双层股权设计结构可以使得公司创始者以非常小的投资成本保持公司控制权。在传统同股同权模式下，若公司控制者想要保持对公司的绝对控制，那就必须保持自己的股权占比较高，在上市公司中，高比例的股权会占用股东大量的资金成本。

The dual ownership structure can enable the founders of a company to maintain control of the company at a very small investment cost. Under the traditional model of equal shares and equal rights, if a company controller wants to maintain absolute control of the company, it must maintain a relatively high proportion of its equity. In listed companies, a high proportion of equity will occupy a large amount of capital costs for shareholders.

在传统的股权结构下，若公司发行普通股融资，则相应的控制人就要追加投资来保证控制权不被稀释。但在双层股权结下，控制者只有少量股权，投资成本显著少于同股同权下的高比例股权。

Under the traditional equity structure, if a company issues common shares for financing, the corresponding controller will need to increase investment to ensure that control rights are not diluted. However, in a dual tier equity structure, the controller has only a small amount of equity, and the investment cost is significantly lower than the high proportion of equity under the same ownership.

与此同时，公司发行股票融资时，控制者并不一定追加投资，发行对公司控制权的稀释影响非常小。

At the same time, when a company issues stock financing, the controller does not necessarily add investment, and the dilution effect of the issuance on the company's control power is very small.

双层股权结构可以有效避免潜在的恶意收购风险。双层股权制度使得控制者通过少量高级别的股权来掌握绝对多数的投票权，只要收购不得到控制者的允许，即使动用大量资金将二级市场中其余的流通股票扫荡一空，也仍然无法取得对公司的控制权，这使得恶意收购的可能性几乎为零。

The dual ownership structure can effectively avoid potential malicious acquisition risks. The dual tier equity system allows the controller to control an absolute majority of the voting rights through a small amount of high-level equity. As long as the acquisition is not allowed by the controller, even if a large amount of funds are used to mop up the remaining outstanding shares in the secondary market, it is still unable to obtain control of the company, making the possibility of a hostile takeover almost zero.

双层股权结构的不足主要存在于以下几个方面：双层股权结构会引发代理成本升高的问题。持有公司少数股权的股东掌握着多数的投票权，但他们通过对公司事项的决策给公司带来的利益仍是按股权比例分配。当公司控制者面对多种不同选择时，他们会倾向于对自己有利的方案，而不是对公司或对全体股东有利的方案。

The shortcomings of the dual ownership structure mainly lie in the following aspects: The dual ownership structure can lead to the issue of increased agency costs. Shareholders who hold a minority stake in the company hold a majority of the voting rights, but the benefits they bring to the company through their decisions on company matters are still distributed in proportion to their equity interests. When corporate controllers are faced with multiple different options, they tend to favor solutions that are beneficial to themselves rather than those that are beneficial to the company or to all shareholders.

当公司控制者的私人利益与公司利益存在矛盾时，这种代理成本问题有可能会对公司造成非常不利的后果，并且很难平衡。双层股权结构存在监督机制不足的问题，不利于保护中小股东利益。

When there is a conflict between the private interests of the company's controller and the company's interests, this agency cost issue may have very adverse consequences for the company, and it is difficult to balance. The dual ownership structure has insufficient supervision mechanisms, which is not conducive to protecting the interests of small and medium-sized shareholders.

股权架构设计，创始人、合伙人、核心员工、投资人分别有哪些侧重点？

What are the key points of equity structure design for founders, partners, core employees, and investors?

创始人维度来看

From the founder's perspective

本质上的诉求是控制权，所以在早期做股权架构设计的时候必须考虑到创始人控制权，有一个相对较大的股权（一般建议是合伙人平均持股比例的2-4倍。

The essence of the appeal is control, so when designing the equity structure in the early stage, it is necessary to consider the founder's control, with a relatively large equity stake (generally recommended to be 2-4 times the average shareholding ratio of partners).

合伙人维度来看

From a partner perspective

合伙人/联合创始人作为创始人的追随者，基于合伙理念价值观必须是高度一致。合伙人作为公司的所有者之一，希望在公司有一定的参与权和话语权。所以，早期必须拿出一部分股权来均分（这部分股权基本上占到8%-15%）。

As followers of the founders, partners/co founders must have a high degree of consistency in their values based on the partnership philosophy. As one of the owners of the company, a partner hopes to have a certain right of participation and discourse in the company. Therefore, in the early stage, it is necessary to provide a portion of the equity to be evenly divided (this portion of the equity basically accounts for 8% to 15%).

核心员工维度来看

From the perspective of core employee dimensions

他们的诉求是分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来，等公司处于发展阶段的期权就能真正意义派上用场（通常建议初次分配完之后同比例稀释预留10%-25%）。

Their appeal is the right to dividends, and core employees play a crucial role in the company's rapid development stage. When designing the equity structure in the early stage, it is necessary to reserve this part of the equity, so that options that the company is in the rapid development stage can be truly useful (it is generally recommended to dilute and reserve 10% to 25% after the initial allocation is completed).

投资人维度来看

From the perspective of investors

投资人追求高净值回报，对于优质项目他们的诉求是进入和退出，所以在一定程度上说，投资人要求的优先清算权和优先认购权是非常合理的诉求，创始团队在面临这些诉求的时候，一定程度上还是需要理解。

Investors pursue high net worth returns, and their demands for high-quality projects are rapid entry and exit. Therefore, to some extent, the priority liquidation and subscription rights required by investors are very reasonable demands. When faced with these demands, the founding team still needs to understand them to some extent.

股权是多种股东权利的集合体（投票权、分红权、知情权、经营决策权、选举权、优先受让权、优先认购权、转让权等），其中，表现为重要的是股票权和分红权。

Equity is a collection of various shareholder rights (voting rights, dividend rights, rights to know, business decision-making rights, voting rights, preemptive rights, preemptive rights, transfer rights, etc.), among which the most important ones are stock rights and dividend rights.

在人力资本驱动的创业时代，我们要思考的不仅仅是股权比例的问题，而是围绕着股权做体系化设计。还有关于股权的内容就来我们网站http://www.guquanzhanlue.com咨询了解吧！

In the era of human capital driven entrepreneurship, we need to consider not only the issue of equity ratio, but also systematic design around equity. And for equity related content, please visit our website http://www.guquanzhanlue.com Consult and understand!