Abstract:     The hidden champion enterprises always focus on key technology fields and obtain a high share in the international market. They are absolute leaders in the market segments and play an important role in global economic development and scientific and technological progress. Under the background of anti-globalization, how to cultivate more hidden champion enterprises to reverse the situation that key technologies are controlled by others and achieve high-quality economic development has become the focus of both practical and academic circles. From the perspective of leadership, combined with the concept of “niche” of hidden champions, this paper put forward the concept of “niche entrepreneurial leadership”, which is considered to be the key factor for the success of hidden champions. Based on the strategic choice theory and dynamic capability theory, this paper constructed a regulated intermediary model to explore the impact mechanism of niche entrepreneurial leadership on the performance of hidden champion enterprises, and further used the data of 257 hidden champion enterprises for empirical research. The study results showed that: Niche entrepreneurial leadership has a positive impact on the performance of hidden champions; specialization strategy plays an intermediary role in the mechanism of niche entrepreneurial leadership on the performance of hidden champion enterprises; and explorative learning ability has a positive impact on the relationship between niche entrepreneurial leadership and enterprise performance and the relationship between specialization strategy and hidden champion enterprise performance, while exploitive learning ability does not play a regulatory role. The theoretical contributions of the study are as follows: firstly, previous studies have shown that entrepreneurial leadership has an important impact on enterprise performance, but most studies are carried out at the team level, which does not open the black box between entrepreneurial leadership and performance from the organizational level. This paper first puts forward the connotation and influence mechanism of niche entrepreneurial leadership. The research conclusions not only enrich the relevant leadership research, but also provide a powerful explanation for the development of hidden champion enterprises in an increasingly turbulent environment. Secondly, although studies have shown that entrepreneurial leadership has an important impact on enterprise strategic choice, and strategic choice is a key factor affecting enterprise performance, few scholars have explored whether the above research conclusions are applicable to hidden champion enterprises. This paper first reveals the intermediary role of specialization strategy between niche entrepreneurial leadership and hidden champion enterprise performance, which not only provides an explanation way for the formation and implementation of special entrepreneurial strategies of enterprises such as hidden champions, but also expands the strategic management theory. Thirdly, in response to the call of Li Ping, this paper took into account both business deepening and application expansion when studying hidden champion enterprises, in which the expansion of application scenarios depended on ambidextrous learning ability. On the one hand, in response to the call of Wiklund and Shepherd on the discussion of multi-regulatory mechanism, this paper explored the boundary conditions for the role of niche entrepreneurial leadership of hidden champion enterprises, and comprehensively explained the entrepreneurial success mechanism of hidden champion enterprises. On the other hand, from the perspective of learning, it enriched and improved the research related to organizational learning.The management implications of this paper are as follows: First, the leadership directly affects the execution of organizational shared vision, employees’ enthusiasm and efficiency and so on. Therefore, giving full play to the role of niche entrepreneurial leadership is the top priority for hidden champion leaders. Second, in the era of digital economy, many enterprises have opened up new businesses and cross-border new fields in pursuit of the benefits of the times. The leaders of hidden champion enterprises should stick to their original intention, unswervingly implement specialization strategy, and adhere to the best of what they are best at, so as to become an irreplaceable existence in the global supply chain. Third, inspire hidden champion managers to cultivate and improve exploratory learning ability. Leaders can speed up the efficiency of internal knowledge circulation by improving the education level of employees, adjusting organizational structure and applying digital technology, encourage the application of new knowledge within the team, help the implementation of specialization strategy, improve the survival ability of enterprises in turbulent environment and help the rapid growth of enterprises.

Key words: hidden champion enterprise, niche entrepreneurial leadership, specialization strategy, ambidextrous learning ability