University　technology　transfer　allows　universities　to　extract　benefits　from　their　research.　We　examine　how　universities　can　create　and　capture　value　from　their　technology　creation　and　technology　commercialization　efforts　by　embracing　a　dynamic　capabilities　perspective.　Our　longitudinal　analysis　involves　829　universities　and　3908　university-year　observations　in　30　subnational　regions　(provinces)　in　China　during　a　6-year　period.　Our　findings　reveal　(1)　that　universities　create　more　ideas　and　capture　more　licensing　value　through　dynamic　management　and　active　orchestration　of　assets,　(2)　that　a　developed　factor　market　accelerates　value　creation　and　commercialization,　and　(3)　that　a　developed　institutional　environment　at　the　subnational　level　stimulates　value　creation　but　inhibits　value　capture.　These　interesting　findings　justify　a　dynamic　capabilities　perspective　of　the　university　technology　transfer　process　while　opening　avenues　for　future　research.