ESG Enterprise Hybrid Risk Diversification Mechanism Based on Third‐Party Guarantee

ABSTRACT To alleviate the financial burden of supporting ESG disclosures, this study introduces third‐party institutions and proposes two alternative models: GFSL (Guarantee First, Subsidy Later) and SFGL (Subsidy First, Guarantee Later). Using evolutionary game theory, it analyzes strategic decisions and compares models through numerical simulations. Results show that subsidy caps and premium levels must be balanced carefully. SFGL suits cases with minimal external influence, while FGS with dynamic incentives fits strong responders. For opportunistic enterprises, SFGL is preferred. This study offers theoretical insights and practical guidance for optimizing ESG subsidy strategies and advancing sustainable finance.