的进入，或者内部股权激励，创始人所持有的股权就越来越少，但创始人最关心最想要的也还是要控股，在控股的情况下，创始人虽然不能操控股东会通过重大事项的决议，但是可以对重大事项以外的其他事项，仍如探囊取物，由此实现对公司的管理掌控。

　　When a company reaches its development stage, with the entry of foreign investors or internal equity incentives, the founder's equity holdings become increasingly limited. However, what the founder is most concerned about and wants is still controlling the company. In the case of controlling the company, although the founder cannot manipulate the shareholders' meeting to pass resolutions on major issues, they can still take control of other matters beyond major issues, thereby achieving management and control over the company.

　　2

　　two

　　权限

　　permission

　　持有股权50%以上时，就可以确保股东会通过如下事项的决议：公司的经营方针和投资计划；选举更换非职工代表担任的董事、监事，决定他们的报酬；审议批准董事会（执行董事）的报告；审议批准监事会（监事）的报告；审议批准公司的年度财务预算方案和决策方案；审议批准公司的利润分配方案和弥补亏损方案。持股1/2以上时，还能决定：是否同意股东向股东以外的人转让股权；是否同意公司为股东或者实际控制人提供担保。

　　When holding more than 50% of the equity, it can ensure that the shareholders' meeting passes resolutions on the following matters: the company's business policies and investment plans; Elect and replace directors and supervisors who are not employee representatives, and determine their remuneration; Deliberate and approve the report of the board of directors (executive directors); Deliberate and approve the report of the board of supervisors (supervisors); Deliberate and approve the company's annual financial budget plan and decision-making plan; Deliberate and approve the company's profit distribution plan and loss recovery plan. When holding more than half of the shares, it is still possible to decide whether to agree to the transfer of equity by the shareholder to someone other than the shareholder; Do you agree to the company providing guarantees for shareholders or actual controllers.

　　3

　　three

　　法律依据《公司法》七十一条：“股东向股东以外的人转让股权，应当经其他股东过半数同意。”第十六条也规定了“公司为公司股东或者实际控制人提供担保的，必须经股东会或者股东大会决议。该项表决由出席会议的其他股东所持表决权的过半数通过”。

　　According to Article 71 of the Company Law, "Shareholders transferring equity to persons other than shareholders shall obtain the consent of more than half of the other shareholders." Article 16 also stipulates that "if a company provides guarantees for its shareholders or actual controllers, it must be decided by the shareholders' meeting or the shareholders' general meeting. The vote shall be passed by more than half of the voting rights held by other shareholders present at the meeting.

　　03生命线：防守控制线（股权>1/3）

　　03 Lifeline: Defense Control Line (Equity>1/3)

　　控股大于1/3：具有重大事项一票否决权

　　Holding more than 1/3 of the shares: having veto power over major issues with one vote

　　1

　　one

　　意义

　　meaning

　　在公司快速扩张时期，创始人持有的股权最好1/3以上。显而易见，1/3是相对于绝对控制线2/3而言的。2/3以上表决权能够通过关于公司生死存亡的事宜，因此如果一个股东持有1/3的股权，其他任何一个股东都无法单独达到2/3以上的表决权，关系到公司生死存亡的重大事项的决议得不到单一持股1/3以上的股东支持时，自然就无法通过。如此之下，持有股权大于1/3的股东，就在股东会中对重大事项的表决具有 “一票否决权”的作用。

　　During the period of rapid expansion of the company, it is best for the founder to hold at least one-third of the equity. It is obvious that 1/3 is relative to the absolute control line 2/3. More than 2/3 of the voting rights can be passed on matters related to the life and death of the company. Therefore, if a shareholder holds 1/3 of the equity, no other shareholder can individually obtain more than 2/3 of the voting rights. When resolutions related to major matters related to the life and death of the company cannot receive the support of a single shareholder holding more than 1/3, they naturally cannot be passed. In this way, shareholders holding more than one-third of the equity have the "veto power" to vote on major matters in the shareholders' meeting.

　　2

　　two

　　权限

　　permission

　　持有股权1/3以上时，股东会对如下决议事项进行表决时，该股东有一票否决权。公司增资减资，比如公司融资引入投资人，公司进行减资；修改公司章程；公司合并分立解散，比如 公司因业务需要分立为两家或几家公司；公司组织形式变更，比如公司筹划上市时，有限责任公司变更为股份有限公司。

　　When holding more than one-third of the equity, the shareholder has one veto power when voting on the following resolutions at the shareholders' meeting. The company increases or reduces its capital, such as introducing investors through financing and reducing its capital; Amend the company's articles of association; Merger, division, and dissolution of a company, such as splitting into two or more companies due to business needs; Changes in the organizational form of the company, such as when planning to go public, a limited liability company is changed to a joint-stock limited company.

　　03其他股权比例

　　03 Other equity ratios

　　01上市公司要约收购线30%

　　01 Listed Company Tender Offer Line 30%

　　1

　　one

　　法律规定

　　legal provisions

　　《中华人民共和国证券法》第八十八条第一款? 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。

　　Article 88, Paragraph 1 of the Securities Law of the People's Republic of China? When investors hold or jointly hold 30% of the issued shares of a listed company through agreements or other arrangements through securities trading on the stock exchange and continue to make acquisitions, they shall issue a tender offer to all shareholders of the listed company to acquire all or part of the shares in accordance with the law.

　　2

　　two

　　律师解释

　　Lawyer's explanation

　　1. 本条适用于特定条件下的上市公司股权收购，不适用于有限责任公司和未上市的股份有限公司。2. 收购上市公司有协议收购和要约收购两种方式。相比较而言，要约收购更加市场化，需要经过的环节较多，操作程序比较繁杂，收购方的收购成本较高。3. 收购要约的期限届满，收购人持有的被收购上市公司的股份数达到该公司已发行的股份总数的百分之七十五以上的，该上市公司的股票应当在证券交易所终止上市。

　　1. This provision applies to equity acquisitions of listed companies under specific conditions and does not apply to limited liability companies and unlisted joint-stock limited companies. 2. There are two methods for acquiring listed companies: agreement based acquisition and tender offer. Compared to others, tender offers are more market-oriented, require more steps, have more complex operating procedures, and incur higher acquisition costs for the acquirer. 3. If the deadline for the tender offer expires and the number of shares held by the acquirer in the acquired listed company reaches 75% or more of the total issued shares of the company, the shares of the listed company shall be delisted from the stock exchange.

　　02临时会议提议权10%

　　02 Temporary Meeting Proposal Right 10%

　　1

　　one

　　法律规定

　　legal provisions

　　《中华人民共和国公司法》第三十九条第二款后半段??代表十分之一以上表决权的股东，三分之一以上的董事，监事会或者不设监事会的公司的监事提议召开临时会议的，应当召开临时会议。第四十条第三款? 董事会或者执行董事不能履行或者不履行召集股东会会议职责的，由监事会或者不设监事会的公司的监事召集和主持；监事会或者监事不召集和主持的，代表十分之一以上表决权的股东可以自行召集和主持。第一百条第三项? 股东大会应当每年召开一次年会。有下列情形之一的，应当在两个月内召开临时股东大会：（三）单独或者合计持有公司百分之十以上股份的股东请求时。第一百一十条第二款前半段? 代表十分之一以上表决权的股东、三分之一以上董事或者监事会，可以提议召开董事会临时会议。《最高人民法院关于适用《中华人民共和国公司法》若干问题的规定（二）》第一条第一款??单独或者合计持有公司全部股东表决权百分之十以上的股东，以下列事由之一提起解散公司诉讼，并符合公司法第一百八十二条规定的，人民法院应予受理。

　　What is the second half of Article 39, Paragraph 2 of the Company Law of the People's Republic of China?? If shareholders representing more than one tenth of the voting rights, more than one-third of the directors, the board of supervisors, or supervisors of a company without a board of supervisors propose to convene an extraordinary meeting, an extraordinary meeting shall be convened. Article 40, Paragraph 3? If the board of directors or executive director is unable or fails to fulfill the duty of convening a shareholders' meeting, the supervisory board or the supervisor of the company without a supervisory board shall convene and preside over the meeting; If the supervisory board or supervisors do not convene and preside over the meeting, shareholders representing more than one tenth of the voting rights may convene and preside over the meeting on their own. The third item of Article 100? The shareholders' meeting shall be held annually. In any of the following circumstances, an extraordinary general meeting of shareholders shall be convened within two months: (3) when shareholders who individually or collectively hold more than 10% of the company's shares request it. The first half of the second paragraph of Article 110? Shareholders representing more than one tenth of the voting rights, one-third or more of the directors, or the supervisory board may propose to convene an extraordinary meeting of the board of directors. What is the first paragraph of Article 1 of the "Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Company Law of the People's Republic of China (II)"?? If shareholders who individually or collectively hold more than 10% of the voting rights of all shareholders of the company file a lawsuit to dissolve the company for one of the following reasons and comply with Article 182 of the Company Law, the people's court shall accept it.

　　2

　　two

　　律师解释

　　Lawyer's explanation

　　1. 第三十九、四十条适用于有限责任公司，代表十分之一以上表决权的股东可以提议召开股东会临时会议，在董事和监事均不履行召集股东会职责时可以自行召集和主持。有限责任公司章程有特殊约定的，从其约定，10%的临时会议权没有意义。2. 第一百、一百一十条适用于股份有限公司，由于股份公司的特殊性，10%的临时会议权线带有强制性。3. 公司法解释二第一条适用于所有类型的公司，即存在法定事由的情况下，10%以上表决权股东有诉讼解散权。

　　Article 39 and Article 40 apply to limited liability companies. Shareholders representing more than one tenth of the voting rights may propose to convene an extraordinary meeting of the shareholders' meeting. In the event that both directors and supervisors fail to fulfill their duties of convening the shareholders' meeting, they may convene and preside over the meeting on their own. If there are special provisions in the articles of association of a limited liability company, the 10% temporary meeting rights are meaningless according to their provisions. 2. Articles 100 and 110 apply to joint stock limited companies. Due to the special nature of joint stock companies, the 10% temporary meeting power line is mandatory. Article 1 of Interpretation 2 of the Company Law applies to all types of companies, which means that in the presence of statutory reasons, shareholders with more than 10% of voting rights have the right to sue for dissolution.

　　03重大股权变动警示线5%

　　03 Warning Line for Major Equity Changes 5%

　　1

　　one

　　法律规定

　　legal provisions

　　《中华人民共和国证券法》第六十七条第一款、第二款第八项? 发生可能对上市公司股票交易价格产生较大影响的重大事件，投资者尚未得知时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。下列情况为前款所称重大事件：（八）持有公司百分之五以上股份的股东或者实际控制人，其持有股份或者控制公司的情况发生较大变化。第七十四条第二项? 证券交易内幕信息的知情人包括：（二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员。第八十六条? 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五后，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

　　Article 67, Paragraphs 1 and 2, Item 8 of the Securities Law of the People's Republic of China? When a major event that may have a significant impact on the stock trading price of a listed company occurs and investors are not yet aware of it, the listed company shall immediately submit an interim report to the securities regulatory authority of the State Council and the stock exchange, and make an announcement, explaining the cause, current status, and possible legal consequences of the event. The following situations are referred to as major events in the preceding paragraph: (8) Shareholders or actual controllers holding more than 5% of the company's shares have significant changes in their shareholding or control of the company. Article 74, Paragraph 2? The insiders of insider information in securities trading include: (2) shareholders holding more than 5% of the company's shares and their directors, supervisors, and senior management personnel, as well as the actual controller of the company and its directors, supervisors, and senior management personnel. Article 86? When investors hold or jointly hold 5% of the issued shares of a listed company through agreements or other arrangements through securities trading on the stock exchange, they shall make a written report to the securities regulatory authority of the State Council and the stock exchange within three days from the date of this fact, notify the listed company, and make an announcement; During the above-mentioned period, no further trading of the stocks of the listed company is allowed. After investors hold or jointly hold 5% of the issued shares of a listed company with others through agreements or other arrangements, they shall report and announce in accordance with the provisions of the preceding paragraph for every 5% increase or decrease in the proportion of the issued shares of the listed company they hold. Within the reporting period and within two days after the report and announcement are made, no further trading of the stocks of the listed company is allowed.

　　2

　　two

　　律师解释

　　Lawyer's explanation

　　本条仅适用于上市公司。法律规定明确易懂，不做解释。

　　This provision only applies to listed companies. The legal provisions are clear and easy to understand, without explanation.

　　04临时提案权3%

　　04 Temporary proposal right 3%

　　1

　　one

　　法律规定

　　legal provisions

　　《中华人民共和国公司法》第一百零二条第二款??单独或者合计持有公司百分之三以上股份的股东，可以在股东大会召开十日前提出临时提案并书面提交董事会；董事会应当在收到提案后二日内通知其他股东，并将该临时提案提交股东大会审议。临时提案的内容应当属于股东大会职权范围，并有明确议题和具体决议事项。

　　What is the second paragraph of Article 102 of the Company Law of the People's Republic of China?? Shareholders who individually or collectively hold more than 3% of the company's shares may submit an extraordinary proposal in writing to the board of directors ten days before the shareholders' meeting; The board of directors shall notify other shareholders within two days after receiving the proposal and submit the temporary proposal to the shareholders' meeting for review. The content of temporary proposals should fall within the scope of the powers of the shareholders' meeting, and have clear agenda items and specific resolution matters.

　　2

　　two

　　律师解释

　　Lawyer's explanation

　　本条适用于股份有限公司，有限责任公司由于兼具资合性和人合性，没有此类繁杂的程序性规定。

　　This provision applies to limited liability companies, which do not have such complex procedural regulations due to their dual nature of capital and personnel.

　　05代为诉讼权1%

　　05 represents 1% of litigation rights

　　1

　　one

　　法律规定

　　legal provisions

　　《中华人民共和国公司法》第一百五十一条? 董事、高级管理人员有本法第一百四十九条规定的情形的，有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之一以上股份的股东，可以书面请求监事会或者不设监事会的有限责任公司的监事向人民法院提起诉讼；监事有本法第一百四十九条规定的情形的，前述股东可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人民法院提起诉讼。监事会、不设监事会的有限责任公司的监事，或者董事会、执行董事收到前款规定的股东书面请求后拒绝提起诉讼，或者自收到请求之日起三十日内未提起诉讼，或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的，前款规定的股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。

　　Article 151 of the Company Law of the People's Republic of China? If directors or senior management personnel fall under the circumstances stipulated in Article 149 of this Law, shareholders of a limited liability company or shareholders of a joint stock limited company who hold more than 1% of the company's shares individually or collectively for more than 180 consecutive days may request in writing the board of supervisors or the supervisors of a limited liability company without a board of supervisors to file a lawsuit with the people's court; If the supervisor falls under the circumstances stipulated in Article 149 of this Law, the aforementioned shareholders may request in writing the board of directors or the executive director of a limited liability company without a board of directors to file a lawsuit with the people's court. If the board of supervisors, supervisors of a limited liability company without a board of supervisors, or the board of directors or executive directors refuse to file a lawsuit after receiving a written request from a shareholder as stipulated in the preceding paragraph, or fail to file a lawsuit within 30 days from the date of receiving the request, or if the situation is urgent and failure to file a lawsuit immediately would cause irreparable damage to the interests of the company, the shareholder as stipulated in the preceding paragraph has the right to file a lawsuit directly in their own name to the people's court for the benefit of the company.

　　2

　　two

　　律师解释

　　Lawyer's explanation

　　1. 本条对于股份有限公司的股东，同时还必须满足持股180日这一条件。有限责任公司没有持股时间和持股比例的限制。2. 代为诉讼权发生的前提是公司董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定，给公司造成损失的，应当承担赔偿责任。这种情况下，股东可以以自己的名义直接向法院提起诉讼。

　　1. For shareholders of a limited liability company, the condition of holding shares for 180 days must also be met. Limited liability companies have no restrictions on the duration and proportion of shareholding. 2. The premise for the occurrence of litigation rights on behalf of the company is that if the company's directors, supervisors, or senior management personnel violate the provisions of laws, administrative regulations, or the company's articles of association while performing their duties, causing losses to the company, they shall bear the liability for compensation. In this case, shareholders can directly file a lawsuit in their own name with the court.

　　04新型的股东权利

　　04 New shareholder rights

　　2006年修改的《公司法》给了小股东很多权利，最重要的是诉权，即内部谈不拢的时候可以去法院。一般而言，新型的股东主要有以下权利。

　　The amended Company Law in 2006 gave minority shareholders many rights, the most important of which is the right to sue, which means they can go to court when internal negotiations cannot be reached. Generally speaking, new shareholders have the following rights.

　　01查账权

　　01 Audit right

　　股权保护的起点是小股东的查账权。查账的成本最小，但是效果最好。

　　The starting point of equity protection is the audit right of minority shareholders. The cost of auditing is minimal, but the effect is the best.

　　1

　　one

　　【案例】

　　case

　　某公司成立于2000年，甲是公司的股东，持有公司15%的股权。2003年8月，甲在公司的股东会上提出，要求查阅公司的会计账本。他的提议没有得到通过，于是诉到法院。甲的诉讼请求是：作为股东，我有权利行使股东对于公司财务的知情权。A公司说，你看看会计报表就行了，没必要去查会计账本。会计报表和会计账本两者有区别，前者是经过修饰和调整的成品。2003年，我国的《公司法》并没有特别约定，只是可以看会计报表，但是从2006年开始允许有限责任公司的股东看会计账本，现金账等所有账。

　　A company was established in 2000, and A is a shareholder of the company, holding 15% of the company's equity. In August 2003, A proposed at the company's shareholders' meeting to review the company's accounting books. His proposal was not approved, so he went to court. The lawsuit request of Party A is: as a shareholder, I have the right to exercise the shareholder's right to know about the company's finances. Company A said that you just need to look at the financial statements, there is no need to check the accounting books. There is a difference between accounting statements and accounting books, as the former is a refined and adjusted product. In 2003, China's Company Law did not specifically stipulate that shareholders of limited liability companies could only view accounting statements. However, since 2006, shareholders of limited liability companies have been allowed to view accounting books, cash accounts, and all other accounts.

　　2

　　two

　　《公司法》对会计账本的规定

　　The provisions of the Company Law on accounting books

　　《公司法》中允许的会计账本，不等同于允许看原始会计报表、原始会计凭证。目前《公司法》还没有延伸到原始会计凭证的层面，只提出如果在账本上看出问题，可以举报，通过国家公权力的机关来检查。通过检查机关、税务机关检查，既可以保护公司一定层面的商业秘密，又可以维护住股东的合法权利。

　　The accounting books allowed in the Company Law are not equivalent to allowing access to original accounting statements and vouchers. At present, the Company Law has not yet extended to the level of original accounting vouchers, only stating that if problems are found on the account books, they can be reported and inspected by the national public authority. Through inspections by inspection agencies and tax authorities, it is possible to protect the company's trade secrets to a certain extent and safeguard the legitimate rights of shareholders.

　　3

　　three

　　《公司法》对不同股东查账权的要求

　　Requirements of the Company Law on the Audit Rights of Different Shareholders

　　股份有限公司的股东和有限责任公司的股东在查账方面的权利有差别。股份有限公司的股东目前只允许查会计报表。比如，作为上市公司的股东，无论是机构投资者，还是中小投资者，只能看会计报表，而不能到上市公司掏出股东证要求查看原始会计凭证或者会计账本。一般情况下，没有什么理由能够阻止股东的查账权。作为股东，想要查账，就先发一个书面通知给公司。法律上规定，公司要在15天之内给答复。如果公司拒绝股东的查账要求，股东就可以拿着公司的答复纸去法院诉讼，要求公司公开会计报表、会计账本。在这种情况下，公司就必须给股东看，总不至于把会计账本烧了。查账权是保护小股东权益的开端，也是始点。起点性的权利看似简单，杀伤力却是非常大的。

　　There is a difference in the rights of shareholders of a limited liability company and shareholders of a joint-stock company in terms of auditing. Shareholders of a limited liability company are currently only allowed to access accounting statements. For example, as shareholders of a listed company, whether institutional investors or small and medium-sized investors, they can only view the financial statements and cannot go to the listed company to retrieve the shareholder certificate and request to view the original accounting vouchers or accounting books. In general, there is no reason to prevent shareholders from exercising their right to audit accounts. As a shareholder, if you want to conduct an audit, you should first send a written notice to the company. According to the law, companies are required to provide a response within 15 days. If the company refuses the shareholder's request for an audit, the shareholder can bring the company's response paper to the court to sue and demand that the company disclose its financial statements and accounting books. In this case, the company must show it to shareholders, so as not to burn the accounting books. The right to audit accounts is the beginning and starting point for protecting the rights and interests of minority shareholders. The right to a starting point may seem simple, but its destructive power is enormous.

　　02退股权

　　02 Withdrawal of equity

　　在企业中，如果两个股东没有办法继续合作，又不想解散公司，是可以要求退股的。

　　In a company, if two shareholders are unable to continue cooperating and do not want to dissolve the company, they can request to withdraw their shares.

　　1

　　one

　　法律规定

　　legal provisions

　　有限责任公司有下列情形之一的，对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股权：（一）公司连续五年不向股东分配利润，而公司该五年连续盈利，并且符合本法规定的分配利润条件的；（二）公司合并、分立、转让主要财产的；（三）公司章程规定的营业期限届满或者章程规定的其他解散事由出现，股东会会议通过决议修改章程使公司存续的。自股东会会议决议通过之日起六十日内，股东与公司不能达成股权收购协议的，股东可以自股东会会议决议通过之日起九十日内向人民法院提起诉讼。股份有限公司的股东对股东大会作出的公司合并、分立决议持异议的，可以要求公司收购其股份。法律提出这个要求，实际上是在保证公司得到有序发展的同时，也给小股东一条出路。股权文化的特点标准是平等，小股东有权利参加公司的股东会。要想行使退股权，股东就一定要在股东会的决议上投出反对票。

　　If a limited liability company has any of the following circumstances, shareholders who vote against the resolution of the shareholders' meeting may request the company to purchase their equity at a reasonable price: (1) the company has not distributed profits to shareholders for five consecutive years, but the company has been profitable for five consecutive years and meets the profit distribution conditions stipulated in this regulation; （2） Merger, division, or transfer of major assets of the company; （3） If the business term stipulated in the company's articles of association expires or other reasons for dissolution stipulated in the articles of association arise, and the shareholders' meeting passes a resolution to amend the articles of association to continue the existence of the company. If a shareholder and the company cannot reach an equity acquisition agreement within 60 days from the date of the resolution passed at the shareholders' meeting, the shareholder may file a lawsuit with the people's court within 90 days from the date of the resolution passed at the shareholders' meeting. If shareholders of a limited liability company object to the merger or division resolution made by the shareholders' meeting, they may request the company to acquire their shares. The requirement put forward by the law is actually to ensure the orderly development of the company while also providing a way out for minority shareholders. The characteristic standard of equity culture is equality, and small shareholders have the right to participate in the company's shareholders' meeting. To exercise the withdrawal of equity, shareholders must vote against the resolution of the shareholders' meeting.

　　03瑕疵公司决议的诉权

　　03 Right to sue for defective company resolutions

　　对于有瑕疵的公司决议，我国过去的《公司法》的规定并不完整，所以屡屡出现双头鹰公司（两拨股东各开各的，各自到工商局去交文件，都当董事长）的情况。如今的《公司法》给出了非常明确的法律规制：内容无效和程序无效，都会导致决议无效，这个决议做出之日起60天之内，公司的股东可以请求人民法院撤销。既有正面的权利，也有垫底性的诉权做支撑，这样的权利才是完整的。

　　For flawed company resolutions, the provisions of China's previous Company Law were not complete, resulting in frequent occurrences of dual headed eagle companies (two groups of shareholders each holding their own shares and submitting documents to the Industry and Commerce Bureau, both serving as chairman). The current Company Law provides very clear legal regulations: invalid content and invalid procedures will result in invalid resolutions. Within 60 days from the date of the resolution, the company's shareholders can request the people's court to revoke it. There are both positive rights and fundamental litigation rights as support, and such rights are complete.

　　企业中比较常见的情况是，开会才通知不按程序来，比如，上市公司开股东大会，要在指定报刊上登公告，开会的时间和地点、参会人员、会议议案、如何登记等信息。因为股东会会议是要探讨公司在发展过程中要着力解决的问题，体现平等协商的权利。反过来，从公司角度，应当采取足够措施避免发生类似情况。公司管理、公司治理等制度都要事先做好设计、约定清楚，以便将来有据可循、有章可查。在公司发展过程中，有瑕疵的决议要尽量避免。

　　A common situation in enterprises is that notices for meetings are not given according to procedures. For example, when a listed company holds a shareholders' meeting, a notice must be published in a designated newspaper, including the time and location of the meeting, attendees, meeting proposals, and how to register. Because the shareholders' meeting is to discuss the issues that the company needs to focus on solving during its development process, reflecting the right to equal consultation. On the contrary, from the perspective of the company, sufficient measures should be taken to avoid similar situations from happening. The systems of company management, corporate governance, etc. should be designed and clearly agreed upon in advance, so as to have evidence and regulations to follow in the future. In the process of company development, flawed resolutions should be avoided as much as possible.

　　04解散公司的诉权

　　04 Right to sue for dissolution of company

　　如果公司陷入经营僵局，比如，公司长期开不了股东会，开了股东会做不出有效的决议；公司长期开不了董事会，无人召集，或者董事会的决议不能有效做出；公司的经营发展出现严重的情况，不能依照原来的设想推进，公司的股东们就没有必要再捆到一块，以避免更多的消耗。

　　If the company is in a business deadlock, for example, if the company cannot hold a shareholders' meeting for a long time and cannot make effective resolutions after holding a shareholders' meeting; The company cannot hold a board meeting for a long time, there is no one to convene it, or the resolutions of the board cannot be effectively made; If the company's business development encounters serious problems and cannot proceed as originally planned, there is no need for the shareholders of the company to be tied together again to avoid further consumption.

　　1

　　one

　　尽量避免给公司僵局创造设计条件

　　Try to avoid creating design conditions for company deadlock as much as possible

　　过去有些公司的股权设计是50%的股权对50%的股权，貌似公平，实则无效率，公司董事会一共6个人，一边请3个，如果两组人意见一旦相左，表决的时候永远是3∶3，公司就会陷入僵局。民主还要集中，在最初设计股权结构的时候就要有主有辅，做出有效的调整和安排。

　　In the past, some companies' equity designs were based on a 50% equity to 50% equity ratio, which seemed fair but was actually inefficient. The company's board of directors consisted of six people, with three on each side. If two groups of people had different opinions, the voting would always be 3-3, and the company would be deadlocked. Democracy also requires centralization, and effective adjustments and arrangements must be made with both the main and auxiliary parties when designing the equity structure from the beginning.

　　2

　　two

　　小股东有解散公司的诉权

　　Small shareholders have the right to sue for the dissolution of the company

　　《公司法》对公司解散方面的规定如下，如果公司的经营管理发生了严重困难，公司继续存续下去会使得股东的利益受到重大损失，持有公司全部股东表决权10%以上的股东可以请求人民法院去解散公司。一家公司被解散掉，其员工、债权人、整个供应链等都会受到伤害。法院在判这种案件的时候，遵循的基本原则就是审慎裁判，它会跟征求双方的意见，寻找最佳解决方案，如建议转移一方的股权，收购想拆掉公司的人的股权。如果原告和被告都同意解散，法院还是会尊重双方的意愿。法律的目的就是保护中小股东的合法权益。在公司内部，资本的多数就意味着意志的多数，即大股东的意志会覆盖掉小股东的意志，法律上称之为“权利的吞并”。在这种情况下，只能通过制度加以完善。在公司章程这个层面，大小股东各自权益要设置清楚，为了防止大股东一股独大，我国在上市公司层面引入了独立董事制度。独立董事和公司任何一方股东都没有关系，承担着保护中小股东合法权益和使上市公司有序合法正常发展的责任。小股东进入不了董事会，可以考虑谋求一个监事会监事的席位。监事的权力相当于企业内部的小纪委，有很多的权利去查询。还可以多个小股东联合起来，争取推荐一个人或者两个人进董事会，从而保持对重大事态的知情权和一定意义上的决策权。在董事会表决的时候，不是按资本多数，而是按人头多数，所以大股东在董事会中要具有足够多的人头，也就是拥有尽量多的董事。这些设计和安排的终极目的是让股东能够平等地行使好各自的权利和义务，这是《公司法》制度设计的最基本要求和目的。

　　The provisions of the Company Law on the dissolution of a company are as follows: if the company's operation and management encounter serious difficulties, the continued existence of the company will cause significant losses to the interests of shareholders. Shareholders holding more than 10% of the voting rights of all shareholders of the company may request the people's court to dissolve the company. If a company is dissolved, its employees, creditors, and the entire supply chain will be harmed. The basic principle followed by the court when adjudicating such cases is prudence. It will seek the opinions of both parties and find the best solution, such as recommending the transfer of one party's equity or acquiring the equity of the person who wants to dismantle the company. If both the plaintiff and defendant agree to dissolve, the court will still respect the wishes of both parties. The purpose of the law is to protect the legitimate rights and interests of small and medium-sized shareholders. Within a company, the majority of capital means the majority of will, meaning that the will of the major shareholders will override the will of the minority shareholders, which is legally referred to as' annexation of rights'. In this case, it can only be improved through the system. At the level of the company's articles of association, the respective rights and interests of large and small shareholders should be clearly defined. In order to prevent major shareholders from monopolizing the company, China has introduced an independent director system at the level of listed companies. Independent directors have no relationship with any shareholder of the company and bear the responsibility of protecting the legitimate rights and interests of small and medium-sized shareholders and ensuring the orderly, legal and normal development of the listed company. Small shareholders cannot enter the board of directors and may consider seeking a position as a supervisor on the supervisory board. The power of the supervisor is equivalent to that of a small disciplinary committee within the enterprise, with many powers to investigate. Multiple small shareholders can also join forces to recommend one or two individuals to the board of directors, in order to maintain their right to be informed of major events and a certain degree of decision-making power. When voting on the board of directors, it is not based on a majority of capital, but on a majority of heads. Therefore, major shareholders should have enough heads in the board of directors, that is, as many directors as possible. The ultimate goal of these designs and arrangements is to enable shareholders to exercise their rights and obligations equally, which is the most basic requirement and purpose of the institutional design of the Company Law.

　　05如何保持公司控制权

　　How to maintain company control in 05

　　非上市公司管理层与其控制力

　　Management and Control of Non Listed Companies

　　方法一：掌握控股权是王道

　　Method 1: Mastering controlling rights is the way to go

　　谁拥有的股权越多，谁掌握的控制权就越牢固，这是每一位商界人士都深谙于心的常识。那么，管理层的股权要把握到什么程度才能带来“安全感”呢？通常，我们把持有67%以上的股权称为“绝对控制权”，因为这代表着管理层拥有了三分之二的表决权。

　　The more equity one owns, the stronger the control they hold. This is a common sense that every business person is well aware of. So, to what extent can the management's equity bring a sense of security? Usually, we refer to holding over 67% of the equity as' absolute control ', as this represents the management holding two-thirds of the voting rights.

　　根据《公司法》的规定：“股东大会作出决议，必须经出席会议的股东所持表决权过半数通过。但是，股东大会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的三分之二以上通过。”

　　According to the provisions of the Company Law, "A resolution made by the shareholders' meeting must be passed by more than half of the voting rights held by the attending shareholders. However, a resolution made by the shareholders' meeting to amend the company's articles of association, increase or decrease the registered capital, as well as a resolution to merge, split, dissolve or change the form of the company, must be passed by more than two-thirds of the voting rights held by the attending shareholders

　　由此可见，“三分之二”的表决权，是一个极具诱惑力的比例，它代表着管理层难以撼动的决策地位。

　　From this, it can be seen that the "two-thirds" voting power is a highly attractive ratio, representing the decision-making position that management cannot shake.

　　方法二：表决权带来控制权

　　Method 2: Voting rights bring control

　　在法律层面上，我们可以给出的建议是——归集表决权。归集表决权的方式有许多种，例如表决权委托、签署一致行动人协议、构建持股实体等。

　　On a legal level, our suggestion is to collect voting rights. There are many ways to collect voting rights, such as voting rights delegation, signing a concerted action agreement, and constructing a holding entity.

　　通过构建持股实体，以间接加强管理层的控制力，是三种方式中最为复杂但也更为稳定可靠的方式。

　　Building a shareholding entity to indirectly strengthen the management's control is the most complex but also more stable and reliable way among the three approaches.

　　常见的操作方式是：管理层设立一家有限责任公司或有限合伙企业作为目标公司的持股实体，同时成为该公司的法定代表人、唯一的董事、唯一的普通合伙人或执行事务合伙人，最后达成掌握目标公司表决权的效果。

　　The common operating method is for the management to establish a limited liability company or limited partnership enterprise as the holding entity of the target company, while becoming the legal representative, sole director, sole general partner or executive partner of the company, and finally achieving the effect of controlling the voting rights of the target company.

　　需要注意的是：若持股实体是有限合伙企业，那么管理层的地位必须是普通合伙人而非有限合伙人，因为根据《合伙企业法》的规定，有限合伙企业是由普通合伙人来控制的，有限合伙人并不能参与企业的经营管理和决策。

　　It should be noted that if the holding entity is a limited partnership enterprise, the status of the management must be that of a general partner rather than a limited partner, because according to the provisions of the Partnership Enterprise Law, a limited partnership enterprise is controlled by a general partner, and limited partners cannot participate in the operation, management, and decision-making of the enterprise.

　　方法三：设定限制性条款

　　Method 3: Set restrictive clauses

　　设定限制性条款并不能对管理层的控制权起到“强化”效果，但可以起到防御性作用。

　　Setting restrictive clauses does not have a "strengthening" effect on management's control, but can have a defensive effect.

　　限制性条款大多体现在公司章程之中。一方面，限制性条款可以赋予管理层“一票否决权”，例如针对公司的一些重大事项——合并、分立、解散、公司融资、公司上市、公司的年度预算结算、重大人士任免、董事会变更等等。

　　Restrictive clauses are mostly reflected in the company's articles of association. On the one hand, restrictive clauses can give management a "veto power", such as for some major issues of the company - mergers, divisions, dissolution, company financing, company listing, annual budget settlement, major personnel appointments and removals, board changes, etc.

　　管理层，尤其是企业的创始人可以要求没有他的同意表决不通过。如此一来，即便管理层的股权被稀释得较为严重，也不会导致被“扫地出门”的结局。

　　The management, especially the founder of the enterprise, can request a vote not to be passed without his consent. In this way, even if the management's equity is heavily diluted, it will not lead to the outcome of being "kicked out".

　　另一方面，为了拿下董事会的“战略高地”，在公司章程中，还可以直接规定董事会一定数量的董事（一般过半数）由核心管理层委派。需要注意的是，《公司法》对章程的法定、意定事项的范围有所限制，在设立限制性条款时，必须时刻避免触犯法律制度的框架。

　　On the other hand, in order to gain the "strategic high ground" of the board of directors, the company's articles of association can also directly stipulate that a certain number of directors (usually more than half) of the board of directors are appointed by the core management. It should be noted that the Company Law imposes limitations on the scope of statutory and intended matters in the articles of association. When establishing restrictive clauses, it is necessary to always avoid violating the framework of the legal system.

　　方法四：其他

　　Method 4: Other

　　原则上，根据《公司法》第三十七条的规定，股东会有权选举和更换非由职工代表担任的董事、监事；因此，股东会是有权按照自己的判断罢免董事成员的。但如前文所述，对于有限公司的管理层而言，依然可以在策略上有所争取。

　　In principle, according to Article 37 of the Company Law, the shareholders' meeting has the right to elect and replace directors and supervisors who are not represented by employees; Therefore, the shareholders' meeting has the right to dismiss directors based on its own judgment. But as mentioned earlier, for the management of a limited company, there is still room for strategic negotiation.

　　此外，如果有限责任公司设有职工代表董事，则该职工代表董事不能随意被股东会罢免。《公司法》第四十四条规定，两个以上的国有企业或者两个以上的其他国有投资主体投资设立的有限责任公司，其董事会成员中应当有公司职工代表。

　　In addition, if a limited liability company has employee representative directors, the employee representative directors cannot be dismissed by the shareholders' meeting at will. Article 44 of the Company Law stipulates that for a limited liability company established by two or more state-owned enterprises or two or more other state-owned investment entities, the board of directors shall include representatives of the company's employees.

　　第六十七条规定，国有独资公司设董事会，依照本法第四十六条、第六十六条的规定行使职权。董事每届任期不得超过三年。董事会成员中应当有公司职工代表。

　　Article 67 stipulates that a wholly state-owned company shall establish a board of directors and exercise its powers in accordance with the provisions of Articles 46 and 66 of this Law. The term of office of directors shall not exceed three years. There should be company employee representatives among the members of the board of directors.

　　而且需要注意的是，只有当罢免董事的决议方式与选举董事时的决议方式相同时，才可以形成有效的罢免董事会的决议。《公司法》第一百零五条规定，公司可以采取直接投票制或累积投票制选举董事，若采取直接投票制选举出的董事，应当通过直接投票制的方式予以罢免。

　　Moreover, it should be noted that only when the resolution to dismiss directors is the same as the resolution to elect directors, can an effective resolution to dismiss the board of directors be formed. Article 105 of the Company Law stipulates that a company may adopt the direct voting system or cumulative voting system to elect directors. If a director is elected through the direct voting system, they shall be removed through the direct voting system.

　　相同地，若采取累积投票制选举出的董事，应当通过累积投票制的方式予以罢免。若投票方式不吻合，则不能随意罢免。当然，外商独资、中外合资、中外合营等外资企业不受此约束。

　　Similarly, if directors are elected through the cumulative voting system, they should be removed through the cumulative voting system. If the voting method does not match, the recall cannot be arbitrary. Of course, foreign-funded enterprises such as wholly foreign-owned enterprises, Sino foreign joint ventures, and Sino foreign joint ventures are not subject to this constraint.

　　上市公司管理层与其控制力

　　Management and Control of Listed Companies

　　方法一：扩股

　　Method 1: Share Expansion

　　扩股系指企业向社会募集股份、发行股票、新股东投资入股或原股东增加投资扩大股权，从而可以增加企业的资本金，管理层有机会扩大持股比例。扩股的具体方式有多种，包括：

　　Expansion of shares refers to the process by which a company raises shares from the public, issues stocks, invests in new shareholders, or increases the investment of existing shareholders to expand its equity, thereby increasing the company's capital and giving management the opportunity to increase their shareholding ratio. There are various specific ways to expand stocks, including:

　　在二级市场增持股份；?通过定向增发进行扩股；?与其他股东达成股份转让协议，受让其他股东的股权。就定向增发而言，根据《证券法》的规定：上市公司向符合条件的少数特定投资者非公开发行股份时，要求发行对象不得超过10人，发行价不得低于公告前20个交易日市价均价的90%，发行股份12个月内（认购后变成控股股东或拥有实际控制权的36个月内）不得转让。

　　Increase holdings in the secondary market;? Expanding shares through targeted issuance;? Reached a share transfer agreement with other shareholders and acquired their equity. As for targeted issuance, according to the Securities Law, when a listed company privately issues shares to a small number of specific investors who meet the conditions, it is required that the number of issuing objects shall not exceed 10, the issue price shall not be lower than 90% of the average market price of the 20 trading days before the announcement, and the issued shares shall not be transferred within 12 months (within 36 months after becoming the controlling shareholder or having actual control after subscription).

　　对管理层而言，他们最常通过MBO程序取得公司的控制权。

　　For management, they most commonly obtain control of the company through the MBO process.

　　MBO程序（Management Buy-Outs，“管理层收购”）是指目标公司的管理层利用借贷所融资本或股权交易收购本公司，从而引起公司所有权、控制权等变化，以改变公司所有制结构的一种行为。通过管理层收购，企业的经营者变成了企业的所有者。

　　MBO program (Management Buy Outs) refers to a behavior in which the management of a target company uses borrowed capital or equity transactions to acquire the company, thereby causing changes in ownership, control, and other aspects of the company, in order to change the ownership structure of the company. Through management buyout, the operator of the enterprise becomes the owner of the enterprise.

　　关于这种所有权变化能否有助于企业的发展，目前并无定论。实践中我们发现，有些时候，管理层作为股东，个人利益和公司利益趋同，能够有助于降低成本、加速公司的发展；不过也存在由于缺乏外部的监督和管控，管理层作为股东反而不利于公司进步的情形。

　　There is currently no consensus on whether this ownership change can contribute to the development of the enterprise. In practice, we have found that sometimes, as shareholders, the management's personal interests align with the company's interests, which can help reduce costs and accelerate the company's development; However, there are also situations where the lack of external supervision and control can hinder the progress of the company as shareholders.

　　方法二：一致行动人协议

　　Method 2: Consensus Action Protocol

　　一致行动人协议常指在公司没有控股股东或实际控制人的情况下，由多个投资者或股东共同签署一致行动人协议，从而扩大共同的表决权数量，形成一定的控制力。

　　A concerted action agreement often refers to the signing of a concerted action agreement by multiple investors or shareholders in a company without a controlling shareholder or actual controller, in order to expand the number of common voting rights and form a certain degree of control.

　　我们平日在做投融资项目和股权转让类项目的过程中也经常会用到“一致行动人”这一条款，目的同样在于保护创始人对公司的控制力；于上市公司而言，此方式亦适用。

　　We often use the "concerted action person" clause in the process of investment and financing projects and equity transfer projects, with the aim of protecting the founder's control over the company; For listed companies, this method is also applicable.

　　比如，作为陕西宝光真空电器股份有限公司的第一大股东陕西宝光集团有限公司与陕西省技术进步投资有限责任公司就于2016年11月17日签署了《一致行动人协议》，自此陕西宝光集团有限公司与一致行动人共持有公司5321.2470万股，占公司总股本的22.56%。

　　For example, as the largest shareholder of Shaanxi Baoguang Vacuum Electrical Appliance Co., Ltd., Shaanxi Baoguang Group Co., Ltd. and Shaanxi Provincial Technology Progress Investment Co., Ltd. signed a "concerted action person agreement" on November 17, 2016. Since then, Shaanxi Baoguang Group Co., Ltd. and the concerted action person have jointly held 53.21247 million shares of the company, accounting for 22.56% of the total share capital.

　　双方采取一致行动的范围主要包括提案的一致行动与投票的一致行动，而各方依据其作为宝光股份股东所享有的其他权利（包括但不限于股票处置权、分红权、查询权等）则不受影响。

　　The scope of unanimous action taken by both parties mainly includes unanimous action on proposals and unanimous action on voting, while other rights enjoyed by each party as shareholders of Baoguang Shares (including but not limited to stock disposal rights, dividend rights, inquiry rights, etc.) are not affected.

　　不难发现，一致行动人协议相当于在公司股东会之外又建立了一个契约型的“小股东会”，但此种人合性极强的举措几乎完全依赖于“小伙伴之间”的信任感和忠诚度，一旦小团体土崩瓦解，对企业的控制力也将不复存在。

　　It is not difficult to see that the concerted action agreement is equivalent to establishing a contractual "small shareholder meeting" outside the company's shareholders' meeting. However, this highly collaborative measure almost entirely relies on the trust and loyalty between "small partners". Once the small group collapses, its control over the enterprise will also cease to exist.

　　方法三：资产重组

　　Method 3: Asset Restructuring

　　资产重组是指企业改组为上市公司时将原企业的资产和负债进行合理划分和结构调整，经过合并、分立等方式，将企业资产和组织重新组合和设置。

　　Asset restructuring refers to the reasonable division and structural adjustment of the assets and liabilities of the original enterprise when it is reorganized into a listed company, and the reorganization and restructuring of the enterprise's assets and organization through mergers, separations, and other methods.

　　通过资产重组来加强对公司的控制权更像是一条“曲线救国”的道路。

　　Strengthening control over the company through asset restructuring is more like a 'curve saving the country' path.

　　举例来说，当管理层在A公司所掌握的股权较低时，可以与另一家自己控制的B公司进行资产重组——对B公司发行股份，由B公司持有A公司的股份，由于管理层本身持有一定的A公司股份，同时也是B公司的实际控制人，那么管理层便增强了对A公司的控制权。

　　For example, when the management has a low stake in Company A, they can engage in asset restructuring with another company they control, Company B, by issuing shares in Company B. Company B will hold shares in Company A. As the management holds a certain amount of shares in Company A and is also the actual controller of Company B, it will enhance their control over Company A.

　　方法四：超级投票权——A/B双层股权结构

　　Method 4: Super Voting Rights - A/B Dual layer Equity Structure

　　该种方式主要适用于允许“同股不同权”的一些境外市场。企业可以发行具有不同程度表决权的两类股票，一类为一股一权，一类为一股多权，由此创始人和管理层可以获得比“同股同权”结构下更多的表决权，从而使其他机构投资和投资者更难掌管公司决策权。

　　This method is mainly applicable to some overseas markets that allow for "different rights for the same stock". Enterprises can issue two types of stocks with different degrees of voting rights, one with one share and one with multiple rights. As a result, founders and management can obtain more voting rights than under the "same share, same rights" structure, making it more difficult for other institutional investors and investors to control the company's decision-making power.

　　谷歌在上市时就是采用AB股模式，佩吉、布林、施密特等公司创始人和高管持有B类股票，每股表决权等于A类股票10股的表决权。2012年，谷歌又增加了不含投票权的C类股用于增发新股。这样，即使总股本继续扩大，创始人减持了股票，他们也不会丧失对公司的控制力。到2015年，佩吉、布林、施密特持有谷歌股票低于总股本的20%，但仍拥有近60%的投票权。

　　When Google went public, it adopted the AB share model, with founders and executives such as Page, Brin, and Schmidt holding Class B shares, with each share having voting rights equal to 10 shares of Class A shares. In 2012, Google added non voting Class C shares for issuing new shares. In this way, even if the total share capital continues to expand and the founders reduce their holdings of stocks, they will not lose control of the company. By 2015, Peggy, Breen, and Schmidt held less than 20% of Google's total share capital, but still held nearly 60% of the voting rights.

　　目前看来，采用双重股权结构的多为互联网企业、科技企业、传媒企业，这与该类企业获得外部投资较多或有关联。中概股中，百度、唯品会就是采取了这种股权结构防止被外资控制。

　　At present, it seems that Internet enterprises, technology enterprises and media enterprises mostly adopt the dual ownership structure, which is related to the fact that such enterprises obtain more external investment. Among Chinese concept stocks, Baidu and Vipshop have adopted this equity structure to prevent foreign control.

　　方法五：修订公司章程

　　Method 5: Revise the company's articles of association

　　我们查询到这样一个案例：2014年，上海新梅公司为应对兰州鸿祥建筑装饰材料公司的持续增持而采取修改公司章程的举措。我们将主要的修改情况呈现如下：

　　We have found a case where in 2014, Shanghai Xinmei Company took measures to amend its articles of association in response to the continuous increase in holdings of Lanzhou Hongxiang Building Decoration Materials Company. We present the main modifications as follows:

　　目的一：限制新增股东的提案权与投票权

　　Purpose 1: Restrict the proposal and voting rights of new shareholders

　　修改前：单独或者合计持有公司3%以上股份股东；采用累积投票制进行董事、监事选举。

　　Before modification: Shareholders who individually or collectively hold more than 3% of the company's shares; Adopt the cumulative voting system for the election of directors and supervisors.

　　修改后：新增条件“连续12个月”持有股份；限制为“须有连续持股超过12个月有提案权股东书面提出，经董事会审议通过后实施”。

　　Revised: Added the condition of "holding shares continuously for 12 months"; The restriction is that "shareholders with proposal rights who have held shares continuously for more than 12 months must submit a written proposal, which shall be implemented after being reviewed and approved by the board of directors".

　　目的二：增加上海新梅董事会被接管的时间与难度

　　Objective 2: To increase the time and difficulty of the takeover of the board of directors of Shanghai Xinmei

　　大幅缩小董事会换届选举董事更换比例：董事会换届选举时，更换董事不得超过全体董事的三分之一；每一提案所提候选人不得超过全体董事的三分之一；费董事会换届选举时，选举或更换（不包括确认董事辞职）董事人数不得超过现任董事的四分之一。

　　Significantly reduce the proportion of director replacement in board elections: during board elections, the replacement of directors shall not exceed one-third of all directors; The number of candidates proposed in each proposal shall not exceed one-third of the total number of directors; During the election of the board of directors, the number of directors elected or replaced (excluding confirmation of resignation) shall not exceed one fourth of the current directors.

　　取消了副董事长的职务，并将董事长由董事会以全体董事的“过半数选举产生”改为“三分之二以上多数选举产生”。

　　The position of Vice Chairman has been abolished, and the Chairman shall be elected by the board of directors with a majority of all directors instead of a majority of two-thirds or more.

　　但是，根据《公司法》第壹佰零三条的规定：“单独或者合计持有公司百分之三以上股份的股东，可以在股东大会召开十日前提出临时提案并书面提交董事会；董事会应当在收到提案后二日内通知其他股东，并将该临时提案提交股东大会审议。”

　　However, according to Article 103 of the Company Law, "Shareholders who individually or collectively hold more than 3% of the company's shares may submit an interim proposal in writing to the board of directors ten days before the shareholders' meeting is held; the board of directors shall notify other shareholders within two days after receiving the proposal and submit the interim proposal to the shareholders' meeting for review

　　换言之，《公司法》中并不要求相关股东还要连续持股超过12个月，新梅公司的章程修订有对法定的股东权利进行人为设限的嫌疑，最终会否成立还值得商榷。

　　In other words, the Company Law does not require relevant shareholders to hold shares continuously for more than 12 months. The revision of the articles of association of Xinmei Company is suspected of artificially limiting the statutory shareholder rights, and whether it will ultimately be established is still debatable.

　　因此，在符合《公司法》规定的前提下通过合理修改章程的方式来保护管理层的控制力确为可行的方式，但章程到底怎么改，还需要企业和律师共同研究探讨。

　　Therefore, while complying with the provisions of the Company Law, it is feasible to protect the control of the management through reasonable amendments to the articles of association. However, how to amend the articles of association still requires joint research and discussion between the company and lawyers.

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