一些创业公司，讲究“兄弟创业”，但慈不带兵、义不理财，有时亲兄弟也得明算账，太多的血泪教训要求创业公司必须慎重采取股权五五开或者三三三的平均主义，这样的结构看似具备雨露均沾的平等优势，短期内能够维持初始创业团队之间公平公正的表象，但实则这种股权均等、民主制衡制度具有极大的隐患。

Some start-up companies emphasize the concept of "brother entrepreneurship", but they lack compassion and financial management. Sometimes, even close brothers have to settle accounts clearly. Too many painful lessons require start-up companies to adopt a balanced equity structure of 50-50 or 3-3. This structure may seem to have the advantage of equal distribution in the short term, and can maintain the appearance of fairness and justice among initial start-up teams. However, in reality, this system of equal equity and democratic checks and balances has great hidden dangers.

“兄弟创业”的模式，通常逃不出同心同德、同舟共济、同床异梦、同归于尽的“四同”死循环：

The model of "brother entrepreneurship" usually cannot escape the "four same" vicious cycle of unity, solidarity, different dreams in the same bed, and mutual destruction:

第一阶段——同心同德：“兄弟创业”很多情况下属于天使投资人加企业实际经营者的搭配，由兄弟为企业成功创立注入前期启动资金，此时双方的目标几乎完全一致；

The first stage - unity and solidarity: "Brother entrepreneurship" often involves a combination of angel investors and actual business operators, with the brothers injecting initial start-up capital into the successful establishment of the enterprise. At this point, the goals of both parties are almost identical;

第二阶段——同舟共济：公司刚刚起步时，兄弟之间集中全部精力开拓公司业务，帮助公司走上发展正轨，双方是一条船上的蚂蚱，同舟共济，砥砺前行；

Phase 2- Working Together in the Same Boat: When the company was just starting out, brothers focused all their energy on developing the company's business and helping it get on track. Both sides were like grasshoppers on the same boat, working together to forge ahead;

第三阶段——同床异梦：指公司发展渐有起色时，双方的利益开始分化，天使投资人大多是抱着财务投资的目的，缺乏战略定力和价值主义的眼光，与企业实际经营者想把公司做强做大的愿望，存在根本矛盾；

Phase Three - Same Bed, Different Dreams: Refers to the situation where the interests of both parties begin to diverge as the company's development gradually improves. Angel investors often pursue financial investment goals, lacking strategic determination and a value oriented perspective, which fundamentally contradicts the desire of actual business owners to make the company stronger and bigger;

第四阶段——离心离德：基于上述根本矛盾，天使投资人在公司遇到重大变革或战略决策的生死关头，很可能会采取和企业实际经营者完全相反的行动路径，此时建立在均等股权基础上的表面和平很快就会土崩瓦解，核心创始人方想要推动决策顺利通过，为了换取其余股东的签字首肯，势必需要出让部分利益进行交换，从而造成创始人方的额外损失，对公司后续发展也会投下负面阴影。

The fourth stage - Separation of heart and virtue: Based on the fundamental contradiction mentioned above, angel investors may take completely opposite action paths to the actual operators of the company when facing major changes or strategic decisions. At this time, the surface peace based on equal equity will soon collapse. If the core founder wants to promote the smooth passage of the decision, in order to obtain the signature and approval of other shareholders, they will inevitably need to exchange some benefits, which will cause additional losses to the founder and cast a negative shadow on the subsequent development of the company.

举例来说，笔者在实际投资中就曾经遇到有拟投企业的天使投资人，看到企业估值提升，在企业引入机构投资者进行增资时，要求优先减持自己手中的股份，如企业核心创始人不同意该请求，此天使投资人即拒绝在增资协议上签字，这种短视行为向外界传达了企业的投资者对企业信心不足、短期套利的恶劣信号，使得企业在后续融资中估值徘徊不前，无法一飞冲天。

For example, in actual investment, the author has encountered angel investors who plan to invest in a company. When the company sees an increase in valuation and introduces institutional investors for capital increase, they request priority reduction of their own shares. If the core founder of the company does not agree to this request, the angel investor refuses to sign the capital increase agreement. This short-sighted behavior conveys a bad signal to the outside world that investors lack confidence in the company and engage in short-term arbitrage, causing the company's valuation to hover and unable to soar in subsequent financing.

因此，创业公司的股权架构必须要保证公司的实际经营团队占有主要股份，天使投资人的启动资金虽然重要，但在股份设计上可以适当分清主次，同时也可以通过限制表决权等方式，降低财务投资思维对公司长期发展的不良影响。

Therefore, the equity structure of a startup company must ensure that the actual management team of the company holds the majority of shares. Although the start-up capital of angel investors is important, the priority can be appropriately distinguished in the design of shares. At the same time, the negative impact of financial investment thinking on the long-term development of the company can also be reduced by restricting voting rights and other methods.

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