Abstract: Promoting the cultivation of chain leader firms is not only a key lever for breaking through the "low-end lock-in" dilemma of industrial chains, but also a strategic measure for achieving the security and controllability of industrial chains. Existing literature primarily focuses on industrial policies and external environments, with insufficient attention paid to the role of corporate proactive strategic behaviors in this process. Based on data from A-share listed companies from 2012 to 2022, this paper employs a two-way fixed effects model to systematically examine the causal effect and mechanisms of corporate mergers and acquisitions (M&A) on the cultivation of chain leader firms. The findings reveal that M&A significantly enhance the level and scale of chain leader firms, primarily through two channels: the synergy of heterogeneous resources and disruptive technological innovation. Further analysis indicates that vertical M&A, by strengthening industrial chain control and technology ecosystem lock-in effects, has a particularly prominent cultivation effect, and the empowering effect of M&A on chain leader firms is more significant in the eastern region. The findings expand the theoretical framework for cultivating chain leader firms from the perspective of corporate proactive strategies, and provide empirical evidence for differentiated M&A strategies and regional policy formulation.

Key words: merger and acquisition, chain-leading enterprise, industrial chain governance, international competitiveness