了解了公司的不同股权架构，我们在看到一家公司股权图的时候，起码可以很清晰的看出来它所包含的股权主体框架。

After understanding the different equity structures of a company, when we see a company's equity chart, we can at least clearly see the equity subject framework it contains.

除了主体框架外，我们经常还会看到核心的公司（比如某个上市主体），还关联了非常多类型的其他全资、控股、参股公司。

In addition to the main framework, we often see core companies (such as a listed entity), which are also associated with many types of other wholly-owned, controlling, and participating companies.

从价值链的角度，每个企业都是在设计、生产、销售、发送和辅助的过程中，进行的种种辅助活动的集合，通常一个企业的价值链可以通过如下方式进行呈现：（原型基于波特价值链的）

From the perspective of the value chain, each enterprise is a collection of various auxiliary activities carried out in the process of design, production, sales, delivery, and assistance. Typically, a company's value chain can be presented in the following ways: (Prototype based on Porter's value chain)

在价值链条上，个体企业可以完成产业链条中的某部分工作，同时为了规模的扩大，会以几种子公司的形式将业务进行延伸拓展：

On the value chain, individual enterprises can complete certain tasks in the industrial chain, and in order to expand their scale, they will extend and expand their business in the form of several seed companies:

（1）创新类子公司：依托于成熟价值链，延伸出自己独立的价值链条，完全不同于母公司的发展；比如支付宝在阿里的基础上做的延伸；

(1) Innovative subsidiaries: relying on mature value chains, extending their own independent value chains, completely different from the development of the parent company; For example, Alipay is an extension of Alibaba;

（2）复制型子公司：完全是母公司的复制，仅在地域、产品等维度做区分；

(2) Reproductive subsidiary: It is a complete replication of the parent company, distinguishing only in geographical, product, and other dimensions;

（3）拆分型子公司：在母公司的基础上，进行业务链条的拆分，比如地产、物业、商业企业，通常会是一个集团底下不同的模块。

(3) Split type subsidiary: On the basis of the parent company, the business chain is split, such as real estate, property, and commercial enterprises, usually consisting of different modules under a group.

｜创新型子公司

| Innovative subsidiaries

创新型子公司之所以需要设立，通常是由于对新业务的培育，不管是从三层业务链的增长角度、种子孵化角度，都是常见的子公司类型，那对于母公司（或实控人）和子公司之间的股权关系，都有哪些选择？

The reason why innovative subsidiaries need to be established is usually due to the cultivation of new business. Whether from the perspective of growth in the three-layer business chain or seed incubation, they are common types of subsidiaries. So, what are the options for the equity relationship between the parent company (or actual controller) and the subsidiary?

A、体内控股型：也就是母公司直接持有创新型子公司的51%及以上的股权，其余股权用于创新团队的激励，在创新团队中，不管是股权激励、薪酬差异化、管理差异化，还是未来的独立上市都有优势。这就形成了控股子公司，上市公司华谊兄弟旗下的新媒体业务，就是以控股子公司的形式存在；

A、 Internal control type: that is, the parent company directly holds 51% or more of the equity of the innovative subsidiary, and the remaining equity is used to incentivize the innovation team. In the innovation team, whether it is equity incentives, salary differentiation, management differentiation, or future independent listing, there are advantages. This forms a holding subsidiary, and the new media business under Huayi Brothers, a listed company, exists in the form of a holding subsidiary;

B、体内参股型：母公司持有创新型子公司49%及以下的股权，其余用于团队激励，这属于参股型子公司处；

B、 Internal equity participation type: The parent company holds 49% or less of the equity in innovative subsidiaries, while the rest is used for team incentives, which belongs to equity participation type subsidiaries;

C、完全体外型：母公司和创新子公司之间不存在直接的股权关系，而是由创新公司的实际控制人，和母公司部分关联的人员，重新组建新的公司，这样的好处是可以让主体公司聚焦主业发展，避免公司财务之间的风险，创新业务的不确定性大，因此独立孵化较为可行。

C、 Completely external: There is no direct equity relationship between the parent company and the innovative subsidiary, but a new company is formed by the actual controller of the innovative company and some personnel related to the parent company. The advantage of this is that the main company can focus on the development of its main business, avoid financial risks between the companies, and the uncertainty of innovative business is high. Therefore, independent incubation is more feasible.

｜复制型子公司

| Copy type subsidiary

我们最熟悉的复制型子公司应该是连锁品牌，通常在一个地区因为某个品类获得成功后，公司就开启了复制的道路，在复制子公司中，最常使用的底层架构是项目跟投制。

The most familiar replication subsidiary to us should be a chain brand. Usually, after achieving success in a certain category in a region, the company starts the path of replication. In replication subsidiaries, the most commonly used underlying structure is project and investment management.

项目跟投，这个在房地产领域、基金领域、餐饮等领域都非常火的概念，最早起源于风险投资。

The concept of project co investment, which is very popular in the real estate, fund, catering and other fields, originated from venture capital.

项目跟投要约定领头人、跟投人员进入门槛、跟投的权益和比例设置、跟投资金及出资管理、跟投退出管理、跟投优先劣后分配管理等内容，最重要的是通过这项激励得到适合的人才，同时让人才将这项激励再进行发扬光大。

The project follow-up investment should agree on the leader, entry threshold for follow-up personnel, rights and proportion settings for follow-up investment, follow-up investment funds and investment management, follow-up investment exit management, follow-up investment priority allocation management, and other contents. The most important thing is to obtain suitable talents through this incentive, while allowing people to further promote this incentive.

我们熟悉的碧桂园、万科，许多的理发门店，都采用项目跟投制，只要机制设计好，实践中宣讲落实到位，项目跟投无疑是具有很强激励性，便于迅速扩张的好方式。

We are familiar with Country Garden, Vanke, and many hair salons that adopt a project follow-up investment system. As long as the mechanism is designed well and the promotion and implementation are in place in practice, project follow-up investment is undoubtedly a strong incentive and a good way to quickly expand.

｜拆分型子公司

Split type subsidiary

拆分型子公司，是基于价值链条的拆分，比如很多的企业在主营业务的实践中，还能做本行业的咨询辅导，就拆分出了咨询公司，也有公司将自己的生产、销售、研发等划分成不同的子公司。

Split type subsidiaries are based on the value chain. For example, many companies can also provide consulting and guidance in their own industry in the practice of their main business, resulting in the split of consulting companies. Some companies also divide their production, sales, research and development into different subsidiaries.

我们熟悉的海底捞，所包含的调料业务，本身是主营业务的一部分，因为供应量大，除了针对本企业，还能向外作为独立第三方进行销售，所以就进行了调料业务的拆分；

The seasoning business included in Haidilao, which we are familiar with, is itself a part of the main business. Due to its large supply, in addition to targeting our own enterprise, it can also be sold as an independent third party, so we have split the seasoning business;

同时它的供应链管理、人力资源管理（海底捞大学、微海咨询）、信息技术等都被单独拆分出来了。海底捞上市是以最核心的火锅餐饮服务在香港挂牌的。

At the same time, its supply chain management, human resource management (Haidilao University, Weihai Consulting), information technology, etc. have been separated separately. Haidilao's listing is based on the core hot pot catering service in Hong Kong.

在拆分型架构下，一方面能有效降低管理成本，我们经常说公司大了会被管理所累，拆分之后，作战单元再次回归到合适的规模，对管理成本的精简是好事；

Under a split architecture, on the one hand, it can effectively reduce management costs. We often say that when a company grows, it will be burdened by management. After the split, the combat units will return to the appropriate scale, which is a good thing for streamlining management costs;

二来能有更大的业务空间，不管是咨询，还是其他业务，都能作为独立第三方提供服务；

Secondly, there can be greater business space, whether it is consulting or other businesses, to provide services as an independent third party;

三来便于资本运作；

Three to facilitate capital operation;

四来可以优化运营，不同公司的人员管理招聘薪酬，流程制度都可以个性化；

Fourthly, operations can be optimized, and personnel management, recruitment, compensation, and process systems of different companies can be personalized;

当然还有税筹的思考，最典型的是将营销环节进行剥离，在税收优惠所在地设置子公司，能获得相应的政策返还。

Of course, there is also the consideration of tax financing. The most typical example is to divest the marketing process and set up a subsidiary in the location of tax incentives, which can receive corresponding policy returns.

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