一元股权架构这种是指股权的股权比例、表决权(投票权)、分红权均一体化。

The unitary equity structure refers to the integration of equity ratio, voting rights (voting rights), and dividend rights.

在这种结构下，所有中小股东的权利都是根据股权比例而决定的。这是最简单的股权结构，需要重点避免的就是公司僵局的问题！实际中存在几个表决权“节点”：

Under this structure, the rights of all small and medium-sized shareholders are determined based on their equity ratio. This is the simplest equity structure, and the key to avoid is the problem of company deadlock! There are several voting rights "nodes" in practice:

1、一方股东持有出资比例达到33.4%以上的;

1. If one shareholder holds a capital contribution ratio of 33.4% or more;

2、只有两位股东且双方出资比例分别为51%和49%的;

2. If there are only two shareholders and both parties contribute 51% and 49% respectively;

3、一方出资比例超过66.7%的;

3. If one party's contribution ratio exceeds 66.7%;

4、有两股东且各方出资比例均分为50%的。

4. There are two shareholders and each party contributes 50% of the capital.

在这里，第三种出资比例意味着，公司在任何情形下都不会形成僵局，因为表决权比例已经高达“三分之二”以上，对任何表决事项都可以单方形成有效的公司决议，除非公司章程对股东须“同意”的人数作出最低限制。最为糟糕的是第四种，在两股东各占50%表决权的机制下，意味着公司作出任何决议均必须由双方一致同意方可有效，同理还有最常见的均分股权的做法，这是个巨坑。

Here, the third type of contribution ratio means that the company will not form a deadlock under any circumstances, as the voting rights ratio has reached more than two-thirds. A valid company resolution can be unilaterally formed on any voting matter, unless the company's articles of association set a minimum limit on the number of shareholders who must agree. The worst scenario is the fourth one, where two shareholders each hold 50% of the voting rights, which means that any resolution made by the company must be unanimously agreed upon by both parties in order to be effective. Similarly, the most common practice is the equal distribution of equity, which is a huge pitfall.

（2）二元股权架构

(2) Dual equity structure

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二元股权架构是指股权在股权比例、表决权(投票权)、分红权之间做出不等比例的安排，将股东权利进行分离设计。

The dual equity structure refers to the unequal proportion arrangement of equity between equity ratio, voting rights (voting rights), and dividend rights, separating shareholder rights.

我国的公司法修订后规定，章程可以约定同股不同权，当然，在股份公司下，只有不同类别的股东才能这样设计，同一类股票的权利应该是一致的。这种架构设计，适合那些，需要将分红权给某些合伙人，但将决策权给创始人的多个联合创始人的情况。这种股权架构在 国外非常普遍，例如Facebook在IPO时的招股书中,已明确将股权分为A、B股，扎克伯格通过大量持有具有高表决权的B类股来维系对公司的掌控；

After the revision of China's Company Law, it is stipulated that the articles of association can stipulate different rights for the same share. Of course, in a joint-stock company, only different categories of shareholders can design in this way, and the rights for the same class of stocks should be consistent. This architecture design is suitable for situations where dividend rights need to be given to certain partners, but decision-making power is given to multiple co founders of the founder. This equity structure is very common abroad, for example, Facebook's IPO prospectus clearly divides equity into A and B shares, and Zuckerberg maintains control of the company by holding a large number of B-class shares with high voting rights;

（3）4×4股权架构

(3) 4x4 equity structure

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4X4指的是汽车的四驱，4X4股权架构这就是在二元股权架构的基础上，将公司的股东分为四个类型，创始人、合伙人、员工、投资人，针对他们的权利进行整体性安排。

4X4 refers to the four-wheel drive of automobiles, and the 4X4 equity structure is based on the binary equity structure, dividing the company's shareholders into four types: founders, partners, employees, and investors, and making overall arrangements for their rights.

4X4股权架构设计的思路主要有三大步骤：

There are three main steps in the design of the 4X4 equity structure:

第一步：将公司股权这一大蛋糕首先分出投资人和创始人的份额；

Step 1: Divide the share of the company's equity cake between investors and founders;

第二步：考虑将剩余的蛋糕分给合伙人和员工，并且在合伙人和员工这两部分蛋糕中，再根据个人对公司的贡献细分每个人应得的股份；

Step 2: Consider dividing the remaining cake between partners and employees, and then dividing each person's share based on their individual contributions to the company within these two parts of the cake;

第三步：查漏补缺，看按照前两步分得的股权是否有不合理之处，进行调整。

Step 3: Check for any deficiencies and make adjustments based on whether there are any unreasonable aspects of the equity obtained from the first two steps.

如何具体的操作4X4股权架构设计

How to Specifically Operate 4X4 Equity Structure Design

（1）在进行股权设计的时候，先考虑一下下这些问题：

(1) When designing equity, consider the following issues first:

我们企业属于什么类型的企业？（人力驱动型、资金驱动型、资源驱动型等）

What type of enterprise does our company belong to? (Human driven, capital driven, resource driven, etc.)

对于企业的发展来说，最核心的资源是什么？

What are the most core resources for the development of enterprises?

（注：企业所需要的资源可以分为：①资金②关系，包括可以为企业提供客户群、投资者、合作伙伴、或顾问等人脉关系③知识产权 ④企业所需的基础设施比如：办公楼、工作室、设备厂房等 ⑤ 人力资源 ⑥想法、创意

(Note: The resources required by enterprises can be divided into: ① funding ② relationships, including providing customer groups, investors, partners, or consultants with network relationships ③ intellectual property ④ infrastructure required by enterprises, such as office buildings, studios, equipment factories, etc. ⑤ human resources ⑥ ideas and creativity

谁能提供企业所需的这些资源？

Who can provide these resources that enterprises need?

企业目前所掌握的资源有哪些？日后发展所需要的资源又有哪些？在所有的资源中哪些是企业长期所需要的，哪些又是一次性所满足企业所发展所需要的

What are the resources currently held by the enterprise? What resources are needed for future development? Among all the resources, which ones are needed by the enterprise in the long term and which ones are met at once for the development of the enterprise

如何才能确保企业拥有所需要的资源

How to ensure that enterprises have the necessary resources

3，如何通过股权架构设计来吸引融资?

How to attract financing through equity structure design?

投资人愿意投钱给初创企业，除了看重创业项目本身以及分析创始人能力等之外，最在意的就是公司的组织架构和股权架构。一般投资者对企业的股权结构分配有什么样的喜好呢？

Investors are willing to invest in startups, and besides valuing the entrepreneurial project itself and analyzing the founder's abilities, the most important thing is the company's organizational and equity structure. What are the preferences of general investors for the allocation of equity structure in enterprises?

其一，投资者是比较反对股权的平均主义

Firstly, investors are relatively opposed to equity egalitarianism

平均主义给企业带来的后果是没有人能承担起整个公司，也没有人能做主。投资者之所以偏向于让公司的核心人物掌握多数股权，主要原因在于让一个决策者产生对企业的控制权，不至于使企业无法做出有效的决策。让企业在初期实现快速成长的目标，从而使得投资人的投资能有兑现的可能。

The consequence of egalitarianism for businesses is that no one can afford the entire company, nor can anyone make decisions. The main reason why investors tend to let the core figures of the company control the majority equity is to give a decision-maker control over the company, so as not to prevent the company from making effective decisions. Enable enterprises to achieve rapid growth goals in the early stages, thereby making it possible for investors to realize their investments.

其二，投资者还看重初创企业在创业初期有没有给股权调整预留空间。

Secondly, investors also value whether startups have reserved space for equity adjustments in the early stages of entrepreneurship.

企业会不断的发展，在未来肯定会有优秀的合伙人加入，同时科学的公司管理制度一定要有股权激励。

Enterprises will continue to develop and there will definitely be excellent partners joining in the future. At the same time, a scientific company management system must have equity incentives.

考虑有没有给之后的员工激励和风投预留股权，是投资者在考察创业者是否有一个长远的眼光。考虑企业往后的发展还需要引进什么人才什么资源，不要在开始的时候就把股权分足。这时候就需要有一个股权池或期权池的概念，一般来说股权预留的比例大概在15%-20%左右。或者也可以把开始需要分配股权的每个人的股比都先降5%下来，放在股权池里。以后根据项目开展的不同阶段，每个人的不同贡献进行股权的调整。并且最好是在早期建立股权池，因为晚期建立期权池股权就可能被投资人稀释。

Considering whether there are incentives for future employees and reserved equity for venture capital is a way for investors to assess whether entrepreneurs have a long-term vision. Consider what talents and resources need to be introduced for the future development of the enterprise, and do not divide the equity in full at the beginning. At this point, it is necessary to have a concept of equity pool or option pool, generally speaking, the proportion of reserved equity is about 15% -20%. Alternatively, the share ratio of each individual who needs to be allocated equity at the beginning can be reduced by 5% and placed in the equity pool. In the future, equity adjustments will be made based on the different contributions of each individual at different stages of the project. And it is best to establish an equity pool in the early stages, as establishing an option pool in the later stages may dilute the equity of investors.

其三，投资人更倾向于有明显梯度的股权架构。

Thirdly, investors are more inclined towards equity structures with clear gradients.

举例：比如一般可以采取“创始人持股50-60%+联合创始人持股20-30%+预留股权池10-20%”的股权架构。

For example, a general equity structure can be adopted where the founder holds 50-60% of the shares, co founders hold 20-30% of the shares, and a reserved equity pool holds 10-20%.

投资人对企业股权架构的喜好给予企业家设计股权架构一个参考和建议。但是，对于企业给予投资者的股权，也要有一定的准则。一般来说，给投资者股权的分配要遵循“投资者投大钱，占小股，得股权，需退出”的思路。

Investors' preferences for corporate equity structures provide entrepreneurs with a reference and suggestion for designing equity structures. However, there must also be certain guidelines for the equity that companies give to investors. Generally speaking, the allocation of equity to investors should follow the idea of "investors investing large amounts of money, occupying small stocks, acquiring equity, and exiting".

华一一直在强调要根据对企业的贡献大小来分配股权。资金对于任何一个企业都是至关重要且贡献最直接的资源。但同时企业的股权也是很有限的。不能让投资者占大股，导致没有足够剩余的股权分给其他人，这样容易导致企业有钱却办不成事。

Huayi has always emphasized the need to allocate equity based on the size of its contribution to the enterprise. Funds are crucial and contribute the most direct resources to any enterprise. But at the same time, the equity of the enterprise is also very limited. Investors should not be allowed to hold major shares, resulting in insufficient remaining equity to be distributed to others, which can easily lead to the company being wealthy but unable to achieve success.

投资者获得的股权也只是暂时的，因为对投资者来说，获得企业股权并不是最终的目的，而是要在企业升值后将股权变现。而企业也需要在之后的融资中，有一定的股权份额分给新的投资者。因此，要设定好投资者的退出机制。

The equity obtained by investors is only temporary, because for investors, obtaining corporate equity is not the ultimate goal, but to realize the equity after the company appreciates. And enterprises also need to allocate a certain amount of equity share to new investors in subsequent financing. Therefore, it is necessary to establish a good exit mechanism for investors.

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