Design of Benefit Distribution Mechanisms for Shareholding-Based Post-Resettlement Industrial Projects of Reservoir Resettlers: An Analysis Based on the Capital maintenance theory Framework

This study addresses the lack of clear and sequentially constrained income distribution rules in reservoir resettlement shareholding projects by proposing an institutional mechanism that balances capital security and benefit sharing. Drawing on capital maintenance theory and stakeholder theory, a three-tier distribution framework—comprising security provisioning, retained reinvestment, and shareholder returns—is developed and illustrated through the Hongliutan Village homestay project in Qinghai Province. The results indicate that prioritizing loss coverage, reserve accumulation, and reinvestment before profit distribution significantly enhances operational stability and sustainability. The proposed framework shifts distribution from a one-off proportional approach to a staged and sequential mechanism, offering a practical reference for long-term benefit sharing among resettled populations.