股权激励方案落地执行
十年股权整理解决方案落地实施

很多创业者以为“控制公司”就等于“持有足够多的股权”。但现实是，多轮融资之后创始人的股权被不断稀释——从80%降到40%、30%，甚至更低。这时候，光靠持股比例已经不够了。

Many entrepreneurs believe that "controlling a company" is equivalent to "holding enough equity". But the reality is that after multiple rounds of financing, the founder's equity has been continuously diluted - from 80% to 40%, 30%, or even lower. At this point, relying solely on shareholding ratios is no longer sufficient.

好在，控制权不止“持股”一条路。

Fortunately, control is not just about holding shares.

工具一：一致行动人协议。

Tool 1: Consensus Action Protocol.

这是非常常用的控制权强化工具。创始人与其他股东签署一致行动人协议，约定在股东会表决时采取相同意见。通过这种方式，创始人可以将分散的股权“拧成一股绳”，即使自身持股比例不高，也能在表决时形成合力。

This is the most commonly used tool for strengthening control. The founder and other shareholders sign a concerted action agreement, agreeing to adopt the same opinion when voting at the shareholders' meeting. In this way, the founder can "twist the dispersed equity into a rope", even if their own shareholding ratio is not high, they can form a joint force during voting.

工具二：表决权委托。

Tool 2: Voting Rights Delegation.

部分股东将其持有的股权所对应的表决权，委托给创始人行使。这样创始人虽然不持有这些股权，但可以行使这些股权对应的投票权。在实务中，这是很多创业公司在融资后保持控制权的常用手段。

Some shareholders entrust the voting rights corresponding to their held equity to the founder for exercise. In this way, although the founder does not hold these shares, they can exercise the voting rights corresponding to these shares. In practice, this is a common means for many start-up companies to maintain control after financing.

工具三：有限合伙架构。

Tool 3: Limited Partnership Structure.

通过设立有限合伙企业作为持股平台，创始人担任普通合伙人（GP），员工或投资人作为有限合伙人（LP）。普通合伙人即使持有出彩少的合伙企业份额，也能通过合伙协议约定的表决权掌控合伙企业，进而维持公司股权的集中管理。这是股权激励中非常常见的持股方式——既能让员工分享公司成长红利，又不稀释创始人的控制权。

By establishing a limited partnership enterprise as a shareholding platform, the founder serves as a general partner (GP), and employees or investors serve as limited partners (LP). Even if a general partner holds a very small share of the partnership enterprise, they can still control the partnership enterprise through the voting rights stipulated in the partnership agreement, thereby maintaining centralized management of the company's equity. This is the most common shareholding method in equity incentives - it allows employees to share the company's growth dividends without diluting the founder's control.

工具四：公司章程的“宪法级”设计。

Tool 4: Constitutional level design of company bylaws.

公司章程是公司的“宪法”。章程修改、重大资产处置、对外担保等事项通常需绝对多数表决权通过。在公司章程中，可以提前设置一系列保护性条款——比如创始人提名董事的权利、特定事项需要更高比例表决权通过、优先购买权、随售权、拖售权等。新《公司法》还完善了类别股制度，允许公司在章程中载明类别股的权利义务。

The articles of association are the 'constitution' of a company. Amendments to the articles of association, major asset disposals, external guarantees, and other matters usually require an absolute majority of voting rights to be passed. In the company's articles of association, a series of protective clauses can be set up in advance, such as the right of the founder to nominate directors, the requirement for a higher proportion of voting rights to be passed on specific matters, the right of first refusal, the right of put, the right of deferred sale, etc. The new Company Law also improves the system of class shares, allowing companies to specify the rights and obligations of class shares in their articles of association.

但要注意一个核心问题：控制权不能以牺牲合规为代价。

But one core issue to note is that control cannot come at the expense of compliance.

《民营经济促进法》施行后，司法实践中对于公司人格否认（非常是横向穿透）的审查标准显著收紧。民营企业家建议摒弃“代持避债”“随意混同”的旧惯性，转向以“合规、透明、隔离”为核心的新治理模式。

After the implementation of the Law on the Promotion of Private Economy, the standards for reviewing the denial of corporate personality (especially horizontal penetration) in judicial practice have significantly tightened. Private entrepreneurs must abandon the old inertia of "holding on behalf to avoid debt" and "arbitrary mixing", and turn to a new governance model centered on "compliance, transparency, and isolation".

还有一个容易被忽视的维度：退出机制。

Another dimension that is easily overlooked is the exit mechanism.

股权架构设计需预留融资空间并建立退出机制。很多公司在设计股权时只考虑“怎么进”，从来没想过“怎么出”。一旦股东之间出现矛盾或者有人想退出，因为没有事先约定，轻则扯皮、重则对簿公堂。在公司章程和股东协议中，提前约定好股权转让的条件、程序、价格确定方式——这是成熟股权设计的标配。

The equity structure design needs to reserve financing space and establish an exit mechanism. Many companies only consider "how to enter" when designing equity, and never think about "how to exit". Once there is a conflict between shareholders or someone wants to withdraw without prior agreement, it can lead to minor disputes or serious lawsuits. In the company's articles of association and shareholder agreement, the conditions, procedures, and price determination methods for equity transfer should be agreed upon in advance - this is a standard feature of mature equity design.

股权架构设计是公司治理的核心环节，直接影响决策效率、资源整合能力及长期发展稳定性。从控制权稳定性、激励与绑定机制、风险隔离与融资灵活性三个维度出发，系统性地设计股权架构，才是企业可持续发展的制度保障。

The design of equity structure is the core link of corporate governance, which directly affects decision-making efficiency, resource integration ability, and long-term development stability. Systematically designing the equity structure from three dimensions: stability of control rights, incentive and binding mechanisms, risk isolation, and financing flexibility, is the institutional guarantee for the sustainable development of enterprises.

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This article is about the implementation of equity incentives and friendship contributions in Shandong For more information, please click: http://www.lushangyun.com Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.