Tourism Characteristics Of The Board Of Directors Of The Listed Company On The Fluctuation Of Performance Research

As the core of the corporate governance, board of directors is an important controlling and policy-making body. The operation efficiency directly relates to company’s performance and benefit of the stakeholders. Building a reasonable and scientific board of directors becomes necessary demand of modern company governance. At present, a large number of scholars have done some research to the relationship of the character of board of director and the level of the performance, though few people pay attention to the influence to the wave of the performance. At present, China’s tourism industry is developing rapidly, which has becoming a new growth point of the national economy. Tourism has the characteristic of polytropism and complexity. The relative companies need make with reaction in time and accurately to make sure the stable of the performance, thus, it is necessary to build a reasonable governance structure of the board of directors. As the leader of the tourism companies, the performance of tourism listed companies not only stand for the single company but also stand for the whole tourism industry, then push forward the develop of the our country’s tourism industry. In the background of this, the study select tourism listed companies as the object of study, in order to explore the influence of the characteristic of board of director to the fluctuant of the performance.The aim of the research:(1) Through the related literatures review, build a scientific construction of tourism listed company performance evaluation index system;(2) On the basis of establishment of index system, we calculate the performance fluctuation of our country’s listed A shares companies on tourism;(3) Investigate the relationship between performance fluctuation and the board of directors;(4) According to the characteristics of relationship between the characteristics of board of directors and performance fluctuation, put forward relevant suggestions and countermeasures for providing a reference to the decision maker.The process of the research:(1) Question:The performance of tourism listed companies has become the focus of public attention. Due to the stock market change unpredictably, board governance is the core of corporate governance. Therefore, we explore the method of improving performance from the angle of governance of board of directors;(2) Analysis of the problem:board characteristics on the performance of the effects of fluctuations in the literature review, analysis and summary, combined with the tourism industry characteristics, the comprehensive use of theory and method of tourism, construction of performance evaluation system of listed companies. Then select18listed tourism companies data from2003-2010, using factor analysis, calculation of tourism listed company performance the total scores and profitability factor, solvency factor, development capacity factor, operation ability factor score, then get performance volatility index from calculation of each enterprise factor score standard deviation. Considering the governance of the board of directors of the delay, selected the characteristics of board of directors of companies from2002to2009. With the help of SPSS17.0and Excel statistical software, through regression analysis, performance fluctuations as dependent variables, the characteristics of board of directors as explanatory variables, the scale of enterprises, the level of debt as control variables, test board characteristics on performance fluctuation.(3) To solve the problem:according to the relationship of board of directors and the performance fluctuation of listed companies, from the listed company itself and government put forward suggestions and Countermeasures to improve enterprise performance.The conclusion of the research:(1) The size of the board is significant positive relative with performance variability in "U". The number of directors between6and9people, the performance is stable. The number too large or too small will cause the fluctuation in performance. Too small, it is easy to breed groups of individualism, letting to the decision to produce error; scale is too large, often results in groups decision making is the product homogenization, the result is eclectic, the decision will affect the performance of the play.(2) The board of directors of two positions in the performance fluctuates inversely related, two duty depart to better stable performance, on the contrary, if take two duty syncretic, chairman of the right is too concentrated, easy to produce excellent or bad decision;(3) Independent director scale and performance is negatively related to fluctuations, but the proportion of independent directors and performance variability are related, and influence extent is much larger than the size increase brought stability, overall, China’s tourism listed company independent director system is not reasonable, the proportion of independent directors, but did not play a significant role;(4) The board of directors attendance and performance variability are related, number of participants increasing performance, larger fluctuation, number of participants, everyone wants to speak, in order to save time, often can abandon the radical strategy, cause the conference program;(5) Board meeting frequency and performance fluctuation relation is not significant, the number of sessions and did not show significant relationship;(6) With an annual salary of said board compensation and performance fluctuation negative correlation, improve the board of directors incentive can play a stabilizing role of enterprise performance;(7) Independent director allowance and performance fluctuation relation is not significant. The tour listed company on the independent director incentive not to play the stable performance of the role.The innovation of the research:(1) In the angle of the train of thought, considering the performance stability of the important role of tourism listed companies, board characteristics on performance fluctuations;(2) In data analysis, with multiple index comprehensive performance index, ensure the integrity of data analysis, taking into account the governance of the board of directors of the delay, using regression analysis to test the characteristics of board of directors and the next year performance fluctuation index relationship:(3)In the conclusion of the study, systematic analysis of the Tourism Listed Companies Board Characteristics and performance fluctuation relationship between linear and two function relation, are suitable for tourism listed company’s board of directors characteristic value, and puts forward the proposal of structural adjustment of the board of directors.