Abstract：The organizational construction of the board has been the focus of corporate governance research. Based on the agency theory and resource dependence theory, the existing literature focuses on the main effect of board human capital and its heterogeneity on firm performance.On the basis of previous studies and the situation of China as well as listed companies, the education level and overseas experience were chosen as human capital indexes of the board. The effect of the average human capital of the board on firm performance and its boundary conditions were explored. Furthermore, the moderating effect of board members' overseas experience on the relationship between board members' average education level and firm performance is studied. The scope of the study in-cludes listed companies in Shanghai and Shenzhen A shares as well as small board from 2009 to 2015, and 1386 companies with complete data were selected as study samples. This article combines qualitative analysis with quantitative research, using multiple regression statistical methods to test the hypothesis. The main research tool used in this study is Stata14. 0 statistical analysis software.The results show that the board human capital has an important impact on firm performance of listed companies in China.The improvement of the average education level of board will promote the firm performance of enterprises, and the educational heterogeneity of the board has a positive moderating effect on the relationship between the two. The increase in the proportion of board members overseas experience will also contribute to the firm performance, but when the board has the characteristics of low overseas experience, the promotion effect is stronger. The influence of board members' overseas experience has a negative adjustment on the effect of board members' average educational level on firm performance. That is, with the increased proportion of board members who have overseas experiences, the positive effect of the board members' average education level on firm performance has been weakened.The conclusion enriches the research on organizational behavior of the board, puts forward the effect of directors' human capital on firm performance and its boundary conditions, improves the governance structure of the board, and reveals the fact that Chinese listed companies will enhance the level of internationalization of the board on the basis of specialization. It has important reference value to strengthen the board construction of listed companies, optimize the human capital in governance layer, and achieve higher performance goals.

Keyword：human capital of board of directors; education level; overseas experience; corporate governance; firm performance;