Based on the theory of high echelon, this paper makes an empirical analysis on the influence of overseas returned directors on the cross-border M&A premium, with the cross-border M&A transactions of A-share listed companies in Shanghai and Shenzhen from 2009 to 2017 as samples. The results show that overseas returned directors with overseas study and work experience have unique information advantages and relationship resources, and can effectively play a consulting role in the pricing process of cross-border M&A, significantly reducing the M&A premium. The inhibiting effect of overseas returned directors on cross-border M&A premium is more significant when dealing with greater domestic market competition, state-owned enterprises, and M&A targets involving sensitive industries such as resources and communications. Further analysis shows that working background of overseas returned directors can play a greater marginal role in the cross-border M&A premium compared with their overseas study background, and only these external ones can exert a restraining effect on the cross-border M&A premium.