创业型资产管理公司的股权结构研究--以H公司为例(MBA硕士)(论文34000字)
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
The Research on equity structure of start-ups asset management company—Take a H company as an example
ABSTRACT
With too much proposed by the party central committee and 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 entirely 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 personnel 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 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 problems.
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 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 optimization 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; the third step is to solve the problem of H company's 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 preventive measures are put forward. It is hoped that through the research and analysis of H's ownership structure and the design of related optimization programs, it can play a certain reference for the same type of start-up’s Asset Management Co.
Key Words：Newly-established firm ；Ownership structure ；Equity 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 II
ABSTRACT III
第1章 绪论 3
1.1 研究背景 3
1.2 研究目的和意义 4
1.3 研究内容和方法 5
1.3.1 研究内容 5
1.3.2 研究方法 5
第2章 国内外研究现状及相关理论基础 6
2.1 国内外研究现状 6
2.1.1 国外研究现状 6
2.1.2 国内研究现状 7
2.2 相关理论基础 8
2.2.1 委托—代理理论 8
2.2.2 生命周期理论 8
2.2.3 两权分离理论 9
2.2.4 利益相关者理论 9
2.2.5 股权和股权结构 10
2.2.6 初创企业股权结构及特点 10
第3章 H公司发展现状及股权结构优化设计必要性 13
3.1 H公司发展现状 13
3.1.1 H公司介绍 13
3.1.2 H公司核心团队构成 13
3.1.3 H公司传统业务介绍 14
3.1.4 H公司发展机遇与新业务 15
3.2 H公司股权结构优化设计必要性 16
3.2.1 解决资金短缺 16
3.2.2 增强团队效率 17
3.2.3 扩展市场和业务范围 17
3.2.4 解决管理问题 18
3.2.5 吸引行业领军人才 18
3.2.6 激励核心团队及员工 18
3.2.7 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 20
4.1 H公司股权分配原则 20
4.1.1 公平价值原则 20
4.1.2 企业价值最大化原则 20
4.1.3 保护控制权原则 20
4.2 H公司股权分配方式 21
4.2.1 出资比例分配 22
4.2.2 平均分配 22
4.2.3 H公司最优分配方式选择 22
4.3 H公司股权结构评价体系 23
4.3.1 评价体系及评价标准 23
4.3.2 H公司当前股权结构评价 23
4.4 H公司创始人股权再分配 24
4.4.1 股权架构调整 24
4.4.2 影响因素和权重设计 25
4.4.3 动态调整 27
4.5 H公司外部股权融资 27
4.5.1 融资方式 28
4.5.2 融资方案 29
4.6 H公司内部股权激励 31
4.6.1 员工持股平台方案设计 32
4.6.2 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 40
5.1 股权退出风险防范 40
5.1.1 创始人退出 40
5.1.2 员工退出 40
5.1.3 虚拟股权与期权转化 41
5.2 相关税务风险及防范 41
5.3 股权代持风险及防范 42
第6章 结论 43
6.1 主要研究结论 43
6.2 不足 44
6.3 展望 44
参 考 文 献 45
致谢 47 |
