股权设计就是公司组织的顶层设计。传统企业互联网转型，战略和商业模式解决做什么、怎么做，股权设计解决的是谁投资、谁来做、谁收益的问题。那么股权结构应该怎样去进行设计？

Equity design is the top-level design of the company organization. Traditional enterprise Internet transformation, strategy and business model solve what to do and how to do, and equity design solve the problem of who invests, who will do and who will benefit. So how to design the equity structure?

一份股权结构表展示出一个公司所发行的各种证券和它们的所有权。通常来说一份股权结构表将包括股权持有者，股权类型，和投资者股权百分比。

An equity structure table shows the various securities issued by a company and their ownership. Generally speaking, an equity structure table will include equity holders, equity types, and investor equity percentage.

股权结构表的列按照所持有股权的类型列出公司的投资者。请注意，在这个公司的资本结构内有三种不同类型的股票-天使优先股，A类优先股，以及普通股票/期权。普通股通常由创始人和员工持有，外部投资者持有优先股。年轻的公司往往需要多次融资。通常情况下，在每一轮融资之后都会有新的优先股发送，并按照时间的先后以“A”，“B”，“C”来区分。

The first column of the equity structure table lists the investors of the company according to the type of equity held. Please note that there are three different types of stocks in this company's capital structure - angel preferred stocks, class A preferred stocks, and common stocks/options. Ordinary shares are usually held by founders and employees, and preferred shares are held by external investors. Young companies often need multiple financing. Generally, after each round of financing, new preferred shares will be sent, and they will be distinguished by "A", "B" and "C" according to the time sequence.

“员工期权池”指的是公司管理层预留的普通股期权的总和。这些期权是用来激励员工的。然而，在任何一个时间，这些期权并不一定完全被发行或行权。此外，每个期权的行权价格决定了它在公司的有效份额-员工需要按照行权价格从公司购买属于他们的普通股(有了普通股才能在公司出售时获利)。在本例中，我们将保守地假设所有期权池里的期权都会被发行，都有较低的行权价格，而且都会被实际行权。

"Employee option pool" refers to the total number of common stock options reserved by the Company's management. These options are used to motivate employees. However, at any one time, these options may not be completely issued or exercised. In addition, the exercise price of each option determines its effective share in the company - employees need to purchase their common shares from the company according to the exercise price (with common shares, they can make profits when the company sells them). In this example, we will conservatively assume that all options in the option pool will be issued with a lower exercise price and will be actually exercised.

在每一轮融资过程中，会有一个或多个投资者参与。同时也有投资者选择在多轮都参与。在列右侧的列显示不同投资者在每一轮融资后持有的股份。在各轮之间的那一列显示在还没有额外投资情况下而增加的股份，例如增加员工期权池，以及反稀释保护。

In each round of financing, one or more investors will participate. At the same time, some investors choose to participate in multiple rounds. The right column of the first column shows the shares held by different investors after each round of financing. The column between rounds shows the increased shares without additional investment, such as the increase of employee option pool and anti-dilution protection.

在股权表中，投资者持股是按照普通股等价物(CSE)来衡量。CSE就是优先股按照比例能转换为多少普通股。(我们将在下面详细讨论优先股转换的事宜)。一个公司的持股比例就是按照CSE来决定的。

In the equity table, investors' holdings are measured by common stock equivalent (CSE). CSE is how many common shares can be converted into preferred shares in proportion. (We will discuss the conversion of preferred shares in detail below). The shareholding ratio of a company is determined by CSE.

例如，某公司ABC资本持有的天使轮优先股，可转换为普通股250,000股。这在该公司天使轮结束时占17%的持股比例。然而，在A轮融资后，ABC资本持股比例下降至12%，因为它们没有参加A轮投资。

For example, the angel preferred shares held by ABC Capital of a company can be converted into 250000 ordinary shares. This accounted for 17% of the company's shareholding at the end of the angel round. However, after the A-round financing, the shareholding ratio of ABC capital decreased to 12% because they did not participate in the A-round investment.

注意，股权表记录公司成立以来历次股权发放的情况。虽然公司在逐渐发展中，但只有后一轮融资之后的股权情况才可以用来做分析以及决策。更多相关股权设计的事项就来我们网站http://www.guquanzhanlue.com咨询吧！

Note that the equity table records the previous equity issuance since the establishment of the company. Although the company is gradually developing, only the equity situation after the next round of financing can be used for analysis and decision-making. More matters related to equity design come to our website http://www.guquanzhanlue.com Ask!