旅游上市公司董事会治理对经营绩效的影响——基于非平衡面板数据的分析

董事会作为公司治理的核心,是影响企业绩效的重要因素,对旅游上市公司的可持续发展具有重要意义。制订科学、完善的监管制度并严格执行,是上市公司防止"一股独大"与"内部人控制"等现象产生的重要途径。因此,建立科学合理的董事会成为现代公司治理的必然要求。文章选取2004—2012年间16家旅游上市公司为研究样本,以董事会规模、董事会会议频率、前三名董事薪酬、独立董事比例、执行董事比例和董事长与总经理两职合一为董事会治理变量,运用主成分分析法计算我国旅游上市公司经营绩效指数,利用非平衡面板数据建立计量经济学模型,采用混合最小二乘法对我国旅游上市公司董事会治理与经营绩效的相关性进行实证研究。研究发现,我国旅游上市公司董事会规模与经营绩效之间存在显著的倒U形曲线关系,执行董事比例对企业业绩有显著的促进作用,前三名董事薪酬、独立董事比例和董事长与总经理两职合一对经营绩效有消极影响,而董事会会议频率对经营绩效无显著影响。

The Impact of Board Governance on Performance of Listed Tourism Companies: Based on the Unbalanced Panel Data

As the core of corporate governance, the board is an important factor affecting operating performance and has an important significance on the sustainable growth of listed tourism companies.As the bridge of shareholders and operators, the efficiency of board governance directly relates to operating performance of listed companies. On the other hand, formulating a scientific and perfect regulatory system is an important way to prevent one share being overwhelming big and other problems in corporate governance. Therefore, building a scientific and reasonable board of directors becomes a necessary demand of modern corporate governance. In the contemporary age, China＇s tourism industry has become a new growth point of the national economy. China＇s listed companies, the leader of tourism companies, are necessary to build a reasonable governance structure of board of directors.Under this circumstance, by selecting China＇s tourism listed companies as the object, this paper explored the influence of characteristics of board governance on operating performance.The sample included China＇s 16 listed tourism companies from 2004 to 2012. The author obtained the performance index of China＇s listed tourism companies through principal components analysis of related data.Then, based on the unbalanced panel data, this paper established an econometric model and used the Panel Least Squares method to make an empirical investigation of the relationship between board governance and the performance of China＇s listed tourism companies. The results showed that the relationship between the board size and operating performance shows the inverse U-shape curve. The proportion of executive directors has a positive effect on operating performance, while the whole remuneration of the top three directors,the proportion of independent directors and the duality of CEO and chairman have a negative effect on it. And there is no significant relationship between the frequency of board meetings and operating performance. Additionally, some