Supply chain innovation has become a critical driver for firms to enhance their international competitiveness and plays a pivotal role in promoting industrial upgrading and fostering sustainable economic development. This paper takes the establishment of national supply chain innovation pilot firms as a quasi-natural experiment, and combines the event study method with the difference-in-differences approach to test the effectiveness of the supply chain innovation pilot policy. The results show that pilot firms achieved significant abnormal returns during the event window. Mechanism tests reveal that the increase in firm value is primarily attributable to the supply chain innovation pilot policy, which significantly enhances firm innovation. Further analysis reveals that the impact of the supply chain innovation pilot policy is particularly significant in state-owned firms, firms with lower supply chain concentration, firms in industries with higher concentration, and firms located in regions with strong innovation capabilities. This study provides credible evidence for the government to evaluate the effectiveness of the supply chain innovation pilot policy. The results also serve as scientific guidance for the government to formulate and improve supply chain innovation policies in the future. These findings provide management implications for firms to establish supply chain innovation pilots.