Supply chain identification is a process of self-categorization which can encourage firms to make more efforts to achieve supply chain goals. It is important for firms to co-create value with customers/suppliers while pursuing supply chain innovation. However, few studies have investigated identification issues from the business-to-business aspects. Therefore, the purpose of this study is to investigate the identification generation among supply chain members, especially focus on the exchange mechanisms of identification. Based on these mechanisms, we develop a research model to explain the influences of the exchange mechanisms on information sharing and supply chain innovation. This empirical study investigates the top 1000 Taiwanese manufacturers issued by Commonwealth magazine of Taiwan in 2012. The results show: (1) The exchange mechanisms, including trust, commitment, communication, and reciprocal relationship have significant effects on information sharing. (2) Information sharing in the value co-creating process has a significant effect on supply chain innovation. Implications are provided based on the results.