This study investigated the development and differences of various types of industry-university collaboration: "university-managed factory", "university-managed enterprise", and "asset-management company." The result shows that the first universitymanaged factory was established against the background of Chinese educational thought: "learning and work in parallel." Moreover, the socialist educational belief in "combination of education and work" has brought up and promoted the university-managed factory. Then, following the principle of market economy, for-profit university-managed industries were formed to exert funds for operation and research grants in universities. One of the notable differences between the university-managed enterprise and university-managed factory is that the former placed greater emphasis on profit. Later, the university-managed enterprise experienced multiple innovations to become a corporation, but resulted in a simple replacement of the enterprise name and decrease in the management level. In contrast, a number of university-managed enterprises have negatively influenced the university management. With regard to these issues, the Chinese government has established the asset-management companies to link the university and university-managed enterprises.