金字塔股权架构是一种形象的说法，是指一个集团公司的股权架构像金字塔一样，呈现为多层级、多链条的集团控制结构。山东股权顶层架构设计公司告诉您，此结构般可分为三层:

Pyramid equity structure is a visual term that refers to a group company's equity structure resembling a pyramid, presented as a multi-level and multi chain group control structure. Shandong Equity top-level architecture design company tells you that this structure can generally be divided into three layers:

顶层是实际控制人;中间层是持股公司，其作用主要是放大控制权;下层是实体公司，用于承载公司实际业务。金字塔股权架构的层级越多，控制链条就越长，实际控制人的现金流权与控制权的偏离度就越高。

The top level is the actual controller; The middle tier is a holding company, whose main role is to amplify control; The lower level is a physical company used to carry the actual business of the company. The more hierarchical the pyramid equity structure, the longer the control chain, and the higher the deviation between the actual controller's cash flow rights and control rights.

(1)金字塔结构是一种高能效的融资工具

(1) Pyramid structure is a highly energy-efficient financing tool

位于顶端的实际控制人通过层层控股，以有限的出资就能在每条控制链上使得控制权和现金流权进行分离，在集团的每个决策点上都可以实现控制，从而达到以少的资金控制尽量多的资源的目的。金字塔的层级越多，放大的倍数就越大，我国已有很多企业通过复杂的金字塔结构，以几亿元或几十亿元的资金，控制着数百亿元的资金。这是一种以小博大、四两拨千斤的高能效融资方式。

The actual controller located at the top can separate control and cash flow rights on each control chain with limited investment through layer by layer control, achieving control at each decision-making point of the group, thereby achieving the goal of controlling as many resources as possible with minimal funds. The more hierarchical the pyramid, the greater the magnification. Many enterprises in China have controlled tens of billions of yuan of funds through complex pyramid structures, with billions or billions of yuan of funds. This is a high-efficient financing method that uses small, broad, and four or two to allocate a thousand pounds.

(2)金字塔结构的类型

(2) Types of pyramid structures

金字塔形的股权结构依据不同的标准可以划分为以下四个类型:

The pyramid shaped equity structure can be divided into the following four types based on different standards:

①双层控制结构。是指在顶层实际控制人与下层实体公司中间间隔了一层持股公司的股权结构形式，这是简单的种金字塔结构。

① Double layer control structure. It refers to the equity structure of a company with a layer of shareholding separated between the actual controller at the top and the physical company at the bottom, which is a simple pyramid structure.

(3)金字塔结构中控制权和现金流权的计算方式金字塔股权架构嵌套的层级越多，链条数量越大，则控制权和现金流权分离的程度就越大。通过上述各自类型的金字塔结构可以看出，这两种权利的计算方式如下:

(3) The calculation method of control rights and cash flow rights in the pyramid structure The more levels and chains nested in the pyramid equity structure, the greater the degree of separation between control rights and cash flow rights. From the pyramid structures of each type mentioned above, it can be seen that the calculation methods for these two rights are as follows:

①多层级金字塔股权架构:控制权等于各层级中小的持股比例，现金流权等于各层级持股比例的乘积。

① Multilevel pyramid equity structure: Control rights are equal to the proportion of small and medium-sized shareholding at each level, and cash flow rights are equal to the product of the proportion of shareholding at each level.

②多链条金字塔股权架构:控制权等于各链条中小持股比例之和，现金流权等于各链条现金流权之和。

② Multi chain pyramid equity structure: Control rights are equal to the sum of small and medium-sized shareholding ratios in each chain, and cash flow rights are equal to the sum of cash flow rights in each chain.

③计算控制权和现金流权分离度的方法:控制权除以现金流权。

③ The method for calculating the separation of control rights and cash flow rights is to divide control rights by cash flow rights.

不过应当注意的是，这种结构虽然具有低成本带来的控制便利性，实践中利用金字塔股权架构进行的融资的企业并不多，更多的是利用这种控制关系，通过非正当的关联交易、资产置换等形式进行利润转移，掏空公司，以达到满足终实际控制人的个人私利之目的。更多相关内容就来我们网站http://www.daoshangbao.com咨询吧！

However, it should be noted that although this structure has the control convenience brought by low costs, there are not many enterprises that use the pyramid equity structure for financing in practice. Instead, they use this control relationship to transfer profits through illegal related party transactions, asset exchanges, and other forms, hollowing out the company, in order to meet the personal interests of the actual controller. For more related content, come to our website http://www.daoshangbao.com Consult!