Supply chain innovation has become a paramount national strategy in enhancing supply chain resilience and promoting economic sustainability. This paper considers the establishment of national supply chain innovation pilot firms as a quasi-natural experiment. It utilizes event study and difference-in-differences methods to assess the effects of the supply chain innovation pilot policy. The results indicate that pilot firms obtained excess returns within the event window. Mechanism analysis shows that the value growth of these firms primarily stems from the significant enhancement of their innovation capabilities due to the supply chain innovation pilot policy. Further analysis shows that the impact of the supply chain innovation pilot policy is particularly significant in state-owned firms, firms with low supply chain concentration, industries with high levels of competition, and firms located in regions with strong innovation capabilities. The conclusions provide robust evidence for the government to evaluate the effectiveness of the supply chain innovation pilot policy. The conclusions also offer scientific guidance for the government to formulate and refine future supply chain innovation policies. These findings provide management implications for firms engaged in supply chain innovation pilot projects.