The purpose of this paper is to clarify the actual situation around listed universitymanaged enterprises which are regarded as a success model of university-industry collaboration. First of all, lots of listed university-managed enterprises are in financial difficulties. For example, the number of unstable enterprises is more than the number of prime enterprises in 30 listed university-managed enterprises which are recognized officially now. Secondly, universities tolerate listed university-managed enterprises making use of universities' name against a rule. The stock prices of those listed universitymanaged enterprises fluctuate widely. For instance, the highest stock prices are ten times the lowest stock prices. For universities, to manage listed university-managed enterprises is high risk and may lead to lose universities' reliance. Thirdly, a part of listed universitymanaged enterprises are not aiming at practical use of research but business itself. In fact some listed university-managed enterprises contribute to practical use of research and fund raising. However most universities take a risk in terms of management and resources and reputation of universities may be influenced. Totally it is found that listed university-managed enterprises are not always the model of success of university-industry collaboration.