Liquidation Preference Calculation (chinese Version)
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清算优先权回报计算表
V1.0
融资序列
融资额度
投资前估值
参与权
优先倍数
优先回报倍数上限
A轮
$5,000,000
$10,000,000
TRUE
2
4
投资后股权比例 管理层 投资人
67% 33%
非 IPO退出时实际现金分配 普通优先权情况 有参与权 优先倍数 优先回报倍数上限 退出价值 管理层 退出金额 占总额% $5,000,000 $0% $10,000,000 $5,000,000 50% $20,000,000 $13,333,333 67% $30,000,000 $20,000,000 67% $40,000,000 $26,666,667 67% $50,000,000 $33,333,333 67% $60,000,000 $40,000,000 67% $70,000,000 $46,666,667 67% $80,000,000 $53,333,333 67% $90,000,000 $60,000,000 67% $100,000,000 $66,666,667 67%
谈判优先权情况 FALSE TRUE 有参与权 1 2 优先倍数 N/A 4 优先回报倍数上限 投资人 管理层 投资人 退出金额 退出金额 退出金额 占总额% 占总额% 占总额% $5,000,000 100% $0% $5,000,000 100% $5,000,000 50% $0% $10,000,000 100% $6,666,667 33% $6,666,667 33% $13,333,333 67% $10,000,000 33% $13,333,333 44% $16,666,667 56% $13,333,333 33% $20,000,000 50% $20,000,000 50% $16,666,667 33% $30,000,000 60% $20,000,000 40% $20,000,000 33% $40,000,000 67% $20,000,000 33% $23,333,333 33% $46,666,667 67% $23,333,333 33% $26,666,667 33% $53,333,333 67% $26,666,667 33% $30,000,000 33% $60,000,000 67% $30,000,000 33% $33,333,333 33% $66,666,667 67% $33,333,333 33%
注释： 1) 蓝色数据根据实际情况修改，其他结果会相应变化 2) D4单元格必须是TRUE或者FALSE 3) 如果优先回报是2倍，优先参与分配上限4倍，退出价值40M-60M时，投资人回报均为20M，管理层回报在不断增加，双方利益不一致 4) a. 退出价值低于优先清算额时，投资人拿走全部清算价值 b. 退出价值按股权比例直接分配额高于优先参与分配上限时，投资人将优先股转换成普通股参与分配 编制: 桂曙光 Sam GUI 博客: 风险投资顾问 VC Sam
计算过程表 转换成普通股 分配额 $1,666,667 $3,333,333 $6,666,667 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000 $33,333,333 回报上限额 优先清算额
不转换 无上限分配额 $5,000,000 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000 $33,333,333 $36,666,667 $40,000,000 $20,000,000 $10,000,000
不转换 有上限分配额 $5,000,000 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000
优先清算后 剩余资产 $$$10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000
参与权分配额 $$$3,333,333 $6,666,667 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000
100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0
5,000,000
$5,000,000
16,666,667
20,000,000
20,000,000
23,333,333
13,333,333
20,000,000
10,000,000
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Column I
26,666,
$80,000
Column G
100.00% 80.00% 56%
50%
40%
33%
33%
$60,000,000
$70,000,000
33%
67%
60.00% 100%
100%
$5,000,000
$10,000,000
40.00% 20.00% 0.00% $20,000,000
$30,000,000
$40,000,000
Column H
$50,000,000
Column J
$80,000,0
20,000,000
23,333,333
$60,000,000
$70,000,000
33%
60,000,000
26,666,667
30,000,000
33,333,333
$80,000,000
$90,000,000
$100,000,000
33%
33%
33%
33%
$70,000,000
$80,000,000
$90,000,000
$100,000,000
V1.0
融资序列
融资额度
投资前估值
参与权
优先倍数
优先回报倍数上限
A轮
$5,000,000
$10,000,000
TRUE
2
4
投资后股权比例 管理层 投资人
67% 33%
非 IPO退出时实际现金分配 普通优先权情况 有参与权 优先倍数 优先回报倍数上限 退出价值 管理层 退出金额 占总额% $5,000,000 $0% $10,000,000 $5,000,000 50% $20,000,000 $13,333,333 67% $30,000,000 $20,000,000 67% $40,000,000 $26,666,667 67% $50,000,000 $33,333,333 67% $60,000,000 $40,000,000 67% $70,000,000 $46,666,667 67% $80,000,000 $53,333,333 67% $90,000,000 $60,000,000 67% $100,000,000 $66,666,667 67%
谈判优先权情况 FALSE TRUE 有参与权 1 2 优先倍数 N/A 4 优先回报倍数上限 投资人 管理层 投资人 退出金额 退出金额 退出金额 占总额% 占总额% 占总额% $5,000,000 100% $0% $5,000,000 100% $5,000,000 50% $0% $10,000,000 100% $6,666,667 33% $6,666,667 33% $13,333,333 67% $10,000,000 33% $13,333,333 44% $16,666,667 56% $13,333,333 33% $20,000,000 50% $20,000,000 50% $16,666,667 33% $30,000,000 60% $20,000,000 40% $20,000,000 33% $40,000,000 67% $20,000,000 33% $23,333,333 33% $46,666,667 67% $23,333,333 33% $26,666,667 33% $53,333,333 67% $26,666,667 33% $30,000,000 33% $60,000,000 67% $30,000,000 33% $33,333,333 33% $66,666,667 67% $33,333,333 33%
注释： 1) 蓝色数据根据实际情况修改，其他结果会相应变化 2) D4单元格必须是TRUE或者FALSE 3) 如果优先回报是2倍，优先参与分配上限4倍，退出价值40M-60M时，投资人回报均为20M，管理层回报在不断增加，双方利益不一致 4) a. 退出价值低于优先清算额时，投资人拿走全部清算价值 b. 退出价值按股权比例直接分配额高于优先参与分配上限时，投资人将优先股转换成普通股参与分配 编制: 桂曙光 Sam GUI 博客: 风险投资顾问 VC Sam
计算过程表 转换成普通股 分配额 $1,666,667 $3,333,333 $6,666,667 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000 $33,333,333 回报上限额 优先清算额
不转换 无上限分配额 $5,000,000 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000 $33,333,333 $36,666,667 $40,000,000 $20,000,000 $10,000,000
不转换 有上限分配额 $5,000,000 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000 $20,000,000
优先清算后 剩余资产 $$$10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000
参与权分配额 $$$3,333,333 $6,666,667 $10,000,000 $13,333,333 $16,666,667 $20,000,000 $23,333,333 $26,666,667 $30,000,000
100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0
5,000,000
$5,000,000
16,666,667
20,000,000
20,000,000
23,333,333
13,333,333
20,000,000
10,000,000
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Column I
26,666,
$80,000
Column G
100.00% 80.00% 56%
50%
40%
33%
33%
$60,000,000
$70,000,000
33%
67%
60.00% 100%
100%
$5,000,000
$10,000,000
40.00% 20.00% 0.00% $20,000,000
$30,000,000
$40,000,000
Column H
$50,000,000
Column J
$80,000,0
20,000,000
23,333,333
$60,000,000
$70,000,000
33%
60,000,000
26,666,667
30,000,000
33,333,333
$80,000,000
$90,000,000
$100,000,000
33%
33%
33%
33%
$70,000,000
$80,000,000
$90,000,000
$100,000,000
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