As China's economy enters a critical period of transformation of growth mode, ambidextrous innovation has become an important lever for high-quality development of Chinese enterprises. However, exploratory innovation has the characteristics of high cost, long cycle and high risk, which makes many enterprises fall into the cost black hole; considering the many limitations of exploratory innovation, more enterprises are committed to exploitative innovation for a long time, but this often damages the enterprises' sustainable development ability and makes it difficult to enhance the long-term value of enterprises. The academia has rich discussion on whether exploratory innovation and exploitative innovation can enhance enterprise value, but research conclusions are inconclusive. #br#Some scholars believe that the main reason for the divergence of conclusions is that situational factors are not taken into account. However, these studies often ignore the role of leaders. Leaders take charge of the overall situation of research and development innovation, so they are the key to the success of enterprise's ambidextrous innovation. Their personal characteristics, especially psychological characteristics, are bound to have an important impact on the effectiveness of ambidextrous innovation value output. Compared with other leaders' psychological characteristics, the regulatory focus reflects the leaders' behavioral strategic tendency to achieve goals, and can affect leaders' behavioral decision-making more directly. However the existing research mainly centers around the direct impact of leader regulatory focus on enterprise ambidextrous innovation strategy selection or enterprise performance, and few studies investigate the moderating role of leader regulatory focus in the relationship between ambidextrous innovation and enterprise value. #br#Therefore, based on the ambidextrous innovation theory and the regulatory focus theory, this paper adopts the data of Chinese listed companies on the Hong Kong Stock market from 2007 to 2018, and applies the text analysis method to construct the measured index of leader regulatory focus and enterprise ambidextrous innovation. It empirically analyses the influence of ambidextrous innovation on enterprise value, as well as the moderating roles of leader regulatory focus. In order to ensure the robustness of the research results, the reliability of result results is verified by a series of methods such as replace variable measurement, variable lag period, and propensity score matching methods.#br#The results indicate that both exploratory innovation and exploitative innovation are positively associated with enterprise value; however, compared with exploitative innovation, exploratory innovation is more helpful to the promotion of enterprise value. Leader promotion focus enhances the positive effect of exploratory and exploitative innovation on enterprise value, but the leader promotion focus has a stronger weakening effect on the relationship between exploratory innovation and enterprise value. Leader prevention focus strengthens the positive relationship between exploratory innovation and enterprise value, but weakens the positive relationship between exploitative innovation and enterprise value. #br#Different from previous literature, this paper creatively brings the regulatory focus of leaders into the research framework of the relationship between ambidextrous innovation and enterprise value, reconciles the existing debate on the impact of ambidextrous innovation on enterprise value, and expands the model of contingency relationship between the two. At the same time, at present, most relevant studies collect cross-sectional data of leader regulatory focus in the form of scenario experiment or questionnaire survey, which has certain limitations. This paper uses the text analysis method to extract information from the chairman's report without disturbing the sample enterprises, leader regulatory focus data are sorted out from the two dimensions of enterprise individual and time, which provides effective empirical evidence for follow-up research.#br#The research conclusion not only enriches and expands the research on the impact of ambidextrous innovation on enterprise value, but also provides empirical evidence and inspiration for how to improve the leadership efficiency and the implementation effect of ambidextrous innovation, so as to drive high-quality economic development. Specifically, on the one hand, enterprises should identify the hidden psychological characteristics of talents, allocate matching talent resources according to their innovation needs, make the best use of the advantages and bypass the disadvantages, so as to improve ambidextrous innovation power and innovation practical effect of enterprises and drive the high-quality development of enterprises and economy. On the other hand, enterprise leaders should clarify the influence of their psychological characteristics, consciously control the irrational impulses of dominant regulatory focus, identify and formulate correct innovation strategies, control the balanced and appropriate development of innovation, and improve the efficiency and effect of leadership.#br#