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recently, high-dividend stocks have become the focus of most attention in the stock market, which has also triggered investors' discussion and attention on dividends and shareholder returns. so in addition to policy guidance, how to make management more actively consider long-term shareholder returns from the perspective of the company's own operations will be what the author wants to focus on in this article.

for long-term investment, investors buy mechanisms and the best people that comply with the principle of efficiency. on the contrary, the specific industry is not that important. in principle, we believe that improving the consistency of the interests of management and shareholders can fundamentally motivate management to actively promote long-term and steady growth of shareholder returns. this has long-term practice in mature markets and has formed a complete system. as early as the securities act of 1933 and the securities exchange act of 1934, the united states required listed companies to disclose executive compensation information and has made many subsequent improvements. in 1992, the u.s. securities and exchange commission (sec) stipulated that listed companies’ proxy statements need to illustrate the relationship between executive actual compensation and the company’s operating performance in chart form. in practice, companies have gradually realized that traditional financial indicators (such as net profit, revenue growth rate, etc.) are not enough to fully reflect shareholder value, and have begun to turn to more comprehensive measurement standards, such as tsr (total shareholder return: stock investors’ performance over a period of time). all capital gains received plus dividends, including any increase in effective equity after write-off of repurchases).

in the 1970s and 1980s, some investors began to pay attention to the importance of tsr. leading companies such as ge and dupont were the first to introduce tsr into the management evaluation system, aiming to better align the interests of management and shareholders. by the 1990s, consulting firms such as mckinsey and bcg began to promote tsr-related management and incentive systems among their clients, helping companies incorporate them into management assessments. at the beginning of the 21st century, tsr was incorporated into the incentive indicators of management of almost all large enterprises in developed markets. enterprises also began to design long-term incentive plans based on tsr, such as stock options and restricted stocks, which promoted the optimization of corporate governance structure and the maximization of shareholder interests. change.