清算优先权回报计算表 V1.

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 67%
投资人 33%

非 IPO退出时实际现金分配
普通优先权情况 谈判优先权情况
有参与权 FALSE 有参与权 TRUE
优先倍数 1 优先倍数 2
优先回报倍数上限 N/A 优先回报倍数上限 4
退出价值 管理层 投资人 管理层 投资人
退出金额 占总额% 退出金额 占总额% 退出金额 占总额% 退出金额 占总额%
$5,000,000 $- 0% $5,000,000 100% $- 0% $5,000,000 100%
$10,000,000 $5,000,000 50% $5,000,000 50% $- 0% $10,000,000 100%
$20,000,000 $13,333,333 67% $6,666,667 33% $6,666,667 33% $13,333,333 67%
$30,000,000 $20,000,000 67% $10,000,000 33% $13,333,333 44% $16,666,667 56%
$40,000,000 $26,666,667 67% $13,333,333 33% $20,000,000 50% $20,000,000 50%
$50,000,000 $33,333,333 67% $16,666,667 33% $30,000,000 60% $20,000,000 40%
$60,000,000 $40,000,000 67% $20,000,000 33% $40,000,000 67% $20,000,000 33%
$70,000,000 $46,666,667 67% $23,333,333 33% $46,666,667 67% $23,333,333 33%
$80,000,000 $53,333,333 67% $26,666,667 33% $53,333,333 67% $26,666,667 33%
$90,000,000 $60,000,000 67% $30,000,000 33% $60,000,000 67% $30,000,000 33%
$100,000,000 $66,666,667 67% $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 不转换 不转换 优先清算后
参与权分配额
分配额 无上限分配额 有上限分配额 剩余资产
$1,666,667 $5,000,000 $5,000,000 $- $-
$3,333,333 $10,000,000 $10,000,000 $- $-
$6,666,667 $13,333,333 $13,333,333 $10,000,000 $3,333,333
$10,000,000 $16,666,667 $16,666,667 $20,000,000 $6,666,667
$13,333,333 $20,000,000 $20,000,000 $30,000,000 $10,000,000
$16,666,667 $23,333,333 $20,000,000 $40,000,000 $13,333,333
$20,000,000 $26,666,667 $20,000,000 $50,000,000 $16,666,667
$23,333,333 $30,000,000 $20,000,000 $60,000,000 $20,000,000
$26,666,667 $33,333,333 $20,000,000 $70,000,000 $23,333,333
$30,000,000 $36,666,667 $20,000,000 $80,000,000 $26,666,667
$33,333,333 $40,000,000 $20,000,000 $90,000,000 $30,000,000
回报上限额 $20,000,000
优先清算额 $10,000,000
100,000,000

80,000,000

60,000,000

40,000,000

20,000,000
26,666,
20,000,000 20,000,000 20,000,000 23,333,333
13,333,333 16,666,667
10,000,000
5,000,000
0
$5,000,000 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000

Column I Column G

100.00%

33% 33% 33%

80.00% 40%
50%
56%
67%
60.00%
100% 100%

40.00%

20.00%

0.00%
$5,000,000 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,0

Column H Column J
 30,000,000 33,333,333
26,666,667
20,000,000 23,333,333

$60,000,000 $70,000,000 $80,000,000 $90,000,000 $100,000,000

33% 33% 33% 33% 33%

60,000,000 $70,000,000 $80,000,000 $90,000,000 $100,000,000