In recent years, the synergistic effect and competitive collusion effect of the chain shareholder network have attracted extensive research from scholars at home and abroad. Based on this, from the perspective of enterprise innovation activities, the impact of chain shareholders on breakthrough innovation of enterprises was empirically studied. The results show that the chain shareholder's network has a positive correlation with the enterprise's radical innovation, that is, the chain shareholder's network exerts its cooperative management function and promotes the radical innovation.The impact mechanism test finds that institutional investors ' shareholding plays a positive regulatory role between chain shareholders and corporate breakthrough innovation, and significantly promotes corporate breakthrough innovation. The conclusion has enriched the related documents about the chain shareholder, and has some reference meaning for the enterprise to realize the breakthrough innovation.