Research On The Influence Of Board Structure And Incentive Characteristics On Performance Of Tourism Listed Companies

As the core content of corporate governance,board governance has become an important indicator of corporate performance and equity returns.In order to protect the interests of enterprise shareholders and other stakeholders,and also to significantly improve enterprise performance,there is a long way to go to standardize and optimize the governance of the board of directors.Therefore,it is very important to establish a set of more complete and effective structural system with decentralized equity,separated but restrained management and ownership,so that the interests of stakeholders and all related interests can be protected with reduced agency costs and improved corporate performance.This paper includes 24 listed companies in China as objects,and explores the relationship between board structure,incentive characteristics and corporate performance of tourism listed companies based on principal-agent theory,resource dependence theory,modern housekeeping theory and internal control theory.Through twice qualitative comparative analysis,the configuration of board structure and incentive characteristics with high performance were revealed.Abnormal enterprises were added into the samples for supplementary testing,in order to explore degree and ways of how board structure and incentive characteristics influence enterprise performance.At last,by comparing results of multiple regression and directed comparison analysis,we provide effective solutions for tourism companies to improve corporate performance,focusing on optimizing the characteristics of the board.According to the two empirical methods,three optimization configurations of board structure and incentive characteristics with high performance results are obtained.1.For tourism listed companies with low asset-liability ratio and large scale,larger board benefits the improvement of corporate performance;2.Expanding the scale of the board,raising the proportion of independent directors,and adopting the equity and salary incentive can effectively improve the performance of the enterprise;3.For smaller-scale tourism listed companies,if the asset-liability ratio is low,incentives such as increasing the proportion of independent directors and the shareholding ratio of the board will be helpful to improve corporate performance.