山东股权合伙设计又称为股权控制结构:从上端实际控制人出发，沿着股权控制这条主线往下，依次可分为:控股层、投资层、资本层、产业层、操作层五级。在企业集团股权架构设计中，各层设计的意义如下:

Shandong Equity Partnership Design, also known as Equity Control Structure: Starting from the actual controller at the upper end and following the main line of equity control, it can be divided into five levels: control layer, investment layer, capital layer, industry layer, and operation layer. In the design of the equity structure of enterprise groups, the significance of each layer design is as follows:

(一)控股层

（1） Controlling layer

控股层在生态链的上端，是真正的大老板、终控制人，集中了实际控制人群体(自然人或其家族)。在企业集团，未来控制人可以将这部分股份与其他家族资产打包，通过家族信托方式，解决家族财富的传承问题。

At the upper end of the ecological chain, the controlling layer is the true big boss and ultimate controller, concentrating the actual control group (natural persons or their families). In enterprise groups, future controllers can package this portion of shares with other family assets and solve the inheritance problem of family wealth through family trusts.

(二)投资层

（2） Investment layer

控股层通过控股有限公司下设专门的投资公司，将其作为控制人进行所有相关投资的平台公司。投资公司只做投资，不做具体产业的运营、管理。设立投资公司的目的和意义如下:

The controlling layer establishes a specialized investment company under the holding limited company, which serves as the platform company for controlling all related investments. Investment companies only invest and do not operate or manage specific industries. The purpose and significance of establishing an investment company are as follows:

1.投资:的投资机构，研究宏观经济、投资布局、产业政策、优惠政策等。通过投资、并购、重组等，让的人做的事，提高投资效率;

1. Professional investment: A professional investment institution that studies macroeconomics, investment layout, industrial policies, preferential policies, etc. By investing, mergers and acquisitions, restructuring, etc., allowing professionals to do professional things and improve investment efficiency;

2.风险隔离:在实际控制人与下属实体公司(上市或非上市公司)之间建立风险隔离层;

2. Risk isolation: Establish a risk isolation layer between the actual controller and its affiliated entity companies (listed or non listed);

3.资本运作:作为实际控制人进行未来产业并购、产业重组、股权转让、定向增发等资本运作的平台。

3. Capital operation: As the actual controller, it serves as a platform for future industrial mergers and acquisitions, industrial restructuring, equity transfer, targeted issuance, and other capital operations.

(三)资本层

（3） Capital layer

投资公司下属的上市公司和非上市公司，包括全资、控股、参股企业，设立上市公司和非上市公同的目的和意义如下1.上市融资:

The purpose and significance of establishing listed and unlisted companies under investment companies, including wholly-owned, controlling, and participating enterprises, are as follows: 1. Listing financing:

通过下属公司上市，可以打开融资渠道，提高公司形象。

By listing a subsidiary company, it can open up financing channels and enhance the company's brand image.

资本运作:增加了资本运作的空间和手段，弹性更足。

Capital operation: It increases the space and means of capital operation, making it more flexible.

风险隔肉:无论上市公司还是非上市公司，都是有限责任公司。母公司控展东仅就注册资本和股权比例承担有限责任。同时，这些子公司之间相互独立，某子公司出现风险，不会发生“城门失火，殃及池鱼”的情况。

Risk separation: Both listed and non listed companies are limited liability companies. The parent company, Zhandong, only bears limited liability in terms of registered capital and equity ratio. At the same time, these subsidiaries are independent of each other, and if a certain subsidiary encounters risks, there will be no situation where "a fire at the city gate will cause harm to the fish in the pond".

独立核算:通过子公司(上市公司或非上市公司)独立核算，使每个经营单元充满活力，追求本单元经营效益大化。

Independent accounting: Through independent accounting of subsidiaries (listed or non listed), each business unit is energized and seeks to maximize its operational efficiency.

股权激励:对核心人才进行股权激励的平台公司可以通过二级市场公开交易，使股权激励效益佳。

Equity incentives: Platform companies that provide equity incentives to core talents can publicly trade in the secondary market to achieve better equity incentives.

利润转移和税收筹划:通过上市公司和非上市公司之间的关联交易，可以起到转移上市公司利润和税收筹划的目的。但这种做法会伤害中小股东利益，为非法行为。

Profit transfer and tax planning: Through related party transactions between listed and non listed companies, the purpose of transferring profits and tax planning of listed companies can be achieved. But this approach will harm the interests of small and medium-sized shareholders and is illegal.

(四)产业层

（4） Industrial layer

上市公司内部会涉及多个产业或者主营业务、非主营业务。同时，上市公司下属会有多个具体业务操作公司。上市公司也是集团公司，下属公司包括主营业务公司、供应公司(集中采购)、进出口公司(集中进出口)和金融公司(内部银行功能)等子公司。集团公司通过集中采购、集中进出口和内部银行等运营管控，提高集团公司的运营效率，加强集团运营管控。

Listed companies may involve multiple industries or main or non main businesses internally. At the same time, there will be multiple specific business operation companies under the listed company. Listed companies are also group companies, with subsidiaries including main business companies, supply companies (centralized procurement), import and export companies (centralized import and export), and financial companies (internal banking functions). The group company improves its operational efficiency and strengthens its operational control through centralized procurement, centralized import and export, and internal banking.

股权架构中的持股平台设计

Design of shareholding platform in equity structure

在纵向的股权架构中，也会涉及“自然人持股还是控股平台持股”的问题。相对于自然人持股，控制人通过控股平台间接持股具有以下优势:

In the vertical equity structure, the issue of "natural person shareholding or controlling platform shareholding" will also be involved. Compared to natural person shareholding, indirect shareholding by the controller through the holding platform has the following advantages:

①控股平台易于业务延展;

① The holding platform is easy to expand business;

②控股平台易于股本延展;

② The holding platform is easy to expand its share capital;

③控股平台易于资本市场运作;

③ The holding platform is easy to operate in the capital market;

④控股平台易于做税务筹划。

④ The holding platform is easy to do tax planning.

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