Zhu Ling

Solvency assessment is the core content of insurance supervision. In this paper, from the perspective of capital flow, the insurance company’s capital flow is regarded as a dynamic system, the stochastic differential equations model is established to describe its flow characteristics, and the existence of positive equilibrium point of the system is proved, as well as the conditions of stability at equilibrium point, that is, the requirements of the insurance company’s solvency. Furthermore, by using the numerical simulation method, we get the strategy of insurance companies to deal with the solvency shortage when facing the change of external environment, and the strategy of insurance company to deal with solvency shortage is obtained.

This study examines the impact of non-executive employee stock ownership plans (ESOP) on corporate environmental engagement. We show that granting ESOPs to non-executive employees promotes greater corporate ecological engagement from the perspectives of environmental protection expenditures, environmental information disclosure quality, and environmental, social, and governance (ESG) ratings. ESOPs unite members in a common interest, empowering them to put pressure on management to reduce carbon emissions, which benefits their physical wellbeing and increases their residual interest in long-term corporate wealth. Further, our analysis reveals that companies investing in environmental protection forgo short-term profit as a consequence of high initial costs, while increasing long-term firm value. These positive effects are attributable to ESOP schemes with higher employee subscription rates, those granted to a larger number of non-executive employees, and those with longer validity periods of ownership, whose incentive effect is sufficiently powerful to offset the free-rider problem. In addition, the impact of ESOPs is more pronounced in companies with greater media exposure, those confronting intense labor market competition, and those in heavily polluting industries. Fundamentally, our study provides novel evidence of the incentive effect of ESOPs on corporate environmental engagement and of stakeholder dynamics driving the implementation of carbon reduction strategies.

"Administrative organs at all levels of government announced the annual report information disclosure system" as China's legal construction of an information system innovation, has received a preliminary practice and expanded. By 2008, provincial and ministerial level agencies report published text of the empirical analysis, we found that some agencies did not seriously carry "regulations", "published report" duties; competent authorities of all levels of government to effectively perform key duties of this guidance, supervision is not enough ; public participation is not enough and so on. Authorities should deal with the problems, to compile the "reporting guidelines" provide "text of the report template" approach to guide the administrative authorities at all levels to do this work, and urged the management of public affairs with the organization and with the interests of the people close related public enterprises also perform "published report" obligation to support social welfare organizations "published report" of the organization involved, systematic monitoring and comprehensive professional evaluation, to facilitate the implementation of this new regulatory regime and sustainable development . The new system of publishing government information disclosure annual report of agencies at all levels has developed at the first stage. We found some problems by the empirical analysis on each provincial agency in 2008 as following: Firstly, some agencies didn't take the obligations of the Regulation seriously; Secondly, the instructions and supervisions to agencies in different level are not effective and the publics have not enough chances to participate in this activity. To deal with the problems, competent authorities should guide agencies by compiling "Report Guideline" and providing "Report Template", and encouraging the organizations which are related to public affairs and public interests to fulfill the obligation of publishing reports, supporting for social welfare organizations' organized participation in, mechanism monitoring and professional commentary on publishing reports. They should give a great beneficial inspiration to the practice and sustainable development? of the new legal system