Descriptive Statistics Results of Main Variables.

Enhancing the resilience and security of industrial and supply chains is a key initiative to drive high-quality development of the real economy, yet the role of state-owned capital participation in this context remains insufficiently understood. This study empirically investigates how state-owned capital involvement affects the supply chain stability of private enterprises, addressing a significant gap in the literature on state-owned capital’s impact on supply chain management. Drawing on data from Chinese A-share-listed private enterprises spanning 2013–2022, this study adopts an empirical research design grounded in empowerment theory to construct models that assess the effect of state-owned capital participation on supply chain stability. Mechanism tests and heterogeneity analyses are conducted to identify mediating pathways and boundary conditions. The results suggest that state-owned capital participation significantly enhances the supply chain stability of private enterprises. State-owned capital influences private enterprises through two mechanisms: resource enabling and optimization of internal governance structures. Heterogeneity analysis further reveals that the positive effect is more pronounced among private enterprises with weaker bank-enterprise relationships, lower product competitiveness, poorer internal control systems, and higher levels of negative media coverage. By clarifying the stabilizing role of state-owned capital participation in enhancing supply chain stability, this study contributes to both supply chain management theory and the impact of state-owned capital on private enterprises. It also provides policy strategies to strengthen industrial and supply chain resilience and security, while offering actionable insights into targeted policy interventions tailored to different types of private enterprises.提升产业链供应链韧性与安全是推动实体经济高质量发展的核心举措，但当前学界对国有资本参与在此场景中的作用仍缺乏充分认知。本研究实证检验国有资本参与如何影响民营企业的供应链稳定性，弥补了现有国有资本对供应链管理影响相关研究的重要空白。本研究以2013-2022年中国A股上市民营企业为研究样本，基于赋能理论（empowerment theory）构建实证研究框架，搭建模型以评估国有资本参与对民营企业供应链稳定性的影响效应。研究通过机制检验与异质性分析，明确了其作用传导路径与边界约束条件。结果表明，国有资本参与能够显著提升民营企业的供应链稳定性。国有资本主要通过两大路径对民营企业施加影响：一是资源赋能，二是优化企业内部治理结构。异质性分析进一步显示，在银企关系较弱、产品竞争力不足、内部控制体系不完善以及负面媒体报道较多的民营企业中，国有资本参与的正向提升效应更为显著。本研究明确了国有资本参与对民营企业供应链稳定性的正向稳定作用，既丰富了供应链管理领域的理论研究，也拓展了国有资本对民营企业影响的相关研究边界。同时，本研究为强化产业链供应链韧性与安全提供了政策策略，并为针对不同类型民营企业制定精准的政策干预措施提供了可操作的实践启示。