Research On Mechanism Of Technology-based University Spin-off Value Creation

Technology-based university spin-off (TUS) , which appeared first in USA after World Warâ…¡, has played a more and more important role in development of economy and science and become a vital component of national innovation system. TUS, who depended on the intellectual support of the university and take technonogy innovation as her core competency, improves the cooperation of university and enterprise to a large extent. The influence of TUSs of Stanford University to the success of sillion valley has received a lot of attention from both scholoars and policy-makers. The former research, however, focus more on the function and effection of TUS from macroscopical view based on quality methods, rather than the value creation mechanism from microcosmis view based on quantity methods, ignoring the difference of TUS and normal university.A lot of TUSs depent on resources of university were created in china at present. Some of them, such as Founder of Peking University, Thunis of Tsinghua University, have become very famous in industrial field. Some of them have shown a spark twinkling start, but died in a short time. It is very necessary to analyze the the mechanism of TUS value creation to guide the TUS to grow healthly. Mechanism of TUS value creation solves three questions: firstly, which factors can influence the value of TUS; secondly, how the factors influence the value of TUS; thirdly, how the value increment is created.Though there are a lot of research in value creation field, most of them just descripe several factors which influence the firm's value stock, ignoring the relationship between these factors and value increment. The paper analyzes the mechanism from two aspects: mechanism of value stock and mechanism of value increment, and testify the theoretical hypothesis derived from the systematic research, recover three disciplinarians of TUS value creation.The main conclusion is compatible with the core ideology of Laozi who indicates that"the tangible is coexisting with the intangible". If TUS does not have the economy capital, exist of intellectual capital have no meaning. In addition, intellectual capital and economy capital of TUS can be transferred with each other. The tangible capital, in fact, is the basis of the intangible capital, because the intangible capital may be decreased without the support of tangible capital, while the intangible capital is real source of value creation. Main content of the paper is as following:Firstly, value creation system of TUS is constructed based on systematic theory, providing a analyzing framework for the research of TUS value creation. Value creation system of TUS is divided into three levers: influencial factors, value chain, value network. Firstly, influencial factors include intellectual capital, economy capital and external environments, while intellectual capital is the key factor. Secondly, effection of each tellectual capital to TUS value is analyzed based on value chain theory. Finally, the mechanism of TUS value creation is recovered through the view of value network.Secondly, Key indictors of influencial factors are indentified by using the exploratory factor analysis. At present, most of researches on TUS focus on the description of the phenomenon. Like capital and labor, the intellectual capital is gradually become the main source of value creation in knowledge economy. According to the characteristics of TUS, intellectual capital of TUS is categoried into individual human capital, group human capital, organization capital, technology capital, social capital and reputation capital.Thirdly, factors and paths in which the influencial factors influence the value stock are analyzed based on value chain. Though certain researches have analyzed the relationship between the factors and firm's value, the analysis view is mainly based on the former review, ignoring the logistic. After researching the six characteristics, the paper gives a detailed study on their relaitionship using knowledge management theory and strategic management theory.Fourthly, we, based on value network analyzing framework, conclude three pathes by which the value increment is created: intellectual capital, leveraging effects of"stage intellectual capital"to"pioneer intellectual capital", coupling effects of each intellectual capital increment. Empirical results show that the relationship between intellectual capital increment and value increment is not linear. In fact, the process of value increment can be explained by the value network which evolves from a lower lever to a higher lever.Fifthly, we initiate the TUS value creation mechanism model and testify the model using structural equation model and confirmatory factor analysis. Based on correlation matrix of main indictors, the paper explains the hypothesis which can not be supported by the empirical analysis.Main conclusions are as following: for TUS, individual human capital increment is positively correlated with the value increment; for TUS, group human capital increment is positively correlated with the value increment; for TUS, organization increment is positively correlated with the value increment; for TUS, technology capital increment is positively correlated with the value increment; for TUS, social capital increment is positively correlated with the value increment; for TUS, reputation capital increment is positively correlated with the value increment; group human capital can leverage the effection of individual human capital to the value increment; organization capital can leverage the effection of individual human capital to the value increment; organization capital can leverage the effection of technolgy capital to the value increment; social capital can leverage the effection of individual human capital to the value increment; social capital can leverage the effection of technolgy capital to the value increment; reputation capital can leverage the effection of technology capital to the value increment; individual human capital increment and group human capital increment covary; individual human capital increment and social capital increment covary; group human capital increment and social capital increment covary; organization capital increment and individual human capital increment covary; organization capital increment and group human capital increment covary; organization capital increment and social capital increment covary; social capital increment and reputation capital increment covary; technology capital increment and individual human capital increment covary;Innovations of the paper are as following: (1) framework of TUS value creation and value management is constructed. Though the main objective of this research is TUS, the relationship of value creation and value realization is analyed also. The framework can provide some useful reference of other types of TUS's value management; (2) Based on empirical analysis, we found that the difference of account value of TUS and market value of TUS can be explained by exist of intellectual capital. In addition, the paper constructs the TUS value indictors system, and identifies the dimensions and key indictors of them based on confirmatory factor analysis; (3) factors and paths in which the influencial factors influence the value stock are analyzed based on value chain theory;(4) based on value network analyzing framework, the paper concludes three pathes by which the value increment is created: intellectual capital, leveraging effects of"stage intellectual capital"to"pioneer intellectual capital", coupling effects of each intellectual capital increment.