隨著極端氣候的現象頻傳，人類開始意識到環境永續的重要，不僅消費者改變消費模式，改以支持永續相關產品，更有許多國家簽訂國際條約試圖促使改變，而要達成永續，創新是必要手段，開發綠色創新固然對環境有利，然而對企業而言，卻未必如此。過去研究多認為進行綠色創新是很好的企業策略，能為企業帶來好處，包括良好的企業形象、減少廢棄物、提升能源效率等，然而也有學者提出疑慮認為高品質的創新成本與風險都比較高，可能會加重企業的營運負擔，現今，永續風潮日漸盛行，我們有必要釐清兩者間的關聯。另外，礙於影響創新成功的因素有許多種，根據過往學者的論點認為國際化是影響企業收集綠色創新知識的重要渠道。
本研究探討綠色創新對企業財務績效的影響，企業財務績效因子包括Tobin’s Q與ROA，並納入國際化作為綠色創新與財務績效間的調節因子。本研究以世界智慧財產權組織WIPO定義之綠色專利作為綠色創新的衡量指標，探討綠色創新對企業財務績效的影響，採用《巴黎協定》簽訂前後五年區間，台灣上市櫃企業資料進行實證，加入國際化因子作為調節變數，並使用固定效果模型分析綠色創新、財務績效與國際化三者間的關係。
本研究使用最小平方法、固定效果模型、隨機效果模型進行實證，經Hausman檢定後採用固定效果模型，實證結果顯示綠色創新數量會對企業Tobin’s Q造成顯著正向影響，而綠色創新品質則對Tobin’s Q產生顯著負面影響，原因可能是高品質的綠色創新成本及風險皆較高，能否如預期般地回收資金成本是市場投資人的疑慮。而在ROA的分析結果上皆顯示不顯著，表示綠色創新的表現僅影響市場對企業的期待，而對企業內部財務表現沒有影響。最後在國際化的調節效果上則呈現不顯著的結果，顯示國際化對綠色創新與財務績效間的關係沒有影響。

As phenomena such as rising sea levels and extreme weather events become more frequent, the importance of environmental sustainability is becoming more evident to humanity. Not only are consumers altering their consumption patterns to support sustainable products, but many countries are also signing international treaties to facilitate such changes. Innovation, through new technologies or business models that reduce waste in production or recycle resources, is essential for sustainability. However, green innovation may not always be beneficial for businesses. This study uses the World Intellectual Property Organization (WIPO) definition of green patents as a measure of green innovation to examine its impact on corporate financial performance. The study employs data from publicly listed companies over the past decade (2012-2022) and includes internationalization as a moderating variable to assess its impact on the relationship between green innovation and financial performance.
Empirical results indicate that the quantity of green innovations has a significant positive impact on Tobin's Q, whereas the quality of green innovations has a significant negative effect, likely due to the higher costs and risks associated with high-quality green innovations. The analysis of Return on Assets (ROA) shows insignificant results, suggesting that green innovation only influences market expectations and not the internal financial performance of firms. Lastly, the moderating effect of internationalization on the relationship between green innovation and financial performance was found to be insignificant.

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