Impact of technology transfer offices on university spin-off bankruptcy
从社会资本视角实证分析技术转移办公室（TTO）参与对大学衍生企业（USO）破产的影响，发现密切商业关系、客户引荐、市场/客户知识共享和技术知识共享显著降低破产风险。
Abstract University technology transfer offices (TTOs) support the creation and subsequent growth of university spin-offs (USOs) as a part of their “third mission.” This study empirically analyzed the impact of TTO involvement on USO bankruptcy from a social capital perspective. Using Cox proportional hazards model survival analysis, it revealed that close business relationships, customer introduction, market/customer knowledge sharing, and technology knowledge sharing with USOs significantly negatively affected their bankruptcy. None of the models promoted USO bankruptcy at any of the stages from relationship building to resource provision, aligning with the assumptions from the social capital perspective. The results revealed three vectors for effective TTO involvement in preventing USO bankruptcy: (1) professionalism in relationship building, (2) knowledge-based involvement, and (3) customer-oriented resource provision. The findings highlight the relationship between TTO involvement and USO bankruptcy from the social capital perspective, thus bridging a gap in the literature. TTOs must recruit and promote specialists who have a professional mindset, consistently maintain professional business relationships with USOs, have experience and knowledge, and are customer oriented. USOs must seek other meaningful relationship building opportunities and stimulate self-help efforts if TTOs lack supporting capabilities and remain unwilling to help.