In this paper, intellectual property risk is taken as a moderator, and the relationships between four dimensionalities of absorptive capacity (acquisition, assimilation, transformation and exploitation) and product innovation performance are researched, then a new theoretical analysis framework is constructed. Based on data from 228 observations, this new framework is tested by structural equation modeling. Research results indicate that the relationships between four dimensionalities of absorptive capacity (acquisition, assimilation, transformation and exploitation) and product innovation performance are moderated by intellectual property risk. This conclusion not only explains why existing research results are conflicting, but also provides theory basis for enterprises to improve product innovation performance and for countries to establish and accomplish legal system for intellectual property protection.