Research On The Impact Of Board Characteristics On Firm Performance In China's Tourism Listed Companies

Corporate governance is the most basic institutional arrangement of a modern enterprise system,and a sound corporate governance structure is a prerequisite for companies to achieve good performance and sustainable development.As an important part of the corporate governance mechanism,the board bears ultimate responsibility for the operation of the company,which governance efficiency is directly related to the company's performance and the interests of stakeholders.Because of the institutional factors and the incompleteness of the board of directors' mechanism in our country's enterprises,it is difficult for the board of directors to exert the function designed by the system.Therefore,it is urgent to examine and find out the status of the board governance of our country from practice.Tourism is the leading modern service industry.It is closely linked to the development background of steady growth,structural adjustment,and reform in China,and is an important breakthrough point for maintaining the new normal of development in the future.Tourism listed companies,as the most advantaged group in the tourism industry,have a model of corporate governance.Thus,this article empirically analysis the impact of board characteristics on firm performance from four characteristic aspects,including board composition,behavior,incentive and capital,taking the 24 tourism listed companies in China as sample,and further explore how the board to play its core role in corporate governance,through the analysis of the company's corporate governance structure,board characteristics,corporate performance,taking China's large state-owned enterprises:Shenzhen OCT Co.,Ltd.as a case study.The results show that the board governance structure of China's tourism listed companies has improved significantly,but its effectiveness has been low.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 effectiveness of board governance of Shenzhen OCT Co.,Ltd.is significantly higher than the entire tourism industry.Finally,based on the combination of empirical research and case study,this paper puts forward relevant suggestions,so as to provide reference for the board construction of China's tourism listed companies and the improvement of their capabilities.