股权代持

Equity holding

股权结构不清晰将对企业上市披露产生较大的影响。部分公司在进行股权激励时，股权还是放在了大股东的名下。规定要求员工行权后的股权归属，是需要登记到员工名下的，如果到上市前发现了这样的问题，需要调整的事项将非常复杂。

Unclear ownership structure will have a great impact on the listing disclosure of enterprises. When some companies carry out equity incentive, the equity is still placed in the name of major shareholders. The regulations require that the equity ownership of employees after exercise needs to be registered under the name of employees. If such problems are found before listing, the matters to be adjusted will be very complex.

包括将股权结构和股权归属整理完毕，再按行权与否等情况分类，搭建海外红筹结构帮员工和大股东用信托的方式进行处理，同时帮员工在外管局做外汇登记手续，让股权激励合法合规化，后还需要准备回复联交所的内容等等，这里不再赘述。

This includes sorting out the ownership structure and ownership, and then classifying according to the exercise or not, building an overseas red chip structure to help employees and major shareholders deal with it in the form of trust, helping employees to go through foreign exchange registration procedures with safe, making equity incentive legal and compliant, and finally preparing to reply to the stock exchange, which will not be repeated here.

▎股权支付

▎ equity payment

我们知道，员工通过股权激励拿到股权的价格，不是市场价格。假设股票价格目前是10块，员工只需要1块就能购买，中间有差额9块，这个差额在财务上的处理，是要记录为费用的。

We know that the price of equity obtained by employees through equity incentive is not the market price. Assuming that the stock price is currently 10 yuan, employees only need 1 yuan to buy, and there is a difference of 9 yuan in the middle. The financial treatment of this difference should be recorded as an expense.

所以股权支付的操作，会影响企业损益表，损益表的变动会影响利润，从而影响公司发展和后续股票发行。在实际情况的处理中，企业好将计提多的行权年份放到计提期以外，将对企业损益的影响降到小，才不会影响到利润。

Therefore, the operation of equity payment will affect the income statement of the enterprise, and the change of income statement will affect the profit, thus affecting the development of the company and subsequent stock issuance. In dealing with the actual situation, it is best for the enterprise to put the exercise year with the most accrual beyond the accrual period, so as to minimize the impact on the enterprise's profit and loss, so as not to affect the profit.

▎企业控制权

▎ corporate control

企业在股权激励时，还需要注意股权与控制权的关系。企业在创立时，有许多核心骨干人员一起努力，但在发展过程中，会引入大量的投资人，股权会摊薄，这就会影响企业控制权，可能需要设置合伙人制、双重投票权等方式保证创始人对企业的话语权。

Enterprises also need to pay attention to the relationship between equity and control in equity incentive. When the enterprise was founded, many core backbone personnel worked together, but in the process of development, a large number of investors will be introduced and the equity will be diluted, which will affect the control of the enterprise. It may be necessary to set up partnership system, dual voting rights and other ways to ensure the voice of the founder to the enterprise.

那么在设置这些机制时，就需要了解不同资本市场的要求，避免未来上市与市场规则发生冲突。

When setting up these mechanisms, we need to understand the requirements of different capital markets to avoid conflicts between future listing and market rules.

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