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| Influence of ESG on Contagion of Credit Risk Based on Scale-free Networks |
| LIU Xuejuana, ZHANG Jingyia, CAO Huib
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| a. School of Economics and Management; b. School of Resources and Safety Engineering, Beijing University of Science and Technology, Beijing 100083, China |
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Abstract In order to discover the influence of ESG score on the evolution of enterprise-associated credit risk, this paper proposed a contagion model of enterprise-associated credit risk considering ESG score based on the mean field theory of heterogeneous network, and the simulation is carried out based on the BA scale-free network. The study found that improving the ESG score is important for controlling the contagion of associated credit risk. Increasing the ESG score of such enterprises when their influence is weak is beneficial for suppressing the number of enterprises affected by associated credit risk. Increasing the ESG score of such enterprises when their influence is large is favorable for reducing the speed of associated credit risk contagion. Additionally, increasing the proportion of the ESG score in corporate credit evaluation indicators is also beneficial for controlling the credit risk contagion.
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Received: 13 December 2023
Published: 10 December 2025
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