1、硕士专业学位论文独创性声明郑重声明：本硕士专业学位论文是作者个人在导师的指导下，独立进行研究工作所取得的成果。除了文中特别加以标注和致谢的地方外，论文中不包含其他个人和集体已经发表或撰写的研究成果，也不包含为获得中国石油大学或者其它单位的学位或证书所使用过的材料。对本研究做出奉献的个人和集体，均已在论文中做了明确的说明并表示了谢意。作者和导师完全意识到本声明产生的法律后果并承担相应责任。作者签名： 日期： 导师签名： 日期： 硕士专业学位论文版权使1用授权书本学位论文属于保密范围，保密期限 0 年，解密后适用本授权书。本学位论文作者如需公开出版学位论文的局部或全部内容，必须征得导师书面同意，且
2、须以中国石油大学（北京）为第一署名单位。作者签名： 日期： 导师签名： 日期： 摘 要党中央、国务院提出的“群众创业、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开展极为迅猛。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鼓励方式更多时候靠拍脑袋，导致在以后开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，尤其内部使用股权鼓励、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公司在剧烈竞争环境下陆续出现了业务线调整、骨干被挖角、员工动力缺乏等情况。为更好的促进H公司开
3、展，保持核心竞争力、稳定核心人才，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公司的开展现状，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公司现状和开展战略的“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根底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鼓励方
4、案，分别是针对全员的员工持股平台和只针对高管的分红式虚拟股权鼓励方案。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；股权鼓励The 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
5、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
6、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
7、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
8、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
9、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
10、 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
11、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;
12、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
13、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
14、uity incentive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3 研究目的和意义4 研究内容和方法5 研究内容5 研究方法5第2章 国内外研究现状及相关理论根底62.1 国内外研究现状6 国外研究现状6 国内研究现状72.2 相关理论根底8 委托代理理论8 生命周期理论8 两权别离理论9 利益相关者理论92.2.5 股权和股权结构10 初创企业股权结构及特点10第3章 H公司开展现状及股权结构优化设计必要性13 H公司开展现状13 H公司介绍13 H公司核心团队构成13 H公司传统业务介绍14 H公
15、司开展机遇与新业务15 H公司股权结构优化设计必要性16 解决资金短缺16 增强团队效率17 扩展市场和业务范围17 解决管理问题18 吸引行业领军人才18 鼓励核心团队及员工18 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20 H公司股权分配原那么204.1.1 公平价值原那么204.1.2 企业价值最大化原那么204.1.3 保护控制权原那么20 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22 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23 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