本文選題：初創(chuàng)企業(yè) + 創(chuàng)始人��； 參考：《南京大學(xué)》2017年碩士論文

【摘要】：自2014年以來,國務(wù)院常務(wù)會議上多次提出鼓勵支持"全民創(chuàng)業(yè)、萬眾創(chuàng)新",同年,我國進(jìn)行了注冊資本登記制度改革,注冊企業(yè)數(shù)量及注冊資本量都出現(xiàn)了大規(guī)模的增長,平均每天新登記企業(yè)約一萬戶。創(chuàng)業(yè)活力不斷被激發(fā),中小企業(yè)群體進(jìn)一步擴(kuò)大。與此同時也有很多企業(yè)紛紛倒閉,團(tuán)隊(duì)內(nèi)訌、資金短缺和人才流失也是創(chuàng)業(yè)失敗的最常見的原因,而這些都或多或少的和股權(quán)結(jié)構(gòu)有關(guān)。因此,要想使公司發(fā)展壯大,在創(chuàng)業(yè)初期選擇選擇合適的創(chuàng)業(yè)伙伴、解決創(chuàng)業(yè)初期資金短缺的問題、吸引并留住優(yōu)秀的人才,就變得尤為重要。本文首先對股權(quán)結(jié)構(gòu)的影響因素和現(xiàn)有股權(quán)結(jié)構(gòu)的理論進(jìn)行回顧,然后對ZN公司成立的背景進(jìn)行介紹,并詳細(xì)分析了該公司存在的問題和股權(quán)結(jié)構(gòu)設(shè)計(jì)的必要性進(jìn)行說明。其次,文章還闡述了在股權(quán)結(jié)構(gòu)設(shè)計(jì)的過程中,在保護(hù)控制權(quán)的情況下,股權(quán)分配還應(yīng)該做到公平的原則和有利于公司價值最大化的原則。在此基礎(chǔ)上,充分考慮創(chuàng)始人成員對公司的貢獻(xiàn),按因素和相應(yīng)的權(quán)重對初創(chuàng)公司ZN公司進(jìn)行股權(quán)結(jié)構(gòu)設(shè)計(jì),解決當(dāng)下存在的問題。隨后指出,股權(quán)結(jié)構(gòu)要順應(yīng)公司的戰(zhàn)略發(fā)展做動態(tài)的調(diào)整,無論是股權(quán)融資還是股權(quán)激勵都要結(jié)合公司自身的特點(diǎn)進(jìn)行。股權(quán)融資越是在企業(yè)生命周期的前期代價越大,ZN公司在企業(yè)的發(fā)展期引入戰(zhàn)略型投資,一是可以解決公司資金短缺的問題,二是可以提高企業(yè)的綜合實(shí)力,為上市做好準(zhǔn)備。股權(quán)激勵的實(shí)施要根據(jù)公司的人才戰(zhàn)略進(jìn)行,在實(shí)施階段要確定好股份的來源、實(shí)施時間、條件、模式等關(guān)鍵因素,才能使股權(quán)激勵發(fā)揮最大的作用。最后,在股權(quán)實(shí)施和應(yīng)用的過程中,不同主體的股權(quán)持有者的退出給出了退出機(jī)制,提出了實(shí)施的過程中可能面臨的法律問題,并給出防范措施。本文的主要貢獻(xiàn)是:(1)將股權(quán)結(jié)構(gòu)的理論應(yīng)用于實(shí)踐。以初創(chuàng)企業(yè)ZN公司為研究對象,結(jié)合該公司的發(fā)展規(guī)劃,在企業(yè)生命周期的不同的階段分別給出了股權(quán)分配、股權(quán)融資、股權(quán)激勵的解決方案。(2)強(qiáng)調(diào)股權(quán)結(jié)構(gòu)在企業(yè)管理中的重要性,為其他初創(chuàng)企業(yè)在股權(quán)結(jié)構(gòu)的設(shè)計(jì)和應(yīng)用中提供參考和借鑒,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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.61;F271

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