Board capital shape how directors govern and offer advice to the firm and affect the ideas and resources that they provide. Based on data analyzed over a six-year period with a sample of 24 listed tourism companies in China, this paper examines the board capital and the moderating effect of leadership structure on firm performance. The results indicate that: Directors’ educational level has a negative effect on firm performance, and board’ leadership structure negatively moderates this effect; However, board’s leadership structure positively moderate the correlation between the board’s political resources and firm performance. The enlightenment of this article is that board capital in China’s listed tourism companies has not been fully utilized, and leadership structure positively moderates the correlation between board’s political resources and firm performance.