{"id":585,"date":"2015-04-26T19:52:35","date_gmt":"2015-04-26T11:52:35","guid":{"rendered":"https:\/\/ai.zhousir.top\/?p=585"},"modified":"2026-08-18T13:20:30","modified_gmt":"2026-08-18T05:20:30","slug":"%e8%82%a1%e4%bb%bd%e4%b8%8e%e6%9c%9f%e6%9d%83%e7%9a%84%e5%88%86%e9%85%8d%e7%a4%ba%e4%be%8b","status":"publish","type":"post","link":"https:\/\/ai.zhousir.top\/?p=585","title":{"rendered":"\u80a1\u4efd\u4e0e\u671f\u6743\u7684\u5206\u914d\u793a\u4f8b"},"content":{"rendered":"
\n

\u521b\u4e1a\u8005\u4e0d\u53bb\u8fc7\u5b89\u7a33\u65e5\u5b50\uff0c\u56fe\u7684\u662f\u516c\u53f8\u91cc\u7684\u80a1\u6743<\/strong>\u3002\u521b\u6295\u5708\u6709\u4e2a\u5b57\u5178\u91cc\u51e0\u4e4e\u627e\u4e0d\u5230\u3001\u5374\u65e0\u5904\u4e0d\u7528\u7684\u8bcd\uff1aCap table<\/strong>\uff0c\u521b\u4e1a\u516c\u53f8\u7684\u80a1\u4efd\u62fc\u9aa8\u56fe\u3002\u6bcf\u6b21\u62ff\u6295\u8d44\u4eba\u7684\u94b1\u5c31\u8981\u7ed9\u4eba\u80a1\u4efd\uff0c\u6bd4\u4f8b\u4f1a\u968f\u878d\u8d44\u548c\u6269\u56e2\u961f\u4e0d\u65ad\u53d8\u3002<\/p>\n

\u4e0b\u9762\u7528\u4e00\u9053\u5e94\u7528\u9898\uff1a\u4ee5\u521b\u4e1a\u4e3a\u8d77\u70b9\u3001\u4e0a\u5e02\u4e3a\u7ec8\u70b9\uff0c\u628a\u9ec4\u9a6c\u514b\u516c\u53f8\u6bcf\u4e00\u8f6e\u80a1\u4efd\u53d8\u5316\u644a\u5f00\uff0c\u770b\u7384\u673a\u85cf\u5728\u54ea\u3002<\/p>\n

<\/p>\n

\u4e00\u3001\u56db\u6761\u5047\u8bbe\u548c\u4e00\u5343\u4e07\u80a1<\/h2>\n

\u4ece idea \u5230\u4e0a\u5e02\u901a\u5e38\u4e09\u6b21\u878d\u8d44\uff1aA \u8f6e\u8bc1\u5b9e\u6a21\u5f0f\uff0cB \u8f6e\u53d1\u5c55\u590d\u5236\uff0cC \u8f6e\u5f62\u6210\u89c4\u6a21\u3001\u8fbe\u5230\u4e0a\u5e02\u8981\u6c42\u3002\u516c\u53f8\u8981\u4e0d\u65ad\u62ff\u80a1\u4efd\u7ed9\u7cbe\u5175\u5f3a\u5c06\u3002\u6bcf\u4e00\u8f6e VC \u8fdb\u6765\uff0c\u5927\u7ea6\u7a00\u91ca 25%\u201340%\u3002\u4e1a\u7ee9\u597d\u5219\u4f30\u503c\u76f8\u5bf9\u524d\u4e00\u8f6e\u7ffb\u756a\uff0c\u53eb Up round<\/strong>\uff1b\u94b1\u70e7\u5149\u3001\u4e1a\u7ee9\u6ca1\u8d77\u6765\u3001\u8c08\u5224\u6ca1\u6709\u4efd\u91cf\uff0c\u4f30\u503c\u4f4e\u4e8e\u524d\u4e00\u8f6e\uff0c\u53eb Down round<\/strong>\uff0c\u6709\u70b9\u8d31\u5356\u7684\u610f\u601d\u3002<\/p>\n

\u521d\u521b\u53d1\u591a\u5c11\u80a1\u6ca1\u6709\u6807\u51c6\u7b54\u6848\uff0c\u5efa\u8bae\u5148\u53d1\u7ea6 10,000,000 \u80a1\u3002\u4e09\u6b21\u878d\u8d44\u52a0\u671f\u6743\u540e\uff0c\u4e0a\u5e02\u603b\u80a1\u6570\u5927\u7ea6 1 \u4ebf\u5230 1.5 \u4ebf\uff1b\u6bcf\u80a1 8\u201310 \u5143\uff0c\u5e02\u503c\u7ea6 8\u201310 \u4e2a\u4ebf\uff0c\u8d85\u8fc7\u53d1\u884c\u4ef7\u5c31\u903c\u8fd1\u4eba\u4eba\u773c\u7ea2\u7684 Billion dollar \u516c\u53f8\u3002\u53e6\u4e00\u539f\u56e0\uff1a\u7ed9\u5458\u5de5 0.5%\uff0c\u5728\u4e00\u5343\u4e07\u80a1\u7684\u516c\u53f8\u662f 50,000 \u80a1\uff0c\u5728\u5341\u4e07\u80a1\u7684\u516c\u53f8\u53ea\u662f 500 \u80a1\u3002\u8bb0\u4f4f\uff1a\u7ed9\u5458\u5de5\u80a1\u4efd\uff0c\u522b\u7ed9\u767e\u5206\u6bd4\uff0c\u7ed9\u80a1\u6570\u3002<\/p>\n

\u4e8c\u3001\u539f\u59cb\u80a1\u4e1c\u4e0e A \u8f6e<\/h2>\n\n\n\n\n\n\n\n\n
\u9636\u6bb5<\/th>\n\u80a1\u4e1c<\/th>\n\u7c7b\u578b<\/th>\n\u80a1\u4efd<\/th>\n\u6bd4\u4f8b<\/th>\n<\/tr>\n<\/thead>\n
\u539f\u59cb<\/td>\n\u9ec4\u9a6c\u514b \/ CEO<\/td>\n\u666e\u901a\u80a1<\/td>\n5,000,000<\/td>\n50%<\/td>\n<\/tr>\n
\u539f\u59cb<\/td>\n\u5218\u6bd4\u5c14 \/ CTO<\/td>\n\u666e\u901a\u80a1<\/td>\n3,000,000<\/td>\n30%<\/td>\n<\/tr>\n
\u539f\u59cb<\/td>\n\u5468\u8d56\u5229 \/ COO<\/td>\n\u666e\u901a\u80a1<\/td>\n2,000,000<\/td>\n20%<\/td>\n<\/tr>\n
\u539f\u59cb\u5408\u8ba1<\/td>\n\u2014<\/td>\n\u2014<\/td>\n10,000,000<\/td>\n100%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A \u8f6e Pre money 350 \u4e07\u7f8e\u91d1\uff0c\u878d 250 \u4e07\uff0cPost money 600 \u4e07\u3002\u6295\u8d44\u4eba\u8981\u6c42\u539f\u80a1\u4e1c\u540c\u610f\u53d1 15% \u671f\u6743\u7ed9\u7ba1\u7406\u56e2\u961f\uff0c\u5458\u5de5\u6301\u80a1\u8ba1\u5212\u5728 A \u8f6e\u5b8c\u6210\u524d\u5b9e\u65bd\u3002\u56e2\u961f\u4ecd\u5360\u5c06\u8fd1 60%\uff0c\u8fd0\u6c14\u4e0d\u9519\u3002VC \u8981\u6c42\u671f\u6743\u6c60\u5728\u81ea\u5df1\u8fdb\u6765\u4e4b\u524d\u6267\u884c\uff0c\u597d\u51cf\u5c11\u7a00\u91ca\uff1bB \u8f6e\u4e5f\u4f1a\u8981\u6c42\u518d\u6267\u884c\u4e00\u6b21\uff0c\u90a3\u65f6 A \u8f6e VC \u548c\u521b\u59cb\u80a1\u4e1c\u4e00\u8d77\u7a00\u91ca\u3002\u671f\u6743\u7559\u591a\u5c11\u6ca1\u6709\u6807\u51c6\u7b54\u6848\uff0c\u4e00\u822c 5%\u201315%\u3002\u539f\u59cb\u80a1\u5f88\u73cd\u8d35\uff0c\u5c3d\u7ba1\u5f88\u591a\u4eba\u89c9\u5f97\u5b83\u8fd8\u4e0d\u503c\u94b1\u3002<\/p>\n\n\n\n\n\n\n
\u8282\u70b9<\/th>\n\u9ec4\u9a6c\u514b<\/th>\n\u5218\u6bd4\u5c14<\/th>\n\u5468\u8d56\u5229<\/th>\n\u5458\u5de5\u6301\u80a1<\/th>\n\u6295\u8d44\u4eba<\/th>\n<\/tr>\n<\/thead>\n
A \u8f6e\u524d\uff08\u671f\u6743\u5df2\u6267\u884c\uff09<\/td>\n5,000,000 \/ 42.50%<\/td>\n3,000,000 \/ 25.50%<\/td>\n2,000,000 \/ 17.00%<\/td>\n1,764,706 \/ 15.00%<\/td>\n\u5408\u8ba1 11,764,706<\/td>\n<\/tr>\n
A \u8f6e\u540e<\/td>\n5,000,000 \/ 27.63%<\/td>\n3,000,000 \/ 16.58%<\/td>\n2,000,000 \/ 11.05%<\/td>\n1,764,706 \/ 8.75%<\/td>\n\u9886\u6295\u4f18\u5148\u80a1 5,042,017 \/ 25.00%\uff1b\u8ddf\u6295 3,361,345 \/ 16.67%\uff1b\u5408\u8ba1 20,168,067<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

A \u8f6e\u6709\u4e00\u4e2a\u9886\u6295 VC \u548c\u4e00\u4e2a\u8ddf\u6295 VC\u3002\u9886\u6295\u8d1f\u8d23\u8c08\u5224\u3001\u5c3d\u8c03\u3001\u6cd5\u5f8b\u6587\u4ef6\uff1b\u8ddf\u6295\u8ddf\u653e\u4e00\u70b9\u94b1\uff0c\u6709\u65f6\u62d6\u4e2a\u8ddf\u6295\u8fdb\u6765\u662f\u6218\u7565\u4f0f\u7b14\u3002\u5373\u4f7f\u591a\u4eba\u53c2\u4e0e\uff0c\u4ed6\u4eec\u88ab\u89c6\u4f5c\u4e00\u4e2a\u6574\u4f53\uff0c\u7b7e\u540c\u4e00\u4efd\u6587\u4ef6\uff0c\u4eab\u540c\u6837\u5229\u76ca\u548c\u4e49\u52a1\u3002<\/p>\n

\u4e09\u3001Down round\uff1aB \u8f6e\u4e0e\u53cd\u7a00\u91ca<\/h2>\n

\u8bc1\u5b9e\u6a21\u5f0f\u6700\u4e0d\u5b9a\u6027\u3002A \u8f6e\u8fdb\u6765\u540e\u7ba1\u7406\u548c\u4e1a\u52a1\u5361\u4f4f\uff0c\u4ea7\u54c1\u6d4b\u8bd5\u51fa\u9519\u3001\u6ca1\u6309\u65f6\u6295\u653e\u3001\u6536\u5165\u6ca1\u6309\u9884\u671f\u8fdb\u6765\uff0c\u94b1\u70e7\u5149\uff0cB \u8f6e\u8c08\u5224\u4e00\u62d6\u518d\u62d6\u3002B \u8f6e Pre money \u575a\u6301 500 \u4e07\u7f8e\u91d1\uff08\u4f4e\u4e8e A \u8f6e Post money\uff09\uff0c\u6295\u5165 300 \u4e07\uff0cPost money 800 \u4e07\uff0c\u8fd8\u8981\u6c42\u7ed9\u672a\u6765\u56e2\u961f\u7559 10% \u671f\u6743\u3002A \u8f6e\u6761\u6b3e\u7ea6\u5b9a\uff1aB \u8f6e\u80a1\u4ef7\u82e5\u4f4e\u4e8e A \u8f6e Post money\uff0cA \u8f6e VC \u4e0d\u7a00\u91ca\u3002\u5175\u4e34\u57ce\u4e0b\uff0c\u9ec4\u9a6c\u514b\u56e2\u961f\u53ea\u597d\u540c\u610f\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
B \u8f6e\u540e\u80a1\u4e1c<\/th>\n\u7c7b\u578b<\/th>\n\u80a1\u4efd<\/th>\n\u6bd4\u4f8b<\/th>\n<\/tr>\n<\/thead>\n
\u9ec4\u9a6c\u514b \/ CEO<\/td>\n\u666e\u901a\u80a1<\/td>\n3,991,597<\/td>\n7.07%<\/td>\n<\/tr>\n
\u5218\u6bd4\u5c14 \/ CTO<\/td>\n\u666e\u901a\u80a1<\/td>\n2,394,958<\/td>\n4.24%<\/td>\n<\/tr>\n
\u5468\u8d56\u5229 \/ COO<\/td>\n\u666e\u901a\u80a1<\/td>\n1,596,639<\/td>\n2.83%<\/td>\n<\/tr>\n
\u5458\u5de5\u6301\u80a1<\/td>\n\u666e\u901a\u80a1<\/td>\n3,781,513<\/td>\n6.70%<\/td>\n<\/tr>\n
A \u8f6e\u6295\u8d44\u4eba\uff08\u4e24\u5bb6\uff09<\/td>\n\u4f18\u5148\u80a1\uff08\u6b21\u7ea7\uff09<\/td>\n14,117,647 + 9,411,765<\/td>\n25.00% + 16.67%<\/td>\n<\/tr>\n
B \u8f6e\u6295\u8d44\u4eba<\/td>\n\u4f18\u5148\u80a1<\/td>\n21,176,471<\/td>\n37.5%<\/td>\n<\/tr>\n
\u5408\u8ba1<\/td>\n\u2014<\/td>\n56,470,588<\/td>\n100%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

B \u8f6e\u7684\u94b1\u5728 A \u8f6e\u70e7\u5149\u90a3\u5929\u8fdb\u6765\uff0c\u9999\u706b\u4e0d\u65ad\u3002\u6ce8\u610f\uff1aA \u8f6e\u4f18\u5148\u80a1\u88ab\u6807\u660e\u300c\u6b21\u7ea7\u300d\u2014\u2014\u6700\u540e\u8fdb\u6765\u7684 VC \u4f18\u5148\u7ea7\u522b\u6700\u9ad8\uff0c\u4e0a\u4e00\u8f6e\u6b21\u7ea7\uff0c\u518d\u4e0a\u4e00\u8f6e\u6b21\u6b21\u7ea7\u3002\u6e05\u76d8\u65f6\u6700\u4f18\u5148\u7684\u5148\u62ff\uff0c\u6709\u591a\u7684\u6b21\u7ea7\u62ff\uff0c\u518d\u6709\u591a\u6b21\u6b21\u7ea7\u62ff\uff0c\u6700\u540e\u5269\u4e0b\u7684\u624d\u662f\u521b\u4e1a\u8005\u3002A \u8f6e\u80a1\u6570\u6bd4 A \u8f6e\u65f6\u589e\u52a0\u5f88\u591a\uff0c\u662f\u56e0\u4e3a\u53cd\u7a00\u91ca<\/strong>\uff1a\u8981\u4e48\u521b\u4e1a\u8005\u62ff\u51fa\u81ea\u5df1\u7684\u80a1\u4efd\u7ed9 A \u8f6e\uff0c\u8981\u4e48 A \u8f6e\u4ee5 0 \u6210\u672c\u518d\u83b7\u80a1\u4efd\u3002\u8fd9\u91cc\u7528\u7684\u662f\u540e\u8005\u3002\u521b\u4e1a\u8005\u51b2\u950b\u9677\u9635\u5206\u5229\u65f6\u6392\u6700\u540e\uff0c\u6700\u65e9\u652f\u6301\u7684\u65e9\u671f VC \u4f18\u5148\u7ea7\u522b\u4e5f\u5f88\u4f4e\uff0cIPO \u524d\u6740\u8fdb\u6765\u7684\u53cd\u800c\u5750\u7b49\u6458\u6843\u5b50\u3002\u8fd9\u4e5f\u662f\u5f88\u5c11\u6709\u4eba\u613f\u610f\u652f\u6301\u65e9\u671f\u56e2\u961f\u7684\u539f\u56e0\u3002<\/p>\n

\u56db\u3001C \u8f6e\u4e0e IPO<\/h2>\n

B \u8f6e\u540e\u56e2\u961f\u8c03\u6574\u7b56\u7565\u3001\u94b1\u7528\u5728\u5200\u53e3\u4e0a\uff0c\u4e00\u70ae\u6253\u54cd\u3002C \u8f6e\u4f30\u503c 6 \u4e2a X\uff0c\u5373 B \u8f6e Post money \u7684 6 \u500d\uff1aPre money 4800 \u4e07\uff08800\u00d76\uff09\uff0c\u878d 3000 \u4e07\u7f8e\u91d1\u3002\u6295\u8d44\u4eba\u8981\u589e\u5f3a\u4e0a\u5e02\u56e2\u961f\uff08CFO\u3001\u9500\u552e\u526f\u603b\u88c1\uff09\uff0c\u671f\u6743\u6c60\u518d\u52a0 5%\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u80a1\u4e1c<\/th>\nC \u8f6e\u540e\u80a1\u4efd \/ \u6bd4\u4f8b<\/th>\nIPO \u540e\uff08\u53d1 20%\uff0c\u6bcf\u80a1 8 \u7f8e\u5143\uff09<\/th>\n<\/tr>\n<\/thead>\n
\u9ec4\u9a6c\u514b<\/td>\n3,991,597 \/ 4.13%<\/td>\n3,991,597 \/ 3.31% \u666e\u901a\u80a1<\/td>\n<\/tr>\n
\u5218\u6bd4\u5c14<\/td>\n2,394,958 \/ 2.48%<\/td>\n2,394,958 \/ 1.98%<\/td>\n<\/tr>\n
\u5468\u8d56\u5229<\/td>\n1,596,639 \/ 1.65%<\/td>\n1,596,639 \/ 1.32%<\/td>\n<\/tr>\n
\u5458\u5de5\u6301\u80a1<\/td>\n6,753,649 \/ 6.99%<\/td>\n6,753,649 \/ 5.59%<\/td>\n<\/tr>\n
A \u8f6e\u4e24\u5bb6<\/td>\n14,117,647 \/ 14.62%\uff1b9,411,765 \/ 9.74% \u6b21\u7ea7\u4f18\u5148<\/td>\n11.69%\uff1b7.79% \u666e\u901a\u80a1<\/td>\n<\/tr>\n
B \u8f6e<\/td>\n21,176,471 \/ 21.92%<\/td>\n17.54%<\/td>\n<\/tr>\n
C \u8f6e<\/td>\n37,151,703 \/ 38.46%<\/td>\n30.77%<\/td>\n<\/tr>\n
\u4e0a\u5e02\u65b0\u53d1\u884c \/ \u5408\u8ba1<\/td>\n\u5408\u8ba1 96,594,427<\/td>\n\u65b0\u53d1 24,148,607 \/ 20.00%\uff1b\u5408\u8ba1 120,743,034<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u4e0a\u5e02\u540e\u4f18\u5148\u7ea7\u53d6\u6d88\uff0c\u5168\u90e8\u53d8\u6210\u666e\u901a\u80a1\u3002\u521b\u4e1a\u65f6\u671f\u7684\u98ce\u9669\u9632\u8303\u4e0d\u518d\u5fc5\u8981\uff0cVC \u60f3\u5c3d\u5feb\u5957\u73b0\u3002\u9ec4\u9a6c\u514b\u3001\u5218\u6bd4\u5c14\u3001\u5468\u8d56\u5229\u8eab\u4ef7\u90fd\u4e0a\u5343\u4e07\u7f8e\u91d1\u3002\u82e5 B \u8f6e\u6ca1\u683d\u8ddf\u6597\u3001\u6ca1\u88ab A\/B \u8f6e\u5543\u6389\u51e0\u6839\u808b\u9aa8\uff0c\u8eab\u4ef7\u53ef\u80fd\u8981\u7ffb\u756a\u3002\u4e0d\u7ba1\u600e\u6837\uff0c\u9ec4\u9a6c\u514b\u8fd8\u662f\u597d\u6837\u7684\u3002<\/p>\n

\u4e94\u3001\u51e0\u70b9\u8865\u5145<\/h2>\n