本文旨在探討創新投入對廠商短期經營績效的影響，並檢驗環境績效的中介機制與政府持股比例的調節作用。以2020至2024年台灣上市櫃廠商共6,219筆觀測值為樣本，本文採用雙向固定效果模型進行實證分析。實證結果顯示，短期而言，創新投入會對經營績效產生顯著的負向衝擊。在未考量政府持股時，環境績效的單純中介效果並不顯著，此現象反映廠商資源配置策略之異質性所產生的抵銷效應。然而，將政府持股比例納入傳導路徑後，其發揮關鍵的調節式中介作用，即高政府持股廠商雖具備隱性擔保，但在面臨創新資金排擠時，受限於體制內的預算僵固性，且缺乏國際供應鏈的檢視壓力，易將環境表現降至基本合規標準。而未支出的超額環保成本，將轉化為對短期經營績效的正向緩衝。研究結果揭示廠商在推動技術與綠色轉型時所面臨的短期獲利衰退。據此，本文建議管理層應強化短期資源控管與預期管理，並依據自身股權特徵制定務實的資源抵換策略，避免因過度追求創新或超額環境標準而加劇營運負擔。在政策層面，政府應針對創新初期提供配套之財務支持，藉以緩解廠商轉型的資金限制；同時，著眼於長期社會福利之提升，主管機關宜逐步調升法定環境基準，並督促泛公股廠商發揮永續示範作用，藉此防範制度性緩衝弱化其推動綠色轉型之長期承諾。

This study investigates the impact of innovation investment on short-term operating performance, examining the mediating role of environmental performance and the moderating effect of government ownership. Using a two-way fixed-effects model on 6,219 observations from Taiwanese listed companies between 2020 and 2024, the empirical results reveal that innovation investment significantly reduces short-term operating performance. The independent mediating effect of environmental performance is insignificant due to offsetting resource allocation strategies among firms. However, government ownership exerts a crucial moderated mediation effect. When innovation funding crowds out resources, firms with high government ownership face rigid budgets and minimal international supply chain pressure. Consequently, they reduce environmental performance to basic compliance levels. This unspent environmental expenditure then acts as a positive buffer for short-term operating performance. The findings highlight the temporary profitability decline firms encounter during technological and green transitions. Management should strengthen resource control and formulate pragmatic allocation strategies based on ownership structure to avoid operational strain. Furthermore, policymakers should provide financial support during early innovation stages, progressively raise environmental standards, and compel state-affiliated firms to fulfill their long-term sustainability commitments.

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