初创企业ZN公司股权结构设计研究

发布时间：2018-06-10 13:47

本文选题：初创企业 + 创始人　；参考：《南京大学》2017年硕士论文

【摘要】：自2014年以来,国务院常务会议上多次提出鼓励支持"全民创业、万众创新",同年,我国进行了注册资本登记制度改革,注册企业数量及注册资本量都出现了大规模的增长,平均每天新登记企业约一万户。创业活力不断被激发,中小企业群体进一步扩大。与此同时也有很多企业纷纷倒闭,团队内讧、资金短缺和人才流失也是创业失败的最常见的原因,而这些都或多或少的和股权结构有关。因此,要想使公司发展壮大,在创业初期选择选择合适的创业伙伴、解决创业初期资金短缺的问题、吸引并留住优秀的人才,就变得尤为重要。本文首先对股权结构的影响因素和现有股权结构的理论进行回顾,然后对ZN公司成立的背景进行介绍,并详细分析了该公司存在的问题和股权结构设计的必要性进行说明。其次,文章还阐述了在股权结构设计的过程中,在保护控制权的情况下,股权分配还应该做到公平的原则和有利于公司价值最大化的原则。在此基础上,充分考虑创始人成员对公司的贡献,按因素和相应的权重对初创公司ZN公司进行股权结构设计,解决当下存在的问题。随后指出,股权结构要顺应公司的战略发展做动态的调整,无论是股权融资还是股权激励都要结合公司自身的特点进行。股权融资越是在企业生命周期的前期代价越大,ZN公司在企业的发展期引入战略型投资,一是可以解决公司资金短缺的问题,二是可以提高企业的综合实力,为上市做好准备。股权激励的实施要根据公司的人才战略进行,在实施阶段要确定好股份的来源、实施时间、条件、模式等关键因素,才能使股权激励发挥最大的作用。最后,在股权实施和应用的过程中,不同主体的股权持有者的退出给出了退出机制,提出了实施的过程中可能面临的法律问题,并给出防范措施。本文的主要贡献是:(1)将股权结构的理论应用于实践。以初创企业ZN公司为研究对象,结合该公司的发展规划,在企业生命周期的不同的阶段分别给出了股权分配、股权融资、股权激励的解决方案。(2)强调股权结构在企业管理中的重要性,为其他初创企业在股权结构的设计和应用中提供参考和借鉴,指明了方向。
[Abstract]:Since 2014, the executive meeting of the State Council has repeatedly proposed to encourage and support "entrepreneurship and innovation by all people." in the same year, China carried out a reform of the registered capital registration system, and the number of registered enterprises and the amount of registered capital have all increased on a large scale. On average, about 10,000 new businesses are registered every day. Entrepreneurial vitality is constantly stimulated, small and medium-sized groups further expanded. At the same time, many companies have failed, team infighting, capital shortage and brain drain are also the most common causes of entrepreneurial failure, and these are more or less related to equity structure. Therefore, in order to make the company develop and grow, it is very important to choose the right partner in the early stage of starting a business, solve the problem of shortage of capital in the initial stage of starting a business, attract and retain outstanding talents. In this paper, the influence factors of ownership structure and the theory of ownership structure are reviewed, then the background of ZN company is introduced, and the problems existing in the company and the necessity of equity structure design are analyzed in detail. Secondly, the article also expounds that in the process of equity structure design, under the condition of protecting the right of control, equity allocation should be fair and beneficial to the maximization of company value. On this basis, the contribution of founder members to the company is fully considered, and the equity structure of the start-up company ZN is designed according to the factors and corresponding weights to solve the existing problems. Then it is pointed out that the ownership structure should be adjusted dynamically according to the company's strategic development, both equity financing and equity incentive should be combined with the characteristics of the company itself. The higher the cost of equity financing in the early stage of the enterprise life cycle, the greater the introduction of strategic investment in the development period of the enterprise. First, it can solve the problem of capital shortage of the company, and second, it can improve the comprehensive strength of the enterprise and prepare for listing. The implementation of equity incentive should be carried out according to the talent strategy of the company, and the key factors such as the source, the time, the condition and the mode of the shares should be determined in the implementation stage so as to make the equity incentive play the most important role. Finally, in the process of the implementation and application of equity, the exit mechanism of the holders of different subjects is given, the legal problems that may be faced in the process of implementation are put forward, and the preventive measures are given. The main contribution of this paper is to apply the theory of ownership structure to practice. Taking ZN Corporation as the research object and combining the development plan of the company, the paper gives out the equity allocation and equity financing in different stages of the enterprise life cycle. The solution of equity incentive emphasizes the importance of ownership structure in enterprise management, which provides reference and reference for other start-up enterprises in the design and application of equity structure, and points out the direction.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F271

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