Leading the Chain, Lifting the Output: The Chain Leader System Policy and Supply Chain Participants' Productivity
研究中国链长制这一新型公私合作模式对企业全要素生产率的影响，发现其通过促进产业链整合、降低协调成本等机制显著提升企业生产率，对技术密集型行业和非国有企业效果更明显。
ABSTRACT This study examines the impact of China's chain leader system (CLS)—a novel, institutionalised form of public–private partnership (PPP)—on corporate total factor productivity (TFP). The CLS formalises state–enterprise collaboration by appointing government officials as “chain leaders” and designating key firms as “chain masters” to jointly coordinate industrial chain development. We construct a mathematical theoretical model to analyse the system's effects on firm‐level productivity. Leveraging a staggered difference‐in‐differences research design, we find that the implementation of the CLS significantly enhances firm‐level TFP. The effect is more pronounced when provincial officials serve as chain leaders, when state‐owned enterprises (SOEs) act as chain masters, and in regions characterised by strong financial and economic developments. Moreover, productivity gains are especially salient in technology‐intensive sectors, highly competitive industries, non‐SOEs, and firms with a high degree of specialisation. Mechanism analysis further reveals that the CLS strengthens industrial chain integration, reduces coordination costs, alleviates financing constraints, improves access to commercial credit, and promotes R&D investment and collaborative innovation. These findings highlight the effectiveness of structured PPP mechanisms in improving industrial governance and fostering productivity in emerging economies.