旅游上市公司董事会特征对绩效波动的影响研究

发布时间：2018-01-24 20:55

本文关键词： 董事会特征绩效波动旅游上市公司　出处：《陕西师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：董事会作为公司治理的核心,是公司的重要的监督和决策机构,其治理模式对绩效有着重要的意义,作为连接股东和经营者的桥梁,其运作效率直接关系到企业绩效及相关者的利益,建立合理科学的董事会成为现代公司治理的必然要求。目前,大量学者对董事会特征与绩效水平的关系做了实证研究,然而较少关注到对绩效波动的影响。当前,我国旅游业快速发展,已成为国民经济中新的增长点,但由于旅游业具有多变性和复杂性,旅游企业需要及时准确的做出反应,以确保绩效的稳定,因而建立合理的董事会治理结构迫在眉睫。作为我国旅游行业发展的“领头羊”,旅游上市公司的业绩状况不仅代表本公司的经营状况,也展示着整个旅游行业的发展现状,并会进一步推动我国旅游业的发展。本研究以此背景为基础,选取旅游上市公司为研究对象,探索董事会特征对绩效波动的影响。本选题的研究目的：(1)通过对国内外企业绩效评价以及我国旅游上市公司绩效评价相关文献进行整理、评述,在前人研究的基础上,科学构建旅游上市公司绩效评价指标体系；(2)在建立指标体系的基础上,对我国沪深上市的A股旅游上市公司绩效及绩效波动指数进行计算分析；(3)考察董事会特征与绩效波动之间的关系；(4)根据董事会特征与绩效波动的显著性关系情况,提出相关建议及对策,为决策者提供参考。本选题的研究过程：(1)提出问题：旅游上市公司绩效成为大众关注的焦点。由于证券市场的变幻莫测,董事会治理成为公司治理的核心,因此,从董事会治理的角度探索改善绩效波动的方法；(2)分析问题：将国内外董事会特征对绩效的影响、董事会特征对绩效波动的影响的文献分进行梳理、分析与总结,结合旅游行业的特点,综合运用理论和方法,构建旅游上市公司绩效评价体系,进而选取18家旅游上市公司2003—-2010年的数据,运用因子分析,计算旅游上市公司绩效总得分及盈利能力因子、偿债能力因子、发展能力因子、营运能力因子的得分,并通过计算每个企业因子得分的标准差,得到绩效波动指数。考虑到董事会治理的时滞性,选取样本公司2002—2009年对董事会特征,借助Excel、SPSS17.0等统计软件,通过回归分析,以绩效波动为被解释变量,董事会特征为解释变量,企业规模、负债水平为控制变量,检验董事会特征对绩效波动的影响；(3)解决问题：根据旅游上市公司董事会对绩效波动的影响关系,从上市公司自身以及政府角度提出了改善企业绩效的建议及对策。本选题的研究结论：(1)董事会规模与绩效波动呈显著的正U关系,董事会人数在6—9人时,绩效最稳定,过大或过小都会引起绩效的波动,规模过小,团体容易滋生个人主义,导致决策产生偏误：规模过大,团体决策的成果通常是品均化、折衷化的结果,过于中庸的决策会影响对绩效作用的发挥；(2)董事会两职设置与绩效波动负相关,两职分离能够更好的稳定企业绩效；相反,若采取两职合一,董事长的权利过于集中,容易产生极好或极坏的决策；(3)独立董事规模与绩效波动负相关,但独立董事比例与绩效波动正相关,且影响程度远大于规模的增加带来的稳定程度,总体来看,我国旅游上市公司独立董事制度并不合理,独立董事比例大但并没有发挥显著的作用；(4)董事会参会人数与绩效波动正相关,参会人数越多,绩效波动越大,参会人数多,每个人都希望发言,为了节约时间,往往会舍弃激进的策略,导致会议的程序化；(5)董事会会议频率与绩效波动关系不显著,会议次数的显著性并没有显现出来；(6)以年薪表示的董事会薪酬与绩效波动负相关,提高董事会激励能够起到稳定企业绩效的作用；(7)独立董事津贴与绩效波动关系不显著。旅游上市公司对独立董事的激励并没有起到稳定绩效的作用。本研究的创新点：(1)在研究思路上,考虑了绩效稳定性的重要作用,分析旅游上市公司董事会特征对绩效波动的影响；(2)在数据分析上,以多指标构建综合性的绩效指数,确保数据分析的完整性,同时考虑到董事会治理的时滞性,运用回归分析检验董事会特征与下一年绩效波动指数的关系；(3)在研究结论上系统分析了旅游上市公司董事会特征与绩效波动的线性关系和二次函数关系,得到了适合旅游上市公司的董事会特征值,并提出了相应的董事会结构调整的建议。
[Abstract]:As the core of corporate governance , the board of directors is an important supervision and decision - making organization of the company . Its governance model is of great significance to the performance . As a bridge for connecting shareholders and operators , the efficiency of its operation is directly related to the performance of the enterprise and the interests of the stakeholders . The purpose of this research is : ( 1 ) To summarize and comment on the performance evaluation of domestic and foreign enterprises and the relevant literatures about the performance evaluation of tourism listed companies in China ; ( 2 ) to build the performance evaluation index system of tourism listed companies on the basis of the previous research ; ( 2 ) to analyze the performance and performance fluctuation index of listed A - share tourism companies listed in Shanghai and Shenzhen on the basis of establishing the index system ; ( 3 ) to examine the relationship between the characteristics of the board of directors and the performance fluctuation ; and ( 4 ) to put forward relevant suggestions and countermeasures according to the characteristics of the board of directors and the performance fluctuation , and provide reference for decision makers . The paper analyzes and summarizes the influence of the characteristics of the board of directors on the performance , analyzes and summarizes the influence of the characteristics of the board of directors on the performance , analyzes and summarizes the influence of the characteristics of the board of directors on the performance fluctuation , analyzes and summarizes the influence of the characteristics of the board of directors on the performance fluctuation , analyzes and summarizes the influence of the characteristics of the board of directors on the performance fluctuation , and ( 3 ) the problem is solved : according to the influence of the board of directors on the performance fluctuation , the paper puts forward the suggestions and countermeasures to improve the performance of the enterprises from the listed companies themselves and the government . ( 4 ) There is a negative correlation between the number of directors and the fluctuation of performance ; ( 2 ) the ratio of the board meeting to the performance fluctuation is negative , the significance of the meeting times is not obvious ; ( 6 ) The independent director ' s allowance is not significant with the performance fluctuation . The innovation point of this research : ( 1 ) In the research thinking , considering the important function of the performance stability , the paper analyzes the influence of the characteristics of the board of directors of the tourism listed company on the performance fluctuation , and ( 2 ) analyzes the relationship between the characteristics of the board of directors of the tourism listed company and the performance fluctuation index by using the regression analysis on the data analysis .

【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F592.6;F224

【参考文献】