This research leverages a substantial dataset of Chinese A-share listed firms, encompassing the years from 2015 to 2020, and adopts social network analysis as a means to quantify the centrality characteristics within the chain shareholder network (CSN). Based on this, this study examines CSN and firm value. The initial results demonstrate that there exists a positive link between CSN and the value of firms. The outcomes of the analysis hold steady when subjected to a collection of sensitivity tests and in light of endogeneity considerations. Furthermore, the channel analyses show that the CSN increases firm value through the reducing of agency cost, strategic deviance, and corporate violation. Moreover, the cross-sectional analysis reveals that the beneficial impact of CSN on firm value is more pronounced among non-state-owned enterprises (Non-SOEs) as well as companies situated in regions with a more favorable legal environment. Further analyses show that CSN increases firm value through the strengthening information advantages under weak ties.