This paper addresses how a technology holding company (THC) affects university inventions crossing the Valley of Death (VoD). A THC, which is a new incubation model, is a specialised organisation for establishing spin-offs as subsidiaries and commercialising university inventions. This study verifies the effects of THCs on the incubation productivity of universities by conducting a propensity-score matching and two-stage data envelopment analysis. The results show that, in the university group with high entrepreneurial orientation, universities with a THC are less productive in the invention stage but more productive in the commercialisation stage than universities without a THC. This demonstrates that THCs decrease productivity in the invention stage by playing the role of a gatekeeper but, in the commercialisation stage, increase productivity by playing the role of a sponsor. In addition, this study finds that the effects of a THC are more significant in universities with high entrepreneurial orientation than in universities with low entrepreneurial orientation. This paper shows that a THC positively affects university spin-offs crossing the VoD by playing different roles in the invention and commercialisation stages.

本文讨论了技术控股公司 (THC) 如何影响跨越死亡谷 (VoD) 的大学发明。THC 是一种新的孵化模式，是一个专门的组织，用于将分拆作为子公司并将大学发明商业化。本研究通过倾向得分匹配和两阶段数据包络分析来验证 THC 对大学孵化生产力的影响。结果表明，在创业取向高的大学群体中，拥有THC的大学在发明阶段的生产力低于没有THC的大学，但在商业化阶段的生产力更高。这表明 THC 通过扮演看门人的角色降低了发明阶段的生产力，但在商业化阶段，通过扮演赞助者的角色来提高生产力。此外，本研究发现 THC 的影响在具有高创业倾向的大学中比在低创业倾向的大学中更为显着。本文表明 THC 通过在发明和商业化阶段发挥不同的作用，对跨越 VoD 的大学衍生产品产生积极影响。