当企业进行融资时，必然意味着股权的转让变动，如果股权稀释到一定程度，没有事先进行有效的山东股权顶层架构设计，创始人的控制权就可能摇摇欲坠。

When an enterprise carries out financing, it will inevitably mean the transfer of equity. If the equity is diluted to a certain extent, without the effective design of the top structure of Shandong equity in advance, the control of the founder may be precarious.

因此，如何用好股权设计，保护好自己的“孩子”，在发展社大的同时依旧让其属于你，值得每个企业家为之深入思考。

Therefore, how to make good use of equity design, protect their "children", and still make them belong to you while developing the society, is worthy of in-depth consideration by every entrepreneur.

公司的控制权离不开股权的控制权。控制好手中的股权，企业家才能对自己的“孩子”有真正的控制权。这看起来似乎显而易见，但却一-次次被现实中企业家的惨痛经历所反证。

The control of the company cannot be separated from the control of equity. Only by controlling the equity in their hands can entrepreneurs have real control over their "children". This seems obvious, but it has been repeatedly proved by the tragic experience of entrepreneurs in reality.

为了不失去自己辛苦创办的企业，企业家无论何时都要通过控股，保证厨基本的控制权，确保控股底线，将必要的股权牢固抓在手上。

In order not to lose the enterprise they have set up hard, entrepreneurs should guarantee the basic control right of the kitchen, ensure the bottom line of control, and firmly hold the necessary equity in their hands.

控股的底线有3条，如：

There are three bottom lines for holding shares, such as:

1.绝对控股。

1. Absolute holding.

绝对控股权情形下创始人持股比例达到67%，也就是达到三分之二，公司决策权基本可以完全被掌握在手中。

In the case of absolute control, the founder's shareholding ratio reaches 67%, or two-thirds, and the company's decision-making power can basically be fully controlled.

2.相对控股。

2. Relative holding.

在相对控股权情形下，创始人至少应持有公司51%的股权。可见，相对控股权同样也需要创始人是持有公司股权多的股东。唯有如此，才能与其他股东相比保持对公司的相对控制。

In the case of relative control, the founder should hold at least 51% of the company's equity. It can be seen that the relative control right also requires that the founder is a shareholder who holds more shares in the company. Only in this way can we maintain relative control over the company compared with other shareholders.

3.谨慎对赌。

3. Be cautious about gambling.

从本质上看，许多创始人失去企业的股权，进而失去控制权的根源在于融资协议。甚至可以毫不夸张地说，某些股权融资协议中的对赌条款、回购条款往往是经过精心设计的，其目的就在于让创始人出局。

In essence, many founders lost their equity in the enterprise, and then lost their control. The root cause lies in the financing agreement. It is even no exaggeration to say that the wager clauses and repurchase clauses in some equity financing agreements are often carefully designed to make the founders out.

对赌条款的问题在于信息不对称。创始人想要融资，就要说服投资人看好企业的未来，双方必定要围绕企业的未来进行“赌”。如果未来业绩没有达到预期，为了减少投资人的损失，创始人必须拿出一部分股权。这个条款的形式本身是相对公平的，但具体数额往往不利于创始人。尤其在签订对赌条款时，不少创始人都抱着侥幸的心态，希望先将资金引进，也就接受了有关条款，而实际上为日后对赌失败导致股权流失，

The problem with the wager clause is information asymmetry. If the founder wants to raise funds, he must persuade investors to look good at the future of the enterprise. Both sides must "bet" on the future of the enterprise. If the future performance does not meet the expectations, the founder must take part of the equity in order to reduce the losses of investors. The form of this clause itself is relatively fair, but the specific amount is often not conducive to the founder. Especially when signing the gambling terms, many founders took a lucky attitude and hoped to introduce the funds first, and then accepted the relevant terms. In fact, the failure of gambling in the future led to the loss of equity,

埋下了无法逆转的源头。因此，只有在融资时谨慎观察对赌条款并做出准确的判断，创始人才能守住底线。

Buried an irreversible source. Therefore, only by carefully observing the terms of the bet and making accurate judgments when financing can the founder hold the bottom line.

面对外来投资机构，创始人需要认识到，股权的安全边际设置，是自身的底线与保障。在引入投资人时，创始人需要从股权安全角度出发，对投资人做出分析，保证股权的安全边际。

In the face of foreign investment institutions, founders need to realize that the security margin setting of equity is their own bottom line and guarantee. When introducing investors, founders need to analyze investors from the perspective of equity security to ensure the safety margin of equity.

当然，并非每一种投资机构都对企业的股权“虎视眈眈”。通常情况下，对企业的投资人分为财务投资人和战略投资人。财务投资人的目的通常相对短浅，只是投入金额后经过若干年，通过公司的发展获得财务回报并正常退出。

Of course, not every kind of investment institution is eyeing the equity of enterprises. Generally, investors in enterprises are divided into financial investors and strategic investors. The purpose of financial investors is usually relatively short, but after a few years of investment, they can obtain financial returns through the development of the company and withdraw normally.

与此相比，战略投资人的目的可能更加深远，他们经常愿意比财务投资人承担更大的风险、投入更多的成本，也就更有可能想要在公司壮大之后，获得公司的控制权。因此，在想要签署对赌协议、引入战略投资人之前，创始人应该根据实际情况，为加强自身的控制权做出特别准备。更多相关内容就来我们网站http://www.daoshangbao.com咨询吧！

Compared with this, the purpose of strategic investors may be more far-reaching. They are often willing to bear more risks and invest more costs than financial investors, and they are more likely to want to gain control of the company after the company grows. Therefore, before signing the gambling agreement and introducing strategic investors, the founders should make special preparations to strengthen their control according to the actual situation. Come to our website for more relevant content http://www.daoshangbao.com Ask!