Abstract: Against the background of global economic downturn, intensified trade friction, and frequent geopolitical conflicts, the risks of “stuck chain” and “broken chain” in China’s industrial chain continue to rise, and enhancing the resilience and innovation effectiveness of the industrial chain has become an important proposition for achieving high-quality economic development. The “chain leader” enterprises are the key force to strengthen, supplement, and extend the industrial chain, and the state-owned enterprises (SOEs) have the core advantages to become the “chain leader” enterprises, so they should give full play to the radiation and driving role of the “chain leader” SOEs and lead the private enterprises in the chain. To give full play to the role of “chain leader” SOEs and lead the collaborative development of private enterprises in the chain is an important way to enhance the resilience of the industry chain. Based on the above research background, this paper takes the data of A-share listed companies in Shanghai and Shenzhen and their top five suppliers and customers from 2009 to 2023 as samples, and examines the influence of “chain leader” SOEs on the innovation ability of private enterprises in the chain and its mechanism from the perspective of the association of industrial chain enterprises. The conclusions are as follows: Firstly, “chain leader” SOEs can play the “wild goose effect” and lead the improvement of the innovation capacity of private enterprises in the chain. Secondly, the mechanism test finds that “chain leader” SOEs enhance the innovation capacity of private enterprises in the chain through three paths: technological innovation spillover, alleviating financing constraints, and optimizing resource allocation. Thirdly, the heterogeneity test finds that there is heterogeneity in the innovation-leading effect of the “chain leader” SOEs on the private enterprises in the chain, and the benefits are more significant for the private enterprises in the chain that are not in the western region, with a high degree of market competition, and in the geographic distance between the “chain leader” SOEs and the private enterprises in the chain that are closer to the “chain leader” SOEs. In addition, when the “chain leader” SOEs belong to high-tech industries and have a higher degree of digital transformation, their innovation leadership effect on the private enterprises in the chain is more significant. Fourthly, the economic consequences test finds that the “chain leader” SOEs further enhance their enterprise value by improving the innovation capabilities of private enterprises on the chain. Based on the above findings, the following recommendations are put forward: First, actively cultivate “chain leader” SOEs, so that SOEs and private enterprises can mutually empower each other in the modernization of the industrial chain, thus synergistically promoting the high-quality development of the economy and society. Secondly, we should smooth the channels for “chain leader” SOEs to lead the improvement of the innovation ability of private enterprises in the chain, thus establishing a solid endogenous foundation for the innovation-led effect of “chain leader” SOEs. Thirdly, according to local conditions and enterprise-specific strategies, the precise “drip irrigation” effect of “chain leader” SOEs will be enhanced. This study deepens the understanding of the role of vertical industry leadership of chain-owning SOEs, while providing an empirical basis for further releasing the effectiveness of chain-owning SOEs and promoting synergy between SOEs and private enterprises to enhance the resilience of the industrial chain.

Key words: “chain leader” state-owned enterprises, private enterprises in the industrial chain, innovation ability, industrial chain overflow