一、股權分配的重要性

1、 The Importance of Equity Distribution

股權分配是企業創始階段的核心問題之一，合理的股權結構能夠：

Equity distribution is one of the core issues in the founding stage of a company, and a reasonable equity structure can:

穩定團隊：避免因股權糾紛影響公司發展

Stable Team: Avoiding the Impact of Equity Disputes on Company Development

激勵員工：通過股權激勵吸引和留住核心人才

Motivate employees: attract and retain core talents through equity incentives

融資便利：清晰的股權架構更容易獲得投資人青睞

Convenient financing: A clear equity structure is more likely to win the favor of investors

規避風險：防止因股權分配不合理導致控制權喪失或法律糾紛

Risk avoidance: prevent loss of control or legal disputes caused by unreasonable equity distribution

二、股權分配的基本原則

2、 Basic principles of equity distribution

1. 按貢獻分配，而非平均分配

1. Allocate based on contribution rather than equal distribution

創始人應根據各自的資金、技術、資源、管理能力等因素合理分配股權，避免“五五開”或“均分”模式。

Founders should allocate equity reasonably based on their respective funds, technology, resources, management capabilities, and other factors, avoiding the "50-50" or "equal distribution" model.

例如：技術型創業公司，CTO可能比純財務投資人占更高比例。

For example, in technology-based startups, CTOs may have a higher proportion than pure financial investors.

2. 預留股權池（ESOP）

2. Reserved Equity Pool (ESOP)

建議預留 10%-20% 的股權用于未來核心員工激勵（如高管、技術骨干）。

Suggest reserving 10% -20% of equity for future core employee incentives (such as executives and technical backbone).

未分配的股權可由創始人代持或設立期權池。

Undistributed equity can be held by the founder or an option pool can be established.

3. 動態調整機制

3. Dynamic adjustment mechanism

設定 股權兌現（Vesting）條款，如4年兌現期，逐年解鎖25%，防止合伙人中途退出帶走大量股權。

Set up Vesting terms, such as a 4-year redemption period, unlocking 25% annually to prevent partners from withdrawing midway and taking away a large amount of equity.

可約定業績對賭條款，未達標者調整股權比例。

Performance betting clauses can be agreed upon, and those who fail to meet the standards will have their equity ratio adjusted.

4. 控制權保障

4. Protection of Control Rights

核心創始人應保持 51%以上 的絕對控股權，或通過 AB股架構（如創始人1股=10投票權）確保決策權。

The core founder should maintain an absolute controlling stake of 51% or more, or ensure decision-making power through an AB share structure (such as founder 1 share=10 voting rights).

三、股權分配的關鍵考量因素

3、 Key considerations for equity distribution

資金投入：按出資比例分配，但技術、資源等非資金貢獻也應折算價值。

Capital investment: distributed according to the proportion of investment, but non capital contributions such as technology and resources should also be valued.

管理能力：CEO或核心管理者通常應占較高比例，以確保公司戰略執行。

Management ability: CEOs or core managers should usually have a higher proportion to ensure the execution of company strategies.

技術/專利：技術合伙人若提供核心專利或關鍵技術，可適當提高股權比例。

Technology/Patent: If the technology partner provides core patents or key technologies, the equity ratio may be appropriately increased.

資源貢獻：如市場資源、政府關系、供應鏈資源等，可折算一定股權。

Resource contribution: such as market resources, government relations, supply chain resources, etc., can be converted into a certain equity.

未來引入投資人：需預留融資空間，避免早期分配過多導致后續融資時股權被過度稀釋。

Future introduction of investors: It is necessary to reserve financing space to avoid excessive early distribution, which may lead to excessive dilution of equity in subsequent financing.

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