1.確定股東

1. Determine shareholders

確定公司內(nèi)部的各種角色及分工，包括創(chuàng)始人、合伙人、核心員工、投資人等。

Identify various roles and divisions within the company, including founders, partners, core employees, investors, etc.

2.確定公司主體

2. Determine the company entity

明確公司的類(lèi)型、業(yè)務(wù)范圍、發(fā)展方向等。明確企業(yè)的類(lèi)型，是有限責(zé)任公司還是股份有限公司。這兩種類(lèi)型在股權(quán)結(jié)構(gòu)及要求上存在顯著差異。有限責(zé)任公司股東人數(shù)受限、股權(quán)流轉(zhuǎn)受限，而股份有限公司則股份等額劃分且轉(zhuǎn)讓相對(duì)自由。根據(jù)企業(yè)類(lèi)型，確定股東結(jié)構(gòu)，包括股東數(shù)量、身份和持股比例等。

Clearly define the type, business scope, and development direction of the company. Clarify the type of enterprise, whether it is a limited liability company or a joint-stock limited company. There are significant differences between these two types in terms of equity structure and requirements. Limited liability companies have limited shareholder numbers and restricted equity transfers, while joint stock limited companies have equal share allocation and relatively free transfer. Determine the shareholder structure based on the type of enterprise, including the number, identity, and shareholding ratio of shareholders.

3.確定股權(quán)比例和控制權(quán)設(shè)置

3. Determine the equity ratio and control rights setting

根據(jù)每個(gè)股東的資金投入、技術(shù)貢獻(xiàn)、市場(chǎng)開(kāi)拓能力、管理經(jīng)驗(yàn)等因素，綜合評(píng)估其對(duì)公司的重要性和貢獻(xiàn)，合理分配股權(quán)。確保創(chuàng)始人作為實(shí)際控制人持有大股，以保證公司治理的穩(wěn)定性。一般來(lái)說(shuō)，資金多、貢獻(xiàn)大、經(jīng)驗(yàn)豐富者往往占股多，但需全面權(quán)衡，保障公平合理。但小股東也可通過(guò)投票協(xié)議、特別股權(quán)等方式獲取一定的控制權(quán)。

Based on factors such as capital investment, technological contribution, market development ability, and management experience of each shareholder, comprehensively evaluate their importance and contribution to the company, and allocate equity reasonably. Ensure that the founder holds a large stake as the actual controller to ensure the stability of corporate governance. Generally speaking, those with more funds, greater contributions, and extensive experience often hold more shares, but a comprehensive balance needs to be made to ensure fairness and reasonableness. But small shareholders can also obtain certain control rights through voting agreements, special equity, and other means.

4.制定分配原則和同股不同權(quán)規(guī)則

4. Develop distribution principles and rules for equal shares but different rights

根據(jù)股東的貢獻(xiàn)和重要性，制定股權(quán)分配原則。如果存在不同類(lèi)別的股東，如資金股、技術(shù)股等，需要制定同股不同權(quán)的規(guī)則。例如，京東的股權(quán)設(shè)計(jì)采用了雙重股權(quán)結(jié)構(gòu)模式，普通股被分為A類(lèi)和B類(lèi)兩種不同類(lèi)型的股票，并賦予它們不同的投票權(quán)。通過(guò)這種設(shè)計(jì)，即便劉強(qiáng)東及其團(tuán)隊(duì)的持股比例不高，他們也能在表決權(quán)上占據(jù)絕對(duì)優(yōu)勢(shì)，從而有效控制公司。根據(jù)有關(guān)數(shù)據(jù)，截至2024年3月31日，劉強(qiáng)東通過(guò)Max Smart Limited持有京東約10.7%的股權(quán)，同時(shí)通過(guò)員工持股平臺(tái)Fortune Rising Holdings Limited控制約0.6%的股權(quán)，總計(jì)控制京東約11.2%的股權(quán)。然而，得益于雙重股權(quán)結(jié)構(gòu)，劉強(qiáng)東擁有高達(dá)66.7%（或根據(jù)不同時(shí)期數(shù)據(jù)有所波動(dòng)）的投票權(quán)，從而實(shí)現(xiàn)對(duì)京東的強(qiáng)有力控制。

Develop equity distribution principles based on the contributions and importance of shareholders. If there are different categories of shareholders, such as capital stocks, technology stocks, etc., it is necessary to establish rules for different rights for the same stock. For example, JD's equity design adopts a dual class equity structure model, where common stocks are divided into two different types: Class A and Class B, and are granted different voting rights. Through this design, even if Liu Qiangdong and his team's shareholding ratio is not high, they can still have an absolute advantage in voting rights and effectively control the company. According to relevant data, as of March 31, 2024, Liu Qiangdong holds approximately 10.7% of the equity of JD.com through Max Smart Limited, and also controls approximately 0.6% of the equity through the employee stock ownership platform Fortune Rising Holdings Limited, totaling approximately 11.2% of the equity of JD.com. However, thanks to the dual class ownership structure, Liu Qiangdong holds up to 66.7% (or fluctuates according to data from different periods) of voting rights, thereby achieving strong control over JD.com.

5.制定股東協(xié)議

5. Develop a shareholder agreement

股東協(xié)議應(yīng)明確股東的權(quán)利、義務(wù)、分紅機(jī)制、退出機(jī)制等，以避免后續(xù)糾紛。不管最終采用何種股權(quán)比例設(shè)計(jì)方案，都務(wù)必通過(guò)書(shū)面協(xié)議清晰、詳細(xì)地約定好各方面內(nèi)容，包括股權(quán)比例、各股東權(quán)利義務(wù)、決策機(jī)制等關(guān)鍵事項(xiàng)。這可有效避免后續(xù)可能出現(xiàn)的糾紛，為企業(yè)穩(wěn)定運(yùn)營(yíng)、股東友好合作筑牢法律基礎(chǔ)。

The shareholder agreement should specify the rights, obligations, dividend mechanism, exit mechanism, etc. of shareholders to avoid subsequent disputes. No matter what equity ratio design scheme is ultimately adopted, it is necessary to clearly and detailedly stipulate all aspects through a written agreement, including key issues such as equity ratio, shareholder rights and obligations, decision-making mechanism, etc. This can effectively avoid potential disputes in the future and lay a legal foundation for stable operation of the enterprise and friendly cooperation among shareholders.

6.執(zhí)行與調(diào)整

6. Execution and Adjustment

股權(quán)設(shè)計(jì)不是一成不變的，而是一個(gè)在發(fā)展中不斷完善的過(guò)程。隨著企業(yè)的成長(zhǎng)和發(fā)展，股權(quán)結(jié)構(gòu)可能需要適時(shí)調(diào)整。因此，要保持一定的靈活性，根據(jù)企業(yè)的實(shí)際情況和目標(biāo)來(lái)制定和調(diào)整股權(quán)結(jié)構(gòu)。

Equity design is not static, but a process of continuous improvement in development. As the enterprise grows and develops, the equity structure may need to be adjusted in a timely manner. Therefore, it is necessary to maintain a certain degree of flexibility and formulate and adjust the equity structure according to the actual situation and goals of the enterprise.

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