The construction supply chain has many stakeholders and complex and diverse information, which cause various information exchange problems that diminish project management efficiency. Thus, information collaboration is an important factor in the construction supply chain. This study aims to improve the efficiency of project management by analyzing the factors hindering information collaboration in the construction supply chain in order to determine their internal influencing mechanisms. The relevant data of 281 construction employees is collected by questionnaire survey. The relationship among stakeholders (SH), information technology (IT), external stability mechanism (ESM), and information collaboration is then quantitatively evaluated based on the structural equation model (SEM). The results show that stakeholders, information technology, and the external stability mechanism have an influence on information collaboration, while stakeholders do not have a significant influence. Information technology and the external stability mechanism significantly influence information collaboration and provide a mediation role between stakeholders and information collaboration. The innovation of this work is the quantification of information collaboration influencing factors in the construction supply chain and the analysis of its potential path relationship according to the mediating effect test. Its theoretical contribution is to address the research gap in construction supply chain information collaboration and expand the research scope of construction project collaborative management regarding information collaboration. Finally, this work has a practical contribution by providing suggestions for improving the efficiency of building supply information collaboration.