Abstract:
The "Chain Chief" system, whereby local Party and government leaders serve as "chain chiefs" and leading industry enterprises serve as "chain anchors", represents an institutional innovation in industrial chain governance that integrates administrative coordination with market mechanisms in China. Using listed companies on Shanghai and Shenzhen A-share markets as samples and employing a multi-period difference-in-differences model, this study finds that implementation of the "Chain Chief" system significantly enhances corporate labor productivity, with effects being particularly pronounced for enterprises with lower internal control quality, those in technology-intensive and less concentrated industries, and those in regions with greater fiscal support. The mechanisms operate through: (1) Reducing corporate management costs. By strengthening information sharing and collaborative coordination between upstream and downstream enterprises, the system reduces inventory accumulation and resource misallocation caused by supply-demand fluctuations and factor constraints, decreases costs in communication, coordination, and contract fulfillment, and improves execution efficiency through process standardization and digital management. (2) Increasing output per unit of labor input. By clarifying industrial development directions, releasing technological demands, and expanding industrial projects, the system promotes the flow and agglomeration of innovative human resources to enterprises, enhances corporate capacity for identifying, screening, absorbing, and redeveloping external knowledge, enabling faster conversion into process improvements, equipment optimization, and production process upgrades. (3) Reducing ineffective labor input in technological trial-and-error and production adjustment processes. By strengthening technology supply-demand matching, establishing collaborative innovation platforms, and improving cooperation guarantee mechanisms, the system promotes stable and deep industry-university-research partnerships between enterprises, universities, and research institutions, facilitating faster integration of new technologies and processes into production operations. Economic consequence analysis demonstrates that the "Chain Chief" system, through enhancing corporate labor productivity, further elevates corporate market value and new quality productive forces development levels. This study provides valuable insights for optimizing local industrial policy systems and improving corporate production efficiency.
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