关键词: 大学上市公司, 校办企业, 知识产业化, 公司治理, 大学衍生企业, university-owned listed company, university-run firm, knowledge industrialization, corporate governance, university spin-out

Abstract: Owned by university and its affiliated asset holding corporate, the university-owned listed company (UOLC) is a special kind of enterprise between university and society. This article introduces basic characteristics of such companies, analyzes their operation and innovation performances as well as the tie with the upper-echelon university. The main business scope of a UOLC is generally consistent with advantageous disciplines of the university, and the top management team has intimate background of the university. But the UOLC contributes little pecuniary income for the university, and the performance does not surpass the average level of ordinary high-tech based firms. This article then compares UOLC with traditional university-run firms, classical university spin-offs and ordinary listed firms, which sheds lights on some new research opportunities in the academic area of university spin-off, corporate governance and knowledge industrialization etc.