董事海外经历、双元创新与企业价值

董事海外经历是企业价值创造的重要来源。基于烙印理论视角，选取2008-2017年A股非金融上市公司作为研究样本，以双元性创新作为中介变量，验证董事海外经历与企业价值间的关系，并分析吸收能力与制度环境的影响。结果表明：①董事海外经历能够显著正向影响企业价值；②双元性创新在董事海外经历与企业价值间发挥部分中介效应，其中应用性创新分别在董事海外任职经历、海外留学经历与企业价值间发挥部分中介效应，而探索性创新在董事海外任职经历与企业价值间不存在中介效应，但在海外留学经历与企业价值间发挥完全中介效应；③董事海外经历对企业价值的促进作用在吸收能力较强以及制度环境良好的企业更加显著。研究结论可为企业吸收海外人才和制定人才本土化政策提供经验证据，对提高企业双元性创新水平和企业价值具有重要意义。

Directors'Overseas Experience,Ambidextrous Innovation and Corporate Value

Directors' overseas experience is an important source of creating corporate value.Based on the perspective of imprinting theory, this paper selects A-share non-financial listed companies as research samples from 2008 to 2017, and uses ambidextrous innovation as a mediator variable to verify the relationship between directors' overseas experience and corporate value, and analyzes the impact of absorptive capacity and institutional environment.The results show that: ① directors' overseas experience has a significant positive impact on corporate value; ②ambidextrous innovation plays a partial intermediary role in directors' overseas experience and corporate value.Among them, exploitative innovation plays a partial intermediary role in directors' overseas work and study experience and corporate value, while exploratory innovation has no mediating effect between directors' overseas work experience and corporate value, but directors' overseas study experience plays a completely intermediary role in directors' overseas experience and corporate value.③The promotion of directors' overseas experience on corporate value is more pronounced in companies with strong absorptive capacity and good institutional environment.This study provides empirical evidence for companies to absorb overseas talent policies and formulate local talent development policies, which is of practical significance for enterprises to improve the level of ambidextrous innovation and corporate value.