股份制 vs 合伙制 Shareholding vs Partnership

如下图，如果按照企业类型去分类，主要分为“公司（有限责任）”和“合伙人企业（无限连带责任）”两大类，但由于设立股份有限公司的最低注册资本是500万元，而我们今天主要讨论的对象是小微型企业，所以站在投资方式的角度，我们下面说的“股份制”主要指的是有限责任公司，“合伙制”主要指的是合伙企业。

As shown in the following figure, if classified according to the type of enterprise, enterprises are mainly divided into two categories: company (limited liability) and partnership enterprise (unlimited liability). However, since the minimum registered capital for the establishment of a joint stock limited company is 5 million yuan, and the main object of our discussion today is small and micro enterprises, so from the perspective of investment methods, the shareholding system we discussed below mainly refers to limited liability companies, and the partnership system mainly refers to partnership enterprises.

其实，无论是股份制还是合伙制，都是“共同投资”的一种经济组织方式，股份制强调的是“投资入股”，合伙制则强调“共同经营”，是不是感觉特别的抽象，怎么才能更形象的理解这组概念？

In fact, the shareholding system and the partnership system are both an economic organization method of joint investment. The shareholding system emphasizes investment and shareholding, while the partnership system emphasizes joint operation. This statement sounds too abstract. How can we understand this group of concepts more vividly?

我们可以这样打比方，股份制就像朋友，关系是可密可疏的；而合伙制就像夫妻，你爱不爱都得在一个屋檐下过日子。

The shareholding system is like a friend, the relationship is intimate or estranged; and the partnership is like a couple, you have to live under one roof whether you like your spouse or not.

创业初始，选择股份制还是合伙制？In the initial stage of starting a business, choose shareholding or a partnership?

1. 假如办一家医疗器械生产厂

If you set up a medical device manufacturing factory

假设你和两个朋友，Tom和Jerry，三人打算开一个医疗器械的生产厂，前期生产口罩和防护服等疫情刚需设备，后期加入各类医疗器械的生产制造。那么你需要考虑，一个生产型企业，主要依靠机器和生产线，所以你经常需要筹集资金，扩大再生产，然后通过规模化的经营降低成本，实现盈利。

Suppose you and two friends, Tom and Jerry, plan to open a manufacturing plant for medical devices. You produced masks, protective clothing and other equipment in the early stage, and later joined the production of various medical devices. Then you need to consider that a production enterprise mainly relies on machines and production lines, so you often need to raise funds, expand reproduction, and then reduce costs through large-scale operations to achieve profitability.

这种情况下，你、Tom和Jerry的“人力资本投入”和“投资资金投入”之间是可以分离的，采取股份制的方式，是比较理想的选择。

In this case, investment in human capital and investment in investment funds can be separated among you, Tom and Jerry, and a shareholding system is ideal.

因为你们三个人的资金都是有限的，需要不断吸收外部的资金，引入更多的外部股东来投资你的企业。股份制有利于大规模地筹集到稳定的长期资金，也有利于控制风险，公司的股东是以其认缴的出资额为限对公司承担责任。

Because the funds of the three of you are limited, you need to constantly absorb external funds and introduce more external shareholders to invest in your business. The shareholding system is conducive to raising stable long-term funds on a large scale and is also conducive to controlling risks. The shareholders of the company are liable to the company within the limit of the amount of capital contributed by them.

但是，这些外部股东很多只在乎收益，并不一定要参与你的企业管理，也就是“管理权”和“分红权”的分离，你们三个创始股东要用创意和能力做好企业，外部股东则不一定在意企业本身的经营，而在意这个企业带来的利润和收入。就好像你买股票，在意的是股票涨不涨，而不是企业的经营细节。

However, many of these external shareholders only care about earnings, and do not necessarily have to participate in the management of your business, that is, the separation of management rights and dividend rights. The three of your founding shareholders need to use creativity and ability to do a good job in the enterprise and the external shareholders do not necessarily care about the operation of the enterprise itself, but the profit and income brought by this enterprise. It's as if you are buying stocks. You care about whether the stocks will rise, not the business details of the company.

2. 假如办一家律师事务所

If you run a law company

那如果你、Tom和Jerry三个人不是开工厂，而是开一家律师事务所呢？项目的成败主要依靠什么？主要依靠的是你们几个人的业务水平和专业水准。

What if you, Tom and Jerry are not opening factories, but a law firm? What does the success or failure of the project depend on? It mainly depends on the professional and professional standards of several of you.

如国内知名的商业顾问，润米咨询创始人刘润，一个人带着两个助理，营业收入却可以比肩上百人的顾问机构。在律师事务所或咨询公司的企业里，人力资本处于绝对核心地位，企业的经营和人力资本不可分离。这个时候，合伙制就是比较理想的选择了。

For example, Liu Run, the founder of Runmi Consulting, a well-known domestic business consultant, has only two assistants, but his operating income can be comparable to a consulting organization with hundreds of people. In a law firm or consulting company, human capital is at the absolute core, and the operation of the company and human capital are inseparable. At this time, the partnership is the ideal choice.

凡是专业性要求特别强的行业，多数都会采取合伙制，除了律所和咨询公司，还有会计师事务所、税务师事务所、公关公司等等。早期投资银行业务也特别依赖于个人能力和人脉资源，所以像高盛、雷曼兄弟，当年采取的都是合伙人制度，这样子就可以将个人的无形资产留在企业的内部。可是，合伙企业承担无限连带责任，90年代以后，美国证券市场规模化，金融衍生工具不断发明，风险也迅速扩大，投资银行可能因为一次业务失败而导致破产的风险大增，所以合伙人又忧虑，是不是要设定一个承担风险的底线。

In all industries with particularly high professional requirements, most of them will adopt a partnership system. In addition to law firms and consulting companies, there are also accounting firms, tax accountant firms, and public relations companies. The early investment banking business also relied heavily on personal abilities and network resources, so Goldman Sachs and Lehman Brothers adopted the partnership system at that time, so that personal intangible assets could be kept inside the enterprise. However, partnerships assume unlimited joint and several liabilities. After the 1990s, the U.S. securities market was scaled up, financial derivatives continued to be invented, and risks were rapidly expanding. Investment banks may have increased the risk of bankruptcy due to a business failure, so partners are worried about the necessity to set a bottom line to take risks.

通过医疗器械厂和律师事务所的两个例子，我们可以得出一个结论：股份制是一种以财权为基础的经营模式，而合伙制是一种绑定人力资本，以人权为基础的经营管理模式。所以，股份制比较适用于企业的人力资本和固定资产可以分离的行业，而合伙制适用于人力资本占核心的行业。

From the two examples of medical device factories and law firms, we can draw a conclusion that the shareholding system is a business model based on financial rights, and the partnership system is a management system that binds human capital and based on human rights mode. Therefore, the shareholding system is more suitable for industries where the human capital and fixed assets of the enterprise can be separated, while the partnership system is suitable for industries where human capital is the core.

股份制和合伙制各自的弊端 The Disadvantages of shareholding and partnership

经过上面的解释，创业之初，应该采取股份制或合伙制，应该是比较清晰了。但无论采用何种形式，企业到了一定规模之后，都会出现问题，我们现在来看看两种方式各自的弊端：

After the above explanation, at the beginning of a business, whether it should be a joint-stock system or a partnership system should be relatively clear. But no matter what form is adopted, the enterprise will have problems after it reaches a certain scale. Let us now look at the disadvantages of the two methods.

1. 股份制的弊端

Disadvantages of the shareholding

股份制是一种以财权为基础，以资金掌握话语权的模式，所以这种模式下，创始人团队很容易失去控制权。比如，团队在经过几轮的增值扩股后，虽然企业规模做大了，但创始人团队的股份也可能被稀释得很厉害，所以，一旦创始人的想法和利益与大股东发生冲突，创始人很可能被赶出公司。

The shareholding system is a model based on financial rights and funds have the right to speak, so under this model, the founder team can easily lose control. For example, after several rounds of value-added and share expansion, although the scale of the enterprise has increased, the shares of the founder team may also be diluted very well. The founder is likely to be driven out of the company if he/she has conflicts with major shareholders.

1976年，乔布斯与斯蒂夫在自家的车库成立了苹果公司，1985年，苹果公司与谷歌、IBM等大公司竞争受挫，加之乔布斯本人的独断专行，乔布斯被股东会踢出了苹果公司，一直到1997年，乔布斯才重新掌控苹果。

In 1976, Jobs and Steve founded Apple in their garage. In 1985, Apple ’s competition with major companies such as Google and IBM was frustrated. In addition to Steve’s own arbitrary practice, Jobs was kicked out of Apple by the shareholders’meeting. Until 1997, Jobs regained control of Apple.

2. 合伙制的弊端

Disadvantages of partnership

相比而言，合伙制的则不存在丧失控制权的问题，因为合伙制的管理权是始终不会让渡的。但合伙制存在的最严重的弊端，就是合伙人的数量是有限的，当企业需要募集大量资金时，合伙制的缺点就比较明显了。另外，在合伙制下，合伙人要对企业负无限责任，一旦面对巨额债务时，合伙人连自己家里的财产都要赔进去。

In contrast, the partnership system does not have the problem of losing control, because the management rights of the partnership system will never be transferred. However, the most serious drawback of the partnership system is that the number of partners is limited. When an enterprise needs to raise a large amount of funds, the disadvantage of the partnership system is more obvious. In addition, under the partnership system, partners have unlimited liability to the enterprise. Once faced with huge debts, the partners have to compensate even their own property.

股份制和合伙制相结合的新模式 A new model of combining shareholding and partnership

股份制的好处是便于筹集大量资金，而且股份也可以交易和转让；合伙制的好处是永远不让渡管理权，创始人始终能把控企业。

The advantage of the shareholding system is that it is easy to raise a large amount of capital, and the shares can also be traded and transferred. The advantage of the partnership system is that management rights will never be transferred, and the founder can always control the enterprise.

股份制的坏处是创始人可能随着股权的稀释丢失控制权；合伙制的坏处是既不利于筹资，也承担着无限连带责任。

The disadvantage of the shareholding system is that the founder may lose control with the dilution of equity. The disadvantage of the partnership system is not conducive to fund-raising but also bears unlimited joint liabilities.

我们会发现一个奇妙之处，股份制便于筹资，但容易丧失控制权，而合伙制资金实力比较差，风险也比较大，但却牢牢掌握控制权，股份制和合伙制的利弊正好对着，这不正是一组互补的关系吗？两种制度能不能结合出一种新模式呢？扬长而避短呢？

We can find that the shareholding system is easy to raise funds, but it is easy to lose control, and the partnership fund is relatively weak, and the risks are relatively large, but it has a strong grasp of control. The advantages and disadvantages of the shareholding system and the partnership system are complementary. Can the two systems combine to create a new model by promoting strengths and avoiding shortcomings?

作为创始人，最理想的状况，其实是能同时满足如下两点：

As a founder, the most ideal situation is to meet the following two points at the same time.

1. 能借助外部资金，迅速把企业做大；

With the help of external funds, it quickly enlarge the company.

2. 能一直保留对企业的控制权。

Always retain control of the enterprise.

举例，还是你、Tom和Jerry三人要一起创业，这次做的是一个互联网游戏公司，那么你们三个人可以先注册一个合伙企业，然后用这个合伙企业的名义，下面再注册一个股份制的有限责任公司，合伙人控制住合伙企业，底下的股份制公司又可以进行融资，这样，就既保留了控制权，又能借助外部资金的实力。

For example, you, Tom, and Jerry are going to start a business together. This time, you are doing an Internet gaming company. Then the three of you can register a partnership, and then use the name of this partnership to register a limited shareholding system. Responsible company. Partners can control the partnership, and the underlying joint-stock company can also finance, so that it not only retains control, but also can leverage the strength of external funds.

阿里巴巴集团采取的就是类似的模式，阿里前期经过几轮融资之后，软银和Yahoo的持股比例都已经大于马云团队，也就是说创始人马云已经成为了小股东。那么在“同股同权”的原则下，公司的控制权就面临着旁落的危险。所以从2009年开始，马云团队就采取了合伙制，包括马云在内的18位创始人，由创始人身份变成了阿里巴巴集团合伙人，其中马云和蔡崇信是永久合伙人，他们和投资人软银、Yahoo签订《一致行动人协议》，同意“阿里合伙人”提名的董事，软银和Yahoo都要同意。这几方持有的股份数在股东会中远超过半数，所以阿里合伙人推举的候选人成为董事，变得毫无悬念，控制了董事会，也就牢固掌握着阿里的控制权。

Alibaba Group has adopted a similar model. After a few rounds of financing, SoftBank Group and Yahoo have already held more shares than Jack Ma ’s team, which means that founder Jack Ma has become a minority shareholder. Under the principle of bigger shares means more rights, the company's control power is in danger of falling aside. Therefore, since 2009, the team of Jack Ma has adopted a partnership system. 18 founders, including Jack Ma, had turned from founders into partners of Alibaba Group. Among them, Jack Ma and Cai Chongxin are permanent partners. SoftBank and Yahoo signed the Consistent Actors Agreement and agreed that the directors nominated by Ali Partners must be accepted by Softbank and Yahoo. The number of shares held by these parties is far more than half in the shareholders' meeting, so it is very normal for the candidates recommended by Ali partners to become directors. Once they control the board of directors, they firmly control Ali's control.

创业者在初始阶段，都会头疼到底要选择哪种投资形式，是股份制？还是合伙制？

At the initial stage, entrepreneurs will consider which form of investment to choose, a shareholding system, or a partnership system.

我们今天讲了两种形式的利弊。对于人力资本和固定资产可以分离的，需要大量稳定资本投入的行业，我们建议采用股份制。对于人力资本占核心的，需要牢固掌握控制权的行业，我们建议采用合伙制。

We talked about the pros and cons of two forms today. For industries where human capital and fixed assets can be separated and a large amount of stable capital investment is required, we recommend the shareholding system. For industries where human capital is at the core and requires a firm grasp of control, we recommend a partnership.

对于既想保留控制权，又想借助外部资金的，可以选择“合伙制+股份制”的方式，即像“阿里合伙人制度”一样，搭一个架构，哪怕创始团队只是小股东，依然能保留对企业的控制权。至于如何搭建企业架构，欢迎咨询GBAA的专业团队。

For those who want to retain control and use external funds, they can choose the partnership + shareholding approach. That is, like the Ali partner system, building a structure, in which even if the founding team is only a small shareholder, it can still retain control of the enterprise. As for how to build an enterprise structure, please consult the professional team of GBAA.