1、题目创业型资产管理公司的股权结构研究-以H公司为例摘 要党中央、国务院提出的“大众创业、万众创新”号召，极大催生了一批具有创新精神的创业公司，尤其是泛金融类的资产管理型初创企业发展极为迅猛。但在创业初期，很多企业却忽略股权问题，确定企业的股权结构和激励方式更多时候靠拍脑袋，导致在以后发展过程中面临控制权不稳、融资难、核心人员离职等各式问题。进行创业公司股权结构的研究，尤其内部使用股权激励、外部进行股权融资便成了解决上述问题的一方良药。H公司是一家处于初创期的资产管理公司。H公司在激烈竞争环境下陆续出现了业务线调整、骨干被挖角、员工动力不足等情况。为更好的促进H公司发展，保持核心竞争力、稳定核心
2、人才，有效的股权结构再设计研究成为解决上述问题的关键因素。本文研究了H公司的发展现状，总结其出现的具体问题，提出了其进行股权结构优化的必要性。然后对影响创业期公司股权结构的六个因素进行研究，提出并设计了适合此类型公司的股权结构评价体系，并据此从六个方面对H公司进行了股权体检。根据体检结论，独创性的设计了针对性极强的符合H公司现状和发展战略的“三步走”股权优化设计方案，第一步是以创始人股权设计公式为基础的创始人股权再分配设计方案；第二步是根据H公司专注产融结合的新战略转型，设计外部股权融资方案并引入战略投资者；第三步是为解决H公司内部活力问题，全新设计两种内部股权激励计划，分别是针对全员的员工持
3、股平台和只针对高管的分红式虚拟股权激励计划。最后，对方案实施中可能发生的风险进行分析并提出防范措施。希望通过对H公司股权结构的研究分析和相关优化方案的设计，可以对同类型的初创资产管理公司起到一定的借鉴意义。关键词：创业公司；股权结构；股权激励- I -ABSTRACTThe Research on equity structure of start-ups asset management companyTake a H company as an exampleABSTRACTWith too much proposed by the party central committee and
4、the state council called for nation-wide entrepreneurship, nation-wide innovation, greatly has given rise to a number of innovative start-ups, big increase in business scale, small and medium-sized enterprise groups gradually expanding. At the same time many start-ups in the start-up stage, is not e
5、ntirely focused on ownership structure research, most of the time were taken by head equity structure and incentives, how many, how to give and give entrepreneurs themselves not consider to be clear about, lead to enterprise in the process of growth under control, financing, and leave the core perso
6、nnel of all kinds of problems. To make start-ups grow, the problem of talents and funds, the company ownership structure research, especially the external use of equity incentive, internal equity financing becomes a medicine. H is a start-up in the Asset Management Co. H company has a business line
7、adjustment, is the backbone of poaching, employees lack of power in the fierce competition environment. In order to better promote the development of H company, maintain core competitiveness and stabilize core talents, effective restructure of equity structure is the key factor to solve these proble
8、ms. This thesis studies the development status of H company, summarizes the specific problems and puts forward the necessity of optimizing the ownership structure. Then, we study six factors that influence the ownership structure of venture company. We propose and design the evaluation system of the
9、 ownership structure suitable for this type of company. Accordingly, we conduct a physical examination for H company from six aspects. According to the examination results, the originality of the design of highly targeted the H company status and development strategy of three steps equity optimizati
10、on design, the first step is to design a scheme to design equity equity redistribution Founder formula as the basis; the second step is based on H company focused on the combination of the new strategic transformation design of external equity financing, and the introduction of strategic investors;
11、the third step is to solve the problem of H companys internal vitality, new incentive plan design of two kinds of internal equity, which are for full ESOP platform and only for virtual equity incentive bonus plan. Finally, the possible risk in the implementation of the scheme is analyzed and the pre
12、ventive measures are put forward. It is hoped that through the research and analysis of Hs ownership structure and the design of related optimization programs, it can play a certain reference for the same type of start-ups Asset Management Co.Key Words：Newly-established firm ；Ownership structure ；Eq
13、uity incentive- III -目 录硕士专业学位论文独创性声明I硕士专业学位论文版权使1用授权书I摘 要IIABSTRACTIII第1章 绪论31.1 研究背景31.2 研究目的和意义41.3 研究内容和方法51.3.1 研究内容51.3.2 研究方法5第2章 国内外研究现状及相关理论基础62.1 国内外研究现状62.1.1 国外研究现状62.1.2 国内研究现状72.2 相关理论基础82.2.1 委托代理理论82.2.2 生命周期理论82.2.3 两权分离理论92.2.4 利益相关者理论92.2.5 股权和股权结构102.2.6 初创企业股权结构及特点10第3章 H公司发展现状及
14、股权结构优化设计必要性133.1 H公司发展现状133.1.1 H公司介绍133.1.2 H公司核心团队构成133.1.3 H公司传统业务介绍143.1.4 H公司发展机遇与新业务153.2 H公司股权结构优化设计必要性163.2.1 解决资金短缺163.2.2 增强团队效率173.2.3 扩展市场和业务范围173.2.4 解决管理问题183.2.5 吸引行业领军人才183.2.6 激励核心团队及员工183.2.7 增强创始人团队稳定性19第4章 H公司股权结构优化方案设计204.1 H公司股权分配原则204.1.1 公平价值原则204.1.2 企业价值最大化原则204.1.3 保护控制权原则
15、204.2 H公司股权分配方式214.2.1 出资比例分配224.2.2 平均分配224.2.3 H公司最优分配方式选择224.3 H公司股权结构评价体系234.3.1 评价体系及评价标准234.3.2 H公司当前股权结构评价234.4 H公司创始人股权再分配244.4.1 股权架构调整244.4.2 影响因素和权重设计254.4.3 动态调整274.5 H公司外部股权融资274.5.1 融资方式284.5.2 融资方案294.6 H公司内部股权激励314.6.1 员工持股平台方案设计324.6.2 利润分红式虚拟股权激励方案设计36第5章 H公司股权结构优化设计的风险防范405.1 股权退出风险防范405.1.1 创始人退出405.1.2 员工退出405.1.3 虚拟股权与期权转化415.2 相关税务风险及防范415.3 股权代持风险及防范42第6章 结论436.1 主要研究结论436.2 不足446.3 展望44参 考 文 献45致谢47- 5 -
