股权激励方案落地执行
十年股权整理解决方案落地实施

　　山东顶层架构设计：企业集团与单一企业的股权设计比较

　　Top level Architecture Design in Shandong: Comparison of Equity Design between Enterprise Groups and Single Enterprises

　　股权设计是指集团或单一企业对股票持有者所具有的与其拥有的股票比例相应的权益及承担一定责任的权力的持有比例的设计。

　　Equity design refers to the design of the proportion of equity and the power to assume certain responsibilities that a group or individual enterprise holds in relation to the proportion of stocks it owns and the rights it holds.

　　企业集团与单一企业的股权设计比较

　　Comparison of Equity Design between Enterprise Groups and Single Enterprises

　　企业集团股权设计着眼于集团公司对下属公司持股比例与控制方式安排，它是基于集团公司股东收益最大化原则，出于对现实环境和集团战略考虑所进行的对下属企业股权投资的整体设计。企业集团股权设计并不局限于集团公司对下属某一具体企业的“参股一控股”的选择与权衡，更着重于集团公司对其下属公司控股结构的整体布局。与单一企业股权结构决策相比，企业集团股权设计具有以下特点:

　　The equity design of enterprise groups focuses on the arrangement of the shareholding ratio and control mode of the group company over its subsidiaries. It is based on the principle of maximizing shareholder returns of the group company, and is designed as a whole for equity investment in subsidiary enterprises based on considerations of the real environment and group strategy. The equity design of enterprise groups is not limited to the selection and balance of "shareholding and controlling" of a specific subsidiary company by the group company, but focuses more on the overall layout of the group company's controlling structure for its subsidiary companies. Compared with the decision-making of a single enterprise equity structure, the equity design of enterprise groups has the following characteristics:

　　1、整体性

　　1. Integrity

　　单一企业股权结构是各出资人为了某一共同目的而按照约定的比例出资形成公司的一种行为，它是一种契约结果;企业集团股权安排则是企业集团整体意义上的财务战略设计，与单一企业的股权安排中的点面设计不同，它是一种立体性设计。也就是说，它需要从企业集团整体战略出发，考虑其对各被投资企业的出资额、控股方式，以期通过各被投资企业间的相互协同来达到集团整体的业务协同与母公司财务收益最大化。因此，它不仅涉及集团公司对下属公司的控制比例、控股方式，而且还涉及到集团公司如何从战略上把握各下属公司间的产业关联和管理关联，并通过产业关联或管理关联、收益实现方式等来最大化集团公司股东的价值。这就是股权安排的战略性所在。

　　The equity structure of a single enterprise is an act in which each investor contributes in a predetermined proportion to form a company for a common purpose, and it is a contractual result; The equity arrangement of an enterprise group is the overall financial strategic design of the enterprise group, which is different from the point and surface design in the equity arrangement of a single enterprise. It is a three-dimensional design. That is to say, it needs to start from the overall strategy of the enterprise group, consider its investment amount and holding method for each invested enterprise, in order to achieve the overall business synergy of the group and maximize the financial benefits of the parent company through mutual coordination among the invested enterprises. Therefore, it not only involves the control ratio and holding method of the group company over its subsidiaries, but also how the group company strategically grasps the industrial and management relationships between its subsidiaries, and maximizes the value of the group company's shareholders through industrial or management relationships, revenue realization methods, etc. This is the strategic aspect of equity arrangements.

　　2、可管理性

　　2. Manageability

　　单一企业股权设计力图通过“股权一控制权一公司治理与管理控制一业绩表现”这一逻辑来解释股权结构与公司业绩间的关系，它所体现的是一种静态的经济学意义上的分析，难以体现对股权结构这一要素及其派生的各种权利束的管理属性。集团股权设计研究则力图围绕“从战略上回答为什么要设立子公司一集团公司资本可得性及对各子公司持股比例与控股方式一对子公司的控制权及管理体制—各子公司的业务、管理协同一最终财务业绩一集团公司总体协同业绩与集团公司股东价值最大化一集团公司对各子公司股权结构的再调整，等等”这一逻辑思路与管理闭环来展开，股权设计构成了企业集团总部一项重要的管理内容，总部可以根据上述逻辑及其因果链条，来展开对股权的全方位管理、控制与调整，股权管理也不再是如我国大多数集团中所表现的对股权投资收益的静态意义上的分配管理。

　　The equity design of a single enterprise attempts to explain the relationship between equity structure and company performance through the logic of "equity - control - corporate governance and management control - performance". It reflects a static economic analysis and is difficult to reflect the management attributes of equity structure as an element and its derived various rights bundles. The research on group equity design aims to focus on the logical thinking and management loop of "strategically answering why subsidiaries should be established - the availability of capital and the proportion and holding method of each subsidiary - the control and management system of each subsidiary - the business and management coordination of each subsidiary - the final financial performance - the overall coordination performance of the group company and the maximization of shareholder value of the group company - the readjustment of the equity structure of each subsidiary by the group company, etc." Equity design constitutes an important management content of the enterprise group headquarters, and the headquarters can carry out comprehensive management, control, and adjustment of equity based on the above logic and causal chain. Equity management is no longer the same as the majority of groups in China that focus on equity investment returns. Static allocation management.

　　企业集团股权设计原则

　　Principles for equity design of enterprise groups

　　1、战略导向:注重行业成长性、业务关联度与集团整体业绩间的动态关系

　　1. Strategic orientation: Emphasize the dynamic relationship between industry growth, business relevance, and overall group performance

　　集团的成长是一个和谐的可持续过程，它依赖于不同行业、不同企业之间的成长性协调。战略导向原则要求:

　　The growth of the group is a harmonious and sustainable process, which relies on the coordination of growth between different industries and enterprises. The principle of strategic orientation requires:

　　(1)针对不同行业，要注重企业集团内部“不同行业的成长性一现金流一股权结构调整的互动关系”以协调集团整体发展。具体地说，企业集团所属各行业、企业所处的生命周期可能不同，有些行业处于初创期，而有的则步入高速成长期，有些则到了成熟与收获期，处于不同生命周期的产业在集团成长中担负的角色与使命因而不同。初创期企业可能代表集团的未来，需要通过控股以谋求集团的未来发展，因而在财务上需要更多的资本投入与支持;相反，成熟期产业可能是集团需要做出转型或取舍的，它所带来的大量现金流正是维持集团成长所必需的，因此，是出售股权或者继续持有股权，要视集团整体战略及集团整体现金流的充裕程度(资本可得性)。不同生命周期的产业，在财务与现金流上的互动与互补关系，直接影响着企业集团总部对下属公司的股权结构的总体安排。

　　(1) For different industries, attention should be paid to the interactive relationship between the growth of different industries, cash flow, and equity structure adjustment within the enterprise group to coordinate the overall development of the group. Specifically, the industries to which a corporate group belongs and the lifecycle of the enterprise may vary. Some industries are in the start-up stage, while others are in the high-speed growth stage, and some are in the mature and harvest stage. Industries in different lifecycles play different roles and missions in the growth of the group. Start up companies may represent the future of the group and require controlling stakes to seek the group's future development, thus requiring more capital investment and support in finance; On the contrary, mature industries may be necessary for the group to make transformations or trade-offs, and the large amount of cash flow they bring is essential for maintaining the group's growth. Therefore, whether to sell equity or continue holding equity depends on the overall strategy of the group and the adequacy of the group's overall cash flow (capital availability). The interaction and complementary relationship between finance and cash flow in industries with different life cycles directly affect the overall arrangement of equity structure of subsidiary companies by the headquarters of enterprise groups.

　　(2)针对同一行业的不同企业，要围绕“同一产业内部一业务关联一企业整体业绩一股权结构调整”这一主线来展开管理，以求得集团的可持续发展。其中，业务关联度是企业集团战略的重要组成部分，有些业务虽然属于关联业务但可采用外包作业，集团无须控股，而有些业务则对集团整体收益能力及核心竞争力至关重要，因此需要加大控股及控制力度。可见，企业集团发展过程也可以看成是集团股权不断调整、设计以适应集团战略的过程。

　　(2) For different enterprises in the same industry, management should be carried out around the main line of "one business association within the same industry, one overall performance of the enterprise, and one equity structure adjustment" in order to achieve sustainable development of the group. Among them, business relatedness is an important component of enterprise group strategy. Some businesses, although related, can be outsourced and the group does not need to control them, while others are crucial to the overall profitability and core competitiveness of the group. Therefore, it is necessary to increase control and ownership. It can be seen that the development process of enterprise groups can also be seen as the continuous adjustment and design of group equity to adapt to the group's strategy.

　　2、扁平化

　　2. Flattening

　　组织扁平化是未来组织结构调整的一种趋势，其核心目的在于缩短管理链条、明确组织责任、降低组织成本、强化组织沟通。在理论上，组织扁平化与组织内部的控股方式和控股链条间都不存在必然关系，也就是说，至少在逻辑上由集团公司直接掌控的下属公司未必都是子公司，孙公司或更底层的公司也可能是母公司的直接管理对象。这就是集团金字塔式的控股产权关系与管理关系的分离。但在管理实践中，要想真正落实组织扁平化，往往不可回避集团内部各下属公司的法律地位及其权责关系，下属公司不管属于哪一层级，在法律上它都是以独立的法律主体而存在的;而且往往是，集团下属公司的层级越低，其与集团总部的产权关系也越“模糊”总部越级而“直辖”下属公司的法律风险也越大，所受到的制度抵触也越强烈，集团化管理合力也可能越脆弱。

　　Organizational flattening is a trend in future organizational restructuring, with the core purpose of shortening the management chain, clarifying organizational responsibilities, reducing organizational costs, and strengthening organizational communication. In theory, there is no necessary relationship between organizational flattening and the control methods and chains within the organization. That is to say, at least logically, the subsidiaries directly controlled by the group company may not necessarily be subsidiaries, and the subsidiaries or lower level companies may also be directly managed by the parent company. This is the separation of the controlling ownership relationship and management relationship in the pyramid structure of the group. However, in management practice, in order to truly implement organizational flattening, the legal status and rights and responsibilities of each subsidiary company within the group cannot be avoided. Regardless of which level the subsidiary company belongs to, it exists as an independent legal entity in law; And often, the lower the level of a subsidiary company in a group, the more "ambiguous" its property rights relationship with the group headquarters becomes. The legal risks of "direct control" subsidiary companies are also greater, and the institutional conflicts they face are stronger. The synergy of group management may also be more fragile.

　　3、清晰化

　　3. Clarity

　　企业集团股权结构的清晰化包括两层涵义:一是下属公司控股主体的清晰化，它主要涉及多元投资主体中各主体的身份确认问题，即关联身份股东或非关联身份股东。二是控股链条的清晰化。

　　The clarification of the equity structure of enterprise groups includes two levels of meaning: one is the clarification of the controlling entities of subsidiary companies, which mainly involves the issue of identity confirmation of each entity in the diversified investment entities, namely related identity shareholders or non related identity shareholders. The second is the clarification of the holding chain.

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