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、量化贡献，明晰合伙人的责、权、利

　　1. Quantify contributions and clarify the responsibilities, rights, and interests of partners

　　在合伙人一起创业的过程中，大家往往扮演着截然不同但对公司都很重要的角色，资金、场地、技术、公共、市场、销售渠道，每种贡献因为性质不同似乎很难等价对比。所以创始人之间如何分配股权，往往成为一个难题，甚至不得不拍脑袋来决定股权。这经常会为创业公司埋下“暗雷”，在最艰难的时候不定时爆发。

　　In the process of starting a business together as partners, everyone often plays completely different but important roles for the company, such as capital, venue, technology, public, market, and sales channels. It seems difficult to compare each contribution equally due to their different nature. So how to allocate equity among founders often becomes a difficult problem, and even requires brainstorming to decide on equity. This often lays a "hidden mine" for start-up companies, erupting irregularly during the most difficult times.

　　股章股权激励研究中心认为，公司合伙人之间的股权分配虽然没有一定之规，但是原则是“建立在以公司价值为导向的基础上，量化合伙人的贡献”，目的是明晰每个合伙人长期的责任、权利和利益。

　　The Stock Chapter and Equity Incentive Research Center believes that although there is no fixed rule for the distribution of equity among company partners, the principle is "based on the company's value orientation and quantifying the contributions of partners", with the aim of clarifying the long-term responsibilities, rights, and interests of each partner.

　　创业并非一朝一夕的事情，在创业过程中，每个合伙人都应当不断为创业公司提供资源与能力，为创业公司的成长保驾护航，因此权利和利益的分配也需要导向能够长期为创业公司贡献的合伙人，可以适当采取按年度、项目进度或者融资进度等方法逐步分配合伙人股权，从而规避短期现象的发生，保障公司经营理念统一，稳定发展。

　　Entrepreneurship is not something that can be achieved overnight. In the process of entrepreneurship, each partner should continuously provide resources and capabilities for the startup company to safeguard its growth. Therefore, the distribution of rights and interests also needs to be directed towards partners who can contribute to the startup company in the long term. It is appropriate to gradually distribute partner equity based on annual, project progress, or financing progress, in order to avoid short-term phenomena, ensure the unity of the company's business philosophy, and promote stable development.

　　2、为投资者进入留出空间，同时保障融资过程中公司控制权不旁落

　　2. Leave room for investors to enter while ensuring that the company's control is not compromised during the financing process

　　投资人在投资过程中会关注股权架构的合理性，在未来公司上市过程中，资本市场也要求股权架构明晰、合理，因为在每轮投资者进入时，创业团队都需要提前思考、整体规划、不断调整，为未来腾挪出时间和空间。

　　Investors will pay attention to the rationality of the equity structure during the investment process. In the future process of a company going public, the capital market also requires a clear and reasonable equity structure, because in each round of investor entry, the entrepreneurial team needs to think ahead, plan as a whole, and constantly adjust to free up time and space for the future.

　　同时，多轮次投资者的进入带来的股权稀释，会导致公司控制权旁落的风险，尤其是创业团队内部出现不同声音时，投资人往往会成为“压死骆驼的最后一根稻草”，苹果公司创始人史蒂芬?乔布斯、Paypal创始人埃隆?马斯克都曾有黯然离开自己创始公司的经历也说明了掌握公司控制权的重要性。

　　At the same time, the dilution of equity brought about by multiple rounds of investor entry can lead to the risk of losing control of the company, especially when there are different voices within the entrepreneurial team. Investors often become the "last straw to crush the camel"? Steve Jobs, founder of PayPal Elon? Musk's experience of leaving his founding company in disappointment also illustrates the importance of controlling the company.

　　反观Facebook公司，双层股权架构设计 注以及马克?扎克伯格与前期投资者签订的表决权代理协议让创业团队一直牢牢把握着公司的发展方向，Facebook也得以稳定发展、扩张、继而成为市值仅次于Google的互联网企业帝国。

　　On the other hand, Facebook's dual class equity structure design and Mark? The voting rights agency agreement signed by Zuckerberg and the early investors has enabled the entrepreneurial team to firmly grasp the company's development direction, and Facebook has also been able to develop and expand steadily, and then become an Internet enterprise empire whose market value is second only to Google.

　　当然，因为我国公司法要求同股同权，双层股权架构的设计从法律角度无法实现，但是也有着各种方法能够让创始团队保持对公司的控制权，比如我国公司法允许公司章程对投票权进行特别约定（有限责任公司），允许股东在股东大会上将自己的投票权授予其他股东代为行使（股份有限公司），允许部分人执行企业事务（有限合伙企业）。因此，虽然麻烦，但也能做到让创始人以少数股权控制公司。

　　Of course, due to the requirement of equal shares and rights in China's company law, the design of a dual class equity structure cannot be realized from a legal perspective. However, there are various methods to allow the founding team to maintain control over the company, such as allowing special provisions on voting rights in the company's articles of association (limited liability companies), allowing shareholders to delegate their voting rights to other shareholders at the shareholders' meeting (limited liability companies), and allowing some individuals to carry out corporate affairs (limited partnerships). Therefore, although it is troublesome, it is still possible to allow the founder to control the company with a minority stake.

　　实际的问题往往出现在投资人或许并不想这么做，虽说作为父母角色的创始团队一定是最疼自己的“孩子”，但犯糊涂的爹妈也有的是。一旦创始人大权独揽，犯个大错就可能让投资人血本无归。因此在实际中控制权的问题是否能够实现，唯一的决定因素是创始人和投资人谁具有更高的谈判位势，更多的时候双方会达成一个微妙的“平衡”。

　　The actual problem often arises when investors may not want to do so. Although the founding team, as parents, must be the ones who love themselves the most, there are also parents who are confused. Once the founder monopolizes power, making a big mistake could result in investors losing everything. Therefore, in practice, the only determining factor for whether the issue of control can be realized is who has a higher negotiating position between the founder and the investor, and more often than not, both parties will reach a subtle "balance".

　　3、为公司的股权激励留出空间

　　3. Leave room for equity incentives in the company

　　创业如同漫长的马拉松，没有十年八年很难有结果，同时创业又像是一场接力赛，需要新鲜的血液产生一波又一波的动力，需要区域、行业的人才为公司不断创造新的价值，所以可以说创业就是以百米冲刺的速度，跑一场接力的马拉松。最早期的一批创业团队，开了一个局，是公司的“1”，没有这个“1”，后来者做出多少“0”都没有意义，但是公司能够做多大，需要后来人接过接力棒，保证公司不会在冲刺马拉松之中累吐血甚至直接被淘汰。

　　Entrepreneurship is like a long marathon, without ten or eight years, it is difficult to achieve results. At the same time, entrepreneurship is like a relay race, requiring fresh blood to generate waves of motivation, and talents from regions and industries to continuously create new value for the company. Therefore, entrepreneurship can be said to be running a relay marathon at the speed of a hundred meter sprint. The earliest batch of entrepreneurial teams started a game, which was the "1" of the company. Without this "1", it doesn't matter how many "0s" newcomers make, but how big the company can be, it needs newcomers to take over the baton and ensure that the company will not suffer from exhaustion or even be eliminated in the sprint marathon.

　　因此作为创业企业，要始终留出一部分股权池，来吸引区域人才、行业人才的加盟，这种长效的、形成机制的激励，也能够保证新老团队的磨合不出现问题。如若不然，最早进入公司的一批人把自己看成元老，担心新人替代自己的地位；新人们认为自己的能力更强，看着元老理所应当享受股份，双方产生强烈的排斥情绪，那么创业企业的冲刺马拉松赛永远都不可能跑到终点。

　　Therefore, as a startup enterprise, it is necessary to always set aside a portion of the equity pool to attract regional and industry talents to join. This long-term and mechanism based incentive can also ensure that there are no problems in the integration of new and old teams. If not, the first group of people to enter the company see themselves as elders and worry that newcomers will replace their position; Newcomers believe that they have stronger abilities, and when they see that Yuan Laoli should enjoy the shares, both sides have strong feelings of rejection. Therefore, the sprint marathon of entrepreneurial enterprises can never reach the finish line.

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