Research On The Ownership Structure Design Of The Start-up Company ZN

From the year of 2014,executive meeting of the State Council has put forward the policy "nation-wide entrepreneurship,nation-wide innovation".At the same year,our country has conducted the reform of registration system of registered capital,the number of registered company and registered capital have a large-scale increasement,about ten thousand new registered company every day.The vitality of starting a business is stimulated constantly,the group of small and medium-enterprises has a further enlargement.At the same time,a lot of enterprise go out of business.Having internal conflict and capital shortage and the outflow of talent are the main reason for the failure of starting of business.And this is more or less connected with ownership structure.So if the enterprise wants to develop and grow,it is particularly important to choose the right partner at the beginning,to solve the problem of capital shortage and to attract and detain the talents.In this paper,we review the influence factors of the ownership structure and the theory of the existing ownership structure firstly.Then This paper has an introduction of background of setting up ZN company first and an explanation about the question of this company and the necessaries of ownership structure.Secondly,this paper sets forth that equity distribution should be fairness,be guarantee of right of control and be in favor of the maximum of company value in the process of ownership structure design.On this basis,fully consider the contribution of the founder members to the company,the question can be solved by designing the ownership structure of the start-up company ZN according to the factors and the corresponding weight.The ownership structure should adjust with the strategy development of company.Both equity financing and equity incentive should be combined with the characteristics of the company itself.In the enterprise life cycle,the earlier to equity financing,the cost is more.ZN companies lead into enterprise strategic investment in the development stage,for one thing,it can solve the problem of shortage of funds,for another,it can improve the comprehensive strength of the enterprise,to prepare for the IPO.The equity incentive should be based on the company's talent strategy.In order to maximize the role of equity incentive,to determine the source,the time,conditions,models and other key factors are very important in the implementation phase.At last,this paper introduces the withdrawal mechanism of different equity holder and gives the precautionary measure for legal question in the process of implementation.The main contribution of this paper are:(1)Applied the theory of ownership structure to practice.Treats the newly-established firm ZN as a research topic,in the different stages of the enterprise life cycle,gives the different solutions of equity distribution,equity financing and equity incentive are given respectively.(2)Emphasized the importance of ownership structure in enterprise management.Meanwhile this paper gives a reference for other startups in the design and application of equity structure,and points out the right direction.