Dynamic Credit Risk Spillovers in Supply Chains An Audit-Driven Governance Framework

"1.xlsx" contains the main model data, including the stock price returns of Bimbo, Yonghui, and Zhongbai. "mid_down ADF" is the data with additional external control variables added for robustness testing. "CARCH_Copula_CoVaR" is the main model code, which is used to quantify the dynamic credit risk spillover rate of the supply chain; the rest are codes for robustness testing.