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论文编号：	14555
作者编号：	2120223762
上传时间：	2024/6/2 1:48:24
中文题目：	初创企业X公司股权设计研究
英文题目：	Research on Equity Design in Startup X Company
指导老师：	古志辉
中文关键字：	初创企业；公司治理；股权设计
英文关键字：	Newly-established Firm；Corporate Governance；Equity Design
中文摘要：	股权设计对于企业的重要性不言而喻，然而至今依然有大量的中小企业对其没有足够的重视，依然认为这是上市企业或者准上市企业才需要考虑的问题，并没有认真对待企业的股权设计。尤其在创立３年以内的初创企业中，鲜少能见到有意识地设计过的、合理的、有预见性的股权结构。而这常常是行进到发展期，企业却难以进一步发展的根源性原因。这通常出现在企业创立３年左右，会出现的问题主要包括：合伙人矛盾冲突频发，企业决策效率低下，发展停滞；股权激励难以实施，或是实施效果不佳，从而导致严重的人才流失；难以获得外部投资，企业规模增速缓慢；即使获得外部投资，也会面临控制权旁落的风险。因此，如何设计合理的股权结构、使之能够应对企业后续几个阶段的频发问题，是初创企业面临的一次重要考验。 本文案例对象所研究的X公司，属于非传统的教育培训行业，以素质教育课程培训为主营业务，在当地市场占有率极高。其作为初创企业，发展历程所经历的股权相关问题十分典型。企业创设之初，三位合伙人选择平分股权，且混淆了投票权与分红权，两权合一，以获得相对的公平感。然而，该种做法带来了许多问题和隐患，未来贡献不同导致的心理不平衡、没有股权空间的预留带来的股权激励问题和融资问题、投资者进入后的公司控制问题，都严重制约了公司进一步发展。企业发展到一定程度时，实行过两轮股权激励，但是由于缺乏合理的股权激励方案，激励成效不佳，同时还使得股权结构复杂化。同时，企业还面临着诸多引入外部投资的机会，均因为股权结构及其相关的一系列问题，如股权结构的不清晰、控制权旁落的担忧等，未能成功融资。 本文在概述了初创企业一般性公司治理和股权结构的相关文献和理论后，接着介绍了X公司的基本情况、股权设计的现状及其特点。并在此基础上探讨了X公司股权设计方面存在的问题及成因，主要包括创始人投票权弱化的问题、股权激励规则不完善导致的成效不明显问题、投资人权益保障不完善问题等，并针对这些问题提出了改进建议，例如合理的投票权保护设计以及权力回收设计、合理的股权激励及相关监督机制设计、股权回购设计和信息披露机制等。同时，也提出了一些关于股权设计的保障措施，以确保股东权益得到更好的保护。希望本文能为类似X公司这样的初创企业处理制约企业发展的股权结构设计问题，转变新的发展思路和方向，提供一些参考。
英文摘要：	The importance of shareholding design for an enterprise is self-evident, however, there are still a large number of SMEs that do not pay enough attention to it, and still think that it is an issue that only listed or quasi-listed enterprises need to consider, and do not take the shareholding design of the enterprise seriously. Especially in startups that have been established for less than 3 years, it is rare to see a consciously designed, reasonable and predictable shareholding structure. This is often the root cause of the difficulty in growing the business into the growth phase. This usually occurs about 3 years after the company's founding, and the main problems include: frequent conflicts among partners, inefficient decision-making, and stagnant development; difficult to implement equity incentives, or the implementation of the effect is poor, which leads to a serious brain drain; difficult to obtain external investment, and slow growth in the size of the company; and even if the company obtains external investment, it will also be faced with the risk of loss of control. Therefore, how to design a reasonable shareholding structure that can cope with the frequent problems in the subsequent stages of the enterprise is an important test for startups. Company X, the case study of this paper, belongs to the non-traditional education and training industry, with quality education course training as its main business, and has a very high market share in the local market. As a start-up enterprise, the equity-related problems experienced in its development process are very typical. At the beginning of the enterprise, the three partners chose to share the equity equally, and confused the right to vote with the right to dividends, combining the two rights in order to obtain a sense of relative fairness. However, this practice brought many problems and pitfalls. The psychological imbalance caused by different future contributions, the equity incentive and financing problems caused by the lack of reserved equity space, and the corporate control problems after the investors entered the company all seriously restricted the further development of the company. When the company developed to a certain level, it implemented two rounds of equity incentives, but due to the lack of reasonable equity incentive programs, the incentives were ineffective and also complicated the equity structure. At the same time, the enterprise also faced many opportunities to introduce external investment, but failed to raise funds because of the equity structure and a series of related problems, such as the unclear equity structure and the concern of control loss. After outlining the literature and theories related to general corporate governance and equity structure of startups, this paper goes on to introduce the basic situation of Company X, the current status of equity design and its characteristics. On this basis, it discusses the problems and causes of the equity design of Company X, mainly including the unclear distribution of rights and responsibilities caused by the separation of voting rights and dividend rights, the impact of the unreasonable setting of equity incentives on the shareholding structure, the financing exit mechanism, and the risk of control falling by the wayside, etc., and puts forward suggestions for improvement in response to these problems, such as the design of a reasonable distribution of rights and responsibilities and the recycling of power, the design of reasonable shareholding Incentive and related monitoring mechanism design, equity repurchase design and control protection design. At the same time, some safeguards on equity design are also proposed to ensure better protection of shareholders' rights and interests. It is hoped that this paper can provide some references for startups like Company X to deal with the problem of equity structure design that restricts the development of the enterprise and to change the new development ideas and directions.
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