This empirical study is concerned with university-industry collaboration from a knowledge management perspective. The authors introduce the concepts of "enterprise-level core elements" to define the principle status of an enterprise during university-industry collaboration, and "network embeddedness" as an indication of the closeness of the collaboration. Furthermore, they examine the method of knowledge management. Finally, they use both learning performance and product innovation performance to measure an enterprise's innovation performance. (Contains 11 tables and 3 figures.)