Abstract:How to improve enterprise"s short-term performance and long-term performance has been the research focus at home and abroad. Taking ambidextrous innovation as the intermediary variable, this paper thoroughly discusses the internal mechanism of the three dimensions of enterprise intellectual capital to short-term financial performance and long-term competitive advantage in dynamic environments. The results show that human capital, structural capital and social capital have a significant positive effect on exploitative innovation, while only social capital has a significant positive influence on exploratory innovation. Exploitative innovation has a significant positive influence on short-term financial performance and has an indirect effects on long-term competitive advantage. Exploratory innovation has a significant positive effect on long-term competitive advantage. Exploitative innovation has a complete mediation effect between human capital, structural capital, social capital and short-term financial performance. Exploratory innovation plays as a partial intermediary role between social capital and long-term competitive advantage. Environmental dynamism is found to have a significant positive moderating effect on the relationship between exploratory innovation and long-term competitive advantage, and a negative moderating effect on the relationship between exploitative innovation and short-term financial performance.