Abstract: In the process of university-industry collaboration, the difference of target attribute makes the choice of knowledge disclosure strategies different. The focus of this paper is how to seek a balance between the pursuit of appropriability of enterprises and the pursuit of openness of universities. This paper studies the influence of four different knowledge disclosure strategies on the university-industry collaboration based on the models of negative binomial regression and Poisson regression. Taking the patent strategy as the reference group, this paper finds that paper strategy and patent-paper strategy can promote the breadth and depth of university-industry collaboration better, while patent strategy is better than secrecy strategy to promote the depth of university-industry collaboration. What’s more, it finds under the same types of knowledge disclosure strategies, the greater the strength of R&D intensity, the greater the breadth of university-industry collaboration, but the smaller the depth of university-industry collaboration. In the same levels of R&D intensity, the open knowledge disclosure strategies are better than appropriability knowledge disclosure strategies to promote the breadth and depth of university-industry collaboration. Therefore, this paper has a certain theoretical and practical significance for the balance between appropriability and openness in the process of university-industry collaboration.