旅游上市公司董事会治理结构有效性研究

Research on the Effectiveness of Board Governance Structure in China Tourism Listed Companies

董事会作为公司治理机制的重要组成部分,其治理效率直接关系到公司业绩。旅游上市公司作为旅游业中最具有发展优势的企业群体,其公司治理模式的有效性尤为重要。文章从董事会结构、行为、激励和资本四方面特征来探讨我国旅游上市公司董事会治理结构有效性。研究结果显示:我国旅游上市公司董事会治理结构中,只有董事会结构特征、董事薪酬激励以及董事会成员学历水平与经营绩效有显著的相关性,而董事会行为特征和连锁董事、政治资源以及职业背景异质性呈不显著相关性,这表明当前我国旅游上市公司董事会治理结构的有效性并没有得到充分发挥,董事会在公司治理中的核心作用有待于进一步加强。

As an important part of corporate governance,the efficiency of board governance is directly related to corporate performance. The tourism listed companies are the most developed groups,which corporate governance structure is giving a lead in tourism. This paper explored the effectiveness of board governance structure from four characteristic aspects,including board composition,behavior,incentive and capital,taking the listed companies in China＇s tourism industry as sample. The results showed that board composition, incentive compensation and education level have a significant correlation with corporate performance. However,other board characteristics,such as behavior,interlocking directors,political resources and occupational heterogeneity,have no significant effect on corporate performance.The overall results indicated that at present,the effectiveness of board governance structure of tourism listed companies in China has not been brought into full play,and the core role of the board of directors in corporate governance needs to be further strengthened.