股權(quán)分配，涉及到價(jià)值創(chuàng)造、價(jià)值評(píng)估、價(jià)值分配三個(gè)環(huán)節(jié)。股權(quán)分配，最終是為了實(shí)現(xiàn)價(jià)值分配。要合理科學(xué)地分配價(jià)值，就要弄清楚價(jià)值創(chuàng)造的起點(diǎn)。而不同的公司類型，創(chuàng)造的價(jià)值不一樣。

Equity distribution involves three stages: value creation, value evaluation, and value distribution. Equity distribution is ultimately aimed at achieving value distribution. To allocate value reasonably and scientifically, it is necessary to clarify the starting point of value creation. And different types of companies create different values.

一是資金驅(qū)動(dòng)型的企業(yè)，他們的核心競(jìng)爭(zhēng)力就是資金。比如VC和PE，他們的核心產(chǎn)品就是錢，能在上游拿到大量的、低成本的、長(zhǎng)期的錢。而他們的分錢模式通常是二八開，資金管理人（GP）拿20%，有限合伙人（LP）拿80%。

One is capital driven enterprises, whose core competitiveness lies in capital. For example, VC and PE, their core product is money, which can obtain a large amount of low-cost, long-term money upstream. And their revenue sharing model is usually 20% split, with the fund manager (GP) receiving 20% and the limited partners (LP) receiving 80%.

二是資源驅(qū)動(dòng)型的企業(yè)，資源是公司的核心競(jìng)爭(zhēng)力。這種資源包括國(guó)家政府資源和不可再生的天然資源。例如中國(guó)銀行和中國(guó)移動(dòng)，就是政府資源；中國(guó)石油，就是天然資源。這些都是政府壟斷經(jīng)營(yíng)，資源是它們的核心競(jìng)爭(zhēng)力。

The second type is resource driven enterprises, where resources are the core competitiveness of the company. This type of resource includes national government resources and non renewable natural resources. For example, Bank of China and China Mobile are government resources; Chinese oil is a natural resource. These are all government monopolies, and resources are their core competitiveness.

第三種類型是人力驅(qū)動(dòng)型的企業(yè)，團(tuán)隊(duì)是公司的核心競(jìng)爭(zhēng)力。例如華為、阿里巴巴、騰訊等。人力驅(qū)動(dòng)型的企業(yè)，啟動(dòng)資金不大，亦即意味著公司的存量?jī)r(jià)值不大。公司價(jià)值的創(chuàng)造，更多是靠人力去創(chuàng)造增量?jī)r(jià)值。

The third type is human driven enterprises, where teams are the core competitiveness of the company. For example, Huawei, Alibaba, Tencent, etc. Human driven enterprises have limited start-up capital, which means that the company's stock value is not significant. The creation of company value relies more on human labor to create incremental value.