三、股權設計的關鍵比例
3、 Key proportions of equity design
（一）持股67%有絕對控制權
（1） 67% shareholding with absolute control
規(guī)定：修改公司章程、增資、減資、合并、分立、解散等重大事項，需要獲得2/3以上票數(shù)通過，這也就是為什么持股67%有絕對控制權。占比2/3能夠通過股東大會決議，有權修改公司章程、增資擴股等重大事項。
Regulations: Major matters such as modifying the company's articles of association, capital increase, capital reduction, merger, division, dissolution, etc. require approval by more than two-thirds of the votes, which is why holding 67% of the shares has absolute control. 2/3 of the shares can pass the resolution of the shareholders' meeting and have the right to modify the company's articles of association, increase capital and shares, and other major matters.
由于公司章程是能夠約束股東權利和義務重要契約，因此67%的重要性可想而知。對于創(chuàng)始人來說，這個比例是非常重要的關口，因為創(chuàng)始人要確保話語權，才能帶領公司走得更遠。雖然隨著公司對外擴展，需要多輪融資，股份比例亦會隨之而下降，但67%的重要性在初創(chuàng)企業(yè)時期非常重要。
Due to the fact that the company's articles of association are the most important contract that can bind the rights and obligations of shareholders, the importance of 67% can be imagined. For founders, this ratio is a very important threshold, as founders need to ensure their voice in order to lead the company further. Although as the company expands externally and requires multiple rounds of financing, the proportion of shares will also decrease, the importance of 67% is very important during the start-up period.
（二）持股51%有相對控制權
（2） 51% shareholding with relative control
股東大會作出決議，須經出席會議的股東所持表決權的過半數(shù)通過，這個規(guī)定只適用于股份有限公司，不適用于有限責任公司。對于有限責任公司，《公司法》并沒有規(guī)定，股東可通過章程自行約定，而不存在所謂的持股51%有相對控制權。
A resolution made by the shareholders' meeting must be passed by a majority of the voting rights held by the attending shareholders. This provision only applies to limited liability companies and not limited liability companies. For limited liability companies, the Company Law does not provide that shareholders can agree on their own through the articles of association, and there is no so-called 51% shareholding with relative control.
占比51%以上的股東通過股東大會決議，可以對公司重大決策進行表決和控制：比如制定董事會和高管的薪酬，以及股權激勵等。因為只要低于50%或以下，潛在的風險隨之而來。這里有一個典型的例子，兩股東開始的時候是各占50%股份，后來引入第三方股東出讓10%股份，原始股東各稀釋了5%。隨著經營問題，原始股東開始發(fā)生矛盾，后能夠話事的，反而是第三方股東。因為只要他選擇站哪一邊，那一邊股份份額就會超過50%。
More than 51% of shareholders can vote and control major decisions of the company through resolutions of the shareholders' meeting, such as setting compensation for the board of directors and executives, and equity incentives. Because as long as it is below 50% or less, potential risks come with it. Here is a typical example, where two shareholders initially each held 50% of the shares, but later introduced third-party shareholders to sell 10% of the shares, resulting in a dilution of 5% for each original shareholder. With operational issues, conflicts began to arise among the original shareholders, and in the end, it was the third-party shareholders who could speak up. Because as long as he chooses which side to stand on, the share of that side will exceed 50%.
（三）持股34%有否決權
（3） 34% shareholding with veto power
這條是和持股67%有絕對控制權相對應的，超過34%也就意味著具有公司決策的否決權。與絕對控制線相對，2/3以上表決權通過關于公司生死存亡的事宜，那么如果其中一個股東持有超過2/3的股權，另一方就無法達到2/3以上表決權，那么那些生死存亡的事宜就無法通過，這樣就控制了生命線，因而表述為安全控制權。
This corresponds to having absolute control over a 67% stake, and over 34% means having veto power over company decisions. Compared to the absolute control line, if more than 2/3 of the voting rights are passed on matters related to the company's life and death, then if one shareholder holds more than 2/3 of the equity, the other party cannot achieve more than 2/3 of the voting rights, and those matters related to life and death cannot be passed, thus controlling the lifeline and thus expressing as safe control rights.
（四）10%的臨時會議權
（4） 10% of temporary meeting rights
對于股份有限公司和有限責任公司的規(guī)定不同。對于有限責任公司，《公司法》第39條規(guī)定，10%以上表決權的股東可以提議召開臨時股東會會議，這里的10%是表決權不是股權。對于股份有限公司，《公司法》第100條規(guī)定，持股10%以上的股東可以提議召開臨時股東大會，這里是持股10%不是10%的表決權。對于實行AB股、超級AB股的公司，持股10%和10%的表決權差別是非常大的，如果公司未約定按出資比例行使表決權，則此比例無實際意義。
The regulations for joint stock limited companies and limited liability companies are different. For limited liability companies, Article 39 of the Company Law stipulates that shareholders with more than 10% voting rights can propose to convene an extraordinary shareholders' meeting, where 10% represents voting rights rather than equity. For a joint stock limited company, Article 100 of the Company Law stipulates that shareholders holding more than 10% of the shares can propose to convene an extraordinary shareholders' meeting, where 10% of the shares are held instead of 10% of the voting rights. For companies that implement AB shares or super AB shares, the difference in voting rights between 10% and 10% is very significant. If the company does not agree to exercise voting rights according to the proportion of investment, this ratio has no practical significance.
同時10%是申請解散公司的重要比例。《公司法》第182條規(guī)定，10%表決權的股東可以向法院申請解散公司。這里是10%的表決權同樣不是持股10%，如果公司未約定按出資比例行使表決權，則此比例無實際意義。
At the same time, 10% is an important proportion for applying for dissolution of the company. Article 182 of the Company Law stipulates that shareholders with 10% voting rights can apply to the court for dissolution of the company. Here is a 10% voting right, which is also not a 10% shareholding. If the company does not agree to exercise voting rights according to the proportion of investment, this proportion has no practical significance.
（五）持股5%的受監(jiān)管線
（5） Supervised pipeline holding 5% stake
這條只適用于上市公司，持有上市公司股票達到5%之后需要進行信息披露，受到比較多的監(jiān)管。
This only applies to listed companies, and information disclosure is required after holding 5% of the listed company's shares, which is subject to more regulation.
（六）持股3%的臨時提案權
（6） Temporary proposal rights with a 3% stake
《公司法》102條，持股3%以上的股東可以提出臨時提案。但是對采用AB股的公司而言是不起作用的。
Article 102 of the Company Law stipulates that shareholders holding more than 3% of the shares may submit temporary proposals. But it does not work for companies that adopt AB shares.
（七）持股1%的代位訴訟權
（7） 1% stake in subrogation litigation rights
《公司法》151條規(guī)定，股份有限公司連續(xù)180天持股1%以上的股東，如果發(fā)現(xiàn)董監(jiān)高違法給公司造成損失的，可要求董事或監(jiān)事起訴他們，如果董事或監(jiān)事不起訴，股東可以自己起訴。而有限責任公司沒有持股比例要求，只要是股東，就算持股0.001%也有這樣的權力。
Article 151 of the Company Law stipulates that shareholders of a joint stock limited company who hold more than 1% of their shares for 180 consecutive days may request directors or supervisors to sue them if they find that the directors, supervisors, and senior executives have violated the law and caused losses to the company. If the directors or supervisors do not sue, shareholders may sue themselves. However, limited liability companies do not require a shareholding ratio, as long as they are shareholders, even if they hold 0.001% of the shares, they still have the right to do so.
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