Huaxi Dushi Bao reporter Li Xiujiang

　　Photography Zhang Lei Someone asked our company to call your number for three months in a row. If you need to cancel it for a fee, please contact the staff and send a red envelope on WeChat … …

　　At noon on August 11th, Master Huang, who was running a taxi in Jiuzhaigou, suddenly received such a short message. He thought it was a scam message and didn’t care. As a result, after half an hour, the sound of the mobile phone never stopped.

　　In the meantime, Master Huang, who was unbearable to be harassed, turned the 100 yuan WeChat red envelope according to the other party’s prompt. Unexpectedly, the mobile phone was quiet for only half an hour and started ringing off the hook, and the other party asked for 200 yuan again. Worried that it was a bottomless pit, as a last resort, Master Huang turned to the operator where the mobile phone number was located and the police for help, and the answer was that there was no way to completely solve the problem.

　　On the one hand, there is endless noise, and on the other hand, there is nothing the supervision can do. In fact, Master Huang’s experience is not a case. Enter the keyword "Call you to death" on the Internet, and there are at least hundreds of similar news reports. The ultimate solution for these victims can only rely on themselves — — Block all strange calls or simply turn it off.

　　Behind this dilemma, there is a hidden status quo: software such as "call you to death" can be downloaded at will on the Internet, and even specialized companies use this kind of software to make profits by helping people "call you to death".

　　A

　　event

　　The brother who received the text message asking for a red envelope ignored it and was entangled in "calling you to death"

　　Master Huang has been running a taxi in Jiuzhaigou for several years, and this is the first time he has encountered such a thing: at noon on the 11th, he just received a guest who wanted to go from Jiuzhaigou to Chengdu. Not long after the car drove, he received a short message from a mobile phone number with a display area of Changsha, Hunan: "Someone asked our company to call your number for three consecutive months. If you need to cancel it for a fee, please contact the staff and send a red envelope on WeChat … …” At the end of the message, there are two WeChat numbers attached.

　　Master Huang thought it was a scam message and didn’t care. Unexpectedly, half an hour later, strange numbers began to call in. Some are strange numbers from other places, while others are unknown. They all hang up after ringing one or two times. Call back, the phone is either unanswered or the number is empty.

　　Master Huang was not too entangled in this because he was in a hurry to drive away. However, on the way from Jiuzhaigou to Chengdu, his mobile phone never stopped, ringing every 2 minutes, and the frequency was very uniform.

　　After 6 o’clock that night, the unbearable Master Huang could only "beg for mercy". He added the other party’s micro-signal according to the SMS prompt. "Who are you? Why do you want to do this? " For Master Huang’s inquiry, the other party did not answer, only said that he would help 100 yuan cancel the call if he wanted a red envelope.

　　After some bargaining, Master Huang first gave the other party a 50 yuan WeChat red envelope, but I didn’t expect the other party to have no room for negotiation at all. In desperation, Master Huang had to turn to 50 yuan again.

　　I thought this problem would be solved, but after half an hour of silence, Master Huang’s cell phone started ringing again. This time, the other person opened his mouth to 200 yuan, and said that no bargaining was allowed, otherwise he would "call you to death" for three consecutive months.

　　In the face of help and alarm

　　Both operators and police feel "headache"

　　Worried that it is a bottomless pit, Master Huang dare not remit money easily. Unbearable, he chose to ask for help from the operator who provided telecommunications services. The staff said that they would give feedback to the technical department, handle it in the background and give a reply within 24 hours. But after 24 hours, Master Huang failed to wait for the other party’s reply.

　　The harassing phone call still didn’t stop. Master Huang contacted the operator again, and the other party told him that there was nothing they could do to harass multiple strange phone numbers or display unknown numbers. The staff suggested that he download some interception software to stop it.

　　But this can’t solve the problem at all. Huang Shi Fu Shuo drives a taxi himself, and there are often strange calls for him, so it’s even more impossible to turn it off. Can continuously harass the phone, so that he can’t drive normally to attract customers.

　　As a last resort, Master Huang chose to call the police. The local police told him that he had received many such reports and had to register first.

　　As of press time, the number of harassing calls on Master Huang’s mobile phone has reached hundreds, and it has not stopped, and the time has exceeded 48 hours.

　　B

　　statement

　　The means to prevent "calling you to death" harassment are limited and it is difficult to intercept it comprehensively.

　　In fact, Master Huang’s experience is not a case. In the past two years, there have been seven or eight readers who have reported similar situations to this newspaper. Enter the keyword "call you to death" on the Internet, and at least hundreds of similar news reports will be searched out. The reporter combed the local media reports and found that in the case of "calling you to death", almost all the answers the victims got from the operators were: the problem could not be completely solved.

　　Mr. Cheng, a technical developer of an information technology company in Chengdu High-tech Zone, told reporters that "calling you to death" is actually an arbitrary dialing software that keeps repeating numbers. In the set time, keep dialing the number of the callee, so that the callee’s phone is busy, and other numbers cannot be dialed until the phone is turned off. Mr. Cheng said, "The incoming number of this kind of software is constantly changing. At present, mobile phones and fixed telephones should be guarded against ‘ Call you to death ’ The software means are extremely limited and cannot be completely intercepted. "

　　Mr. Cheng said that coupled with its concealment and variability, it is difficult for relevant departments to track down the perpetrators.

　　Earlier, some media reported that some experts in information engineering said that in case of "calling you to death" bombing, you can download mobile phone interception software. General interception software can mark harassing calls through big data, which can identify harassing calls faster than manual work and shorten the call time, but it can’t fundamentally prevent incoming calls.

　　C

　　survey

　　"Call you to death" software can be downloaded up to one million times online.

　　Why are more and more users being harassed by "calling you to death"? The reporter launched an investigation.

　　Enter the keyword "Call you to death" on the Internet, and there are many related messages. What is even more unexpected is that this software can be downloaded at will on the Internet, and some of them are accompanied by detailed installation and use instructions.

　　The reporter randomly clicked on the download page of a computer website and found a software called "Fast Phone Call You 2.8". At the bottom of the download link, there is a software introduction: calling your software to death requires the support of networked computers, and you can call numbers such as mobile phones or fixed telephones continuously until the power supply of the other number is exhausted, or it is always busy, so that other lines can’t call in unless the user turns it off by himself. The software also claims to be "the ultimate software for managing small advertisements".

　　After the reporter downloads, he can set the information such as call frequency and duration in the setting column, enter the mobile phone number or fixed phone number at will, and click the "Start Call" button, and the other party’s mobile phone or fixed phone will be continuously bombed. Incredibly, the downloads of this kind of software are amazing. By 5 pm on August 13th, this software had been downloaded more than 30,000 times on this website. According to CCTV’s previous report, the download volume of a software that "calls you to death" is as high as 1.25 million times, and the "praise" is as high as tens of thousands.

　　Corresponding to the download volume, it is a miserable victim. According to Anhui Business Daily, Mr. Xing, a citizen of Hefei, didn’t care when he received a strange text message. He actually received 4003 non-calling numbers in one day, and was called once every 21.6 seconds on average!

　　"Call you to death" is clearly marked online, and only 50 yuan can call for 3 days.

　　In fact, "calling you to death" has already become a complete interest chain. On the Internet, online stores and businesses that provide "call you to death" services can be easily found, and some businesses even openly price their services.

　　The reporter found a WeChat WeChat official account selling such services on the Internet, and the price offered by the other party was not high — — You only need 50 yuan to call any number for 3 days, and 100 yuan for 5 days.

　　After several days of investigation, the reporter found that in addition to free downloads, there are also some websites that sell such software publicly. Enter the words "Call you to death" on the Internet at will, turn over a few pages, and click to enter a computer website, which clearly indicates the price of the purchased product. A set of "call you to death" software, from purchase to activation and upgrade, is all guided online. The price of this kind of software varies according to the length of use. For example, the January version of 100 yuan, the half-year version of 280 yuan, and the lifetime version cost more than 2,200 yuan.

　　D

　　Support

　　Stopping the service of non-real-name telephone or VoIP may solve the problem.

　　Previously, the staff of telecom operators said that it was difficult to intercept "calling you to death", and some information technology experts said that downloading mobile phone interception software could not fundamentally prevent incoming calls. So, how to solve this problem?

　　Lawyer Huang Lei of Beijing Anbo (Chengdu) Law Firm has some research on this kind of cases. He said that in fact, operators can make a difference, and it is not difficult for him to solve this problem. "Telecom operators should strictly implement the real-name registration system, stop the service of non-real-name telephones or networks, so that they can’t call in or call out, which can effectively prevent others from using non-real-name registration system telephones or networks to commit criminal acts." Huang Lei said that once the real-name registration system is strictly implemented, it will be much easier to investigate and deal with it. At the same time, Huang Lei suggested that the telecommunications authorities should strengthen technical research and restrict these network violations from ports.

　　Lawyer’s statement/

　　"Call you to death" operator suspected of extortion

　　The "call you to death" operator’s behavior of asking Master Huang to "give money to eliminate the disaster" through SMS threats has been suspected of extortion. Lawyer Huang Lei said, from texting to voice asking for a red envelope, it is obvious that the operator’s behavior belongs to telephone harassment and forced asking for a red envelope. According to the Criminal Law and other relevant laws and regulations, for the purpose of illegal possession, the victim is forced to ask for public or private property by threatening or threatening. If the amount is large or repeatedly extorted, it is suspected to constitute extortion. The harassed person can report the crime of extortion and be investigated for criminal responsibility according to law.

　　Some lawyers believe that the act of "calling you to death" for private use infringes on others’ right to freedom of communication. Although there is no clear regulation on the use of "calling you to death" software at present, according to Article 42 of the Law on Public Security Administration Punishment, "sending obscene, insulting, threatening or other information for many times to interfere with others’ normal life", if the circumstances are serious, they shall be detained for more than five days and less than ten days, and may also be fined less than 500 yuan.

Text/Zhou Daoxu Director of Financial Security Research Center of Tsinghua University Wudaokou Finance College

Capital market is essentially an information market, and enterprise value is continuously priced in information interaction. When the crisis of public opinion occurs, the sudden change of information environment will trigger the market to re-evaluate the fundamentals of enterprises.

First, the financial transmission mechanism of public opinion shock

The surge in the cost of information verification is the primary transmission channel. When an enterprise is caught in a crisis of public opinion, the market will doubt the authenticity of its information disclosure, and investors need to invest additional resources for due diligence, including consulting financial statements, analyzing industry data, and referring to third-party audit opinions. This extra verification cost will reduce market liquidity and may lead some investors to choose to withdraw from the market because of information asymmetry. At the same time, institutional investors may adjust their investment portfolio to reduce the risk exposure related to the enterprise, thus triggering a further decline in the stock price.

In addition, the intensification of information asymmetry will lead to an increase in the market’s risk premium requirements for enterprises. When faced with information uncertainty, investors often demand higher risk compensation to make up for potential losses. The rise of this risk premium will not only be directly reflected in the decline of the company’s share price, but also affect the financing cost of the company, which will challenge its refinancing ability in the capital market. In extreme cases, enterprises may fall into a liquidity crisis due to the loss of market trust, and even go bankrupt and reorganize.

The dynamic adjustment of credit rating forms the second pressure. In the face of major public opinion crisis, rating agencies usually quickly adjust their credit ratings to reflect the latest market awareness of corporate credit status. However, the adjustment of rating agencies is often characterized by "over-revision", that is, a large downward adjustment in a short period of time to avoid their own reputation risks. This rating adjustment not only affects the debt financing cost of enterprises, but also may trigger a chain reaction in the bond market, leading to sharp fluctuations in bond prices.

The downgrade of credit rating may also trigger the "cross-default" clause in the financial market, that is, some loan or debt agreements of enterprises may stipulate that once the credit rating falls below a certain level, enterprises need to repay debts in advance or provide additional guarantees. This means that enterprises may face sudden cash flow pressure after the public opinion crisis, further aggravating the deterioration of their financial situation. This chain reaction will amplify the market’s concerns about the fundamentals of enterprises, and may even lead enterprises to enter debt restructuring or bankruptcy procedures.

Second, the empirical analysis of typical cases

In April 2020, Luckin Coffee’s self-disclosure of financial fraud caused widespread market panic, which spread to CAR Inc., which belongs to the "Shenzhou Family". Affected by the crisis of investor confidence, CAR Inc.’s share price plummeted by 17.11% on April 8th. The market’s doubts about CAR Inc. focus on the expansion model similar to that of Ruixing, the authenticity of financial data and the joint liability of the major shareholder Lu Zhengyao. At the same time, international rating agencies Standard & Poor’s and Moody’s quickly downgraded CAR Inc.’s credit rating, which further aggravated investors’ panic. This incident shows that in the capital market, the financial transparency and governance structure of enterprises are very important. Once the trust crisis breaks out, it will not only increase the cost of information verification, but also trigger a series of chain reactions such as stock price crash, financing difficulties and credit rating downgrade.

Third, the impact of public opinion risk on different financing channels

1. Bond market

In the bond market, the impact of public opinion risk on credit bonds is particularly significant. For bond investors, the credit status of enterprises is one of the key factors in their decision-making. Negative public opinion events may cause investors to worry about the solvency of enterprises, which in turn will lead to the decline of bond prices and the expansion of credit spreads. For example, after the public opinion of financial fraud or poor management of some enterprises spreads, the credit rating of their bonds may be lowered, which will not only increase the financing cost of enterprises, but also make it more difficult to issue bonds. In addition, public opinion events may also trigger a chain reaction in the bond market, affecting the performance of credit bonds in the whole industry, and even impacting the stability of the bond market.

2. Equity market

In the equity market, public opinion risk will also have a significant impact on the stock price and equity financing cost of enterprises. Investors’ confidence in the enterprise is an important support for the stock price, and negative public opinion may weaken investors’ confidence and lead to a decline in the stock price. At the same time, the cost of equity financing will also rise due to the reassessment of corporate risks by the market. For example, when an enterprise faces public opinion events such as product quality problems or management scandals, investors may demand higher rate of return to compensate for risks, which will directly lead to an increase in the cost of equity financing. In addition, public opinion events may also affect the refinancing ability of enterprises, and may even cause enterprises to lose financing opportunities in the capital market.

3. Bank credit market

Bank credit market is one of the important financing channels for enterprises, and public opinion risk will also have an impact on bank credit. When deciding whether to provide loans to enterprises, banks will comprehensively consider the credit status, operating conditions and market reputation of enterprises. Negative public opinion events may make banks doubt the credit status of enterprises, thus raising the loan interest rate, increasing the collateral requirements or shortening the loan period. For example, when a company has a major negative public opinion, the bank may reassess the loan risk of the company and adopt a more cautious credit policy. This will not only increase the financing cost of enterprises, but also limit the liquidity of enterprises and affect the normal operation of enterprises.

Fourth, the relationship between public opinion risk and corporate governance structure

1. The role of the board of directors

The board of directors of enterprises plays a key role in dealing with the risk of public opinion. An effective board of directors can find and deal with public opinion risks in time and protect the interests and reputation of enterprises. For example, the board of directors can strengthen the supervision of enterprise operation and management by establishing a sound internal supervision mechanism, and discover potential public opinion risk factors in time. In addition, the board of directors can also communicate with investors, the media and the public to convey the positive information of the enterprise and alleviate the impact of the public opinion crisis on the enterprise.

2. Responsibility of management

Management also bears an important responsibility in public opinion risk management. The management needs to report the operating conditions and potential risks of the enterprise to the board of directors in time to ensure that the board of directors can fully understand the public opinion risk of the enterprise. At the same time, the management also needs to formulate and implement effective public opinion management strategies, strengthen the management and control of internal information of enterprises, and prevent the leakage of negative information. In addition, the management also needs to maintain good communication with external stakeholders, respond to market concerns in a timely manner, and maintain the good image of the enterprise. For example, when a public opinion crisis occurs, the management can clarify the truth by releasing accurate information in time, stabilize market expectations, and reduce the impact of public opinion risks on enterprises.

3. The role of internal audit

Internal audit also plays an important role in public opinion risk management. Internal audit can find out the potential risk factors of public opinion through auditing the internal financial and operational activities of the enterprise and report to the management and the board of directors in time. For example, internal audit can audit the authenticity, completeness and accuracy of enterprise financial statements to prevent negative public opinion events such as financial fraud. At the same time, internal audit can also evaluate the effectiveness of the internal control system of enterprises, put forward suggestions for improvement, and enhance the ability of enterprises to resist the risk of public opinion. In addition, internal audit can also participate in the formulation and implementation of enterprise crisis response plans to ensure that enterprises can quickly take effective response measures when public opinion crisis occurs.

V. Interaction between public opinion risk and macroeconomic environment

1. The impact of the economic cycle

The economic cycle has an important influence on the formation and spread of public opinion risk. In the period of economic prosperity, enterprises are in good operating condition, market confidence is high, and the risk of public opinion is relatively low. However, during the economic recession, enterprises are faced with great operating pressure and are prone to various problems, such as financial difficulties and layoffs, which may lead to negative public opinion. At the same time, during the economic recession, some enterprises suffered losses or closed down due to poor management. These negative events caused public concern about the operating conditions of enterprises in the same industry through media reports and network communication, which further aggravated the public opinion risk of the remaining enterprises in the industry. In addition, the change of economic cycle will also affect investors’ risk preference and market confidence, and then affect the impact of public opinion risk on corporate financing costs.

2. The impact of the policy environment

The policy environment also has an important impact on the risk of public opinion. The government’s policy adjustment and regulatory measures may lead to the public opinion risk of enterprises. For example, the strengthening of the government’s environmental protection policy for enterprises may make some highly polluting enterprises face greater operational pressure, which may lead to negative public opinion.

3. The influence of market confidence

Market confidence plays a key role in the interaction between public opinion risk and macroeconomic environment. When the market confidence is insufficient, negative public opinion events may be amplified, which will have a greater impact on the financing cost and market performance of enterprises. For example, in the period of economic instability or market volatility, investors’ confidence in enterprises is relatively fragile, and any negative public opinion may lead to panic selling or financing difficulties. On the contrary, in the case of sufficient market confidence, even if there are some negative public opinions, investors may treat them more rationally and will not easily overreact to enterprises. Therefore, enterprises need to pay close attention to the changes of market confidence and adopt corresponding strategies in public opinion management to reduce the impact of public opinion risk on enterprises.

Sixth, the industry differences of public opinion risk

1. Public opinion sensitivity of different industries

There are significant differences in the sensitivity of different industries to public opinion risk. Some industries are more sensitive to the risk of public opinion because of their business nature and high social concern. For example, in the financial industry, food industry and medical industry, once negative public opinion appears in enterprises in these industries, it may quickly arouse public concern and doubt, which will have a significant impact on the financing cost and market performance of enterprises. Taking the financial industry as an example, the credibility of banks and financial institutions is the key to their survival and development. Any public opinion about financial fraud, poor risk management or poor management may trigger market panic, leading to a sharp drop in stock prices and a sharp rise in financing costs.

2. Transmission mechanism of industry public opinion risk

The risk transmission mechanism of public opinion in different industries is also different. In some industries that are highly dependent on market confidence and public image, such as tourism, hotels and aviation, negative public opinion may directly affect the income and cash flow of enterprises through changes in consumer behavior. For example, when there are security problems or negative public opinions in tourist destinations, consumers may choose other destinations, which will lead to a sharp drop in the income of local tourism enterprises, thus affecting their financing ability and financing cost. In some technology-intensive industries, such as science and technology and Internet industry, public opinion risk may be transmitted by affecting the technological innovation ability and market competitiveness of enterprises. For example, when technology leakage or public opinion of product quality problems occur in technology enterprises, it may lead to their disadvantage in market competition, and then affect their financing environment and financing cost.

VII. Future development trend of public opinion risk

1. The challenge of public opinion risk in the digital age

With the rapid development of digital technology, the spread speed and influence of public opinion risk will be further enhanced. The popularity of social media, network platform and mobile Internet makes information spread more rapidly and widely, and public opinion events can trigger global attention and discussion in a short time. For example, some companies’ inappropriate comments or behaviors posted on social media may quickly trigger public doubts and criticisms, which in turn will affect the financing costs and market performance of enterprises. Therefore, in the digital age, enterprises need to pay more attention to public opinion management, establish a sound public opinion monitoring and early warning mechanism, and timely discover and deal with public opinion risks.

2. The combination of artificial intelligence and public opinion management

The development of artificial intelligence technology provides new means and methods for public opinion management. Through artificial intelligence technology, enterprises can realize real-time monitoring and analysis of massive public opinion data and quickly identify potential public opinion risks. For example, using natural language processing technology, enterprises can analyze the emotion and identify the theme of text data on social media, and find the signs of negative public opinion in time. At the same time, artificial intelligence technology can also help enterprises formulate more accurate public opinion coping strategies, analyze and predict historical public opinion events through machine learning algorithms, and provide decision support for enterprises. For example, some enterprises have developed a public opinion early warning model by using artificial intelligence technology, which can predict the occurrence probability and influence degree of public opinion risk in advance, provide early warning information for enterprises, and help enterprises prepare in advance.

3. Long-term management of public opinion risk

The management of public opinion risk needs to pay attention not only to short-term crisis response, but also to long-term reputation building and risk prevention. Enterprises need to establish a good brand image and social image through continuous reputation management, and enhance public trust and recognition of enterprises. For example, enterprises can enhance their social reputation and public image by actively fulfilling their social responsibilities and strengthening communication and cooperation with stakeholders. At the same time, enterprises need to establish a sound risk management system, incorporate public opinion risk into the overall risk management framework of enterprises, and reduce the impact of public opinion risk on enterprises through institutionalized, standardized and normalized management measures. For example, enterprises can conduct public opinion risk assessment regularly, formulate public opinion management strategies and plans, and establish public opinion response teams and working mechanisms to ensure that they can respond quickly and effectively when public opinion crises occur.

In a word, public opinion risk has become one of the important factors affecting the financing cost of enterprises. Through in-depth analysis of the pricing mechanism, transmission mechanism and management strategy of public opinion risk, enterprises can better cope with public opinion crisis, reduce financing costs and enhance their market competitiveness. In the digital age, the spread speed and influence of public opinion risk will be further enhanced. Enterprises need to pay more attention to public opinion management, establish a sound public opinion early warning and response mechanism, and use new technical means such as artificial intelligence to improve the efficiency and effectiveness of public opinion management. At the same time, enterprises need to pay attention to long-term reputation building and risk prevention, and enhance their anti-risk ability and market competitiveness through continuous efforts. Future research needs to further quantify the elasticity coefficient of public opinion risk in different industries, provide more scientific theoretical support for accurate risk management of enterprises, and promote the scientific, standardized and professional development of public opinion management of enterprises.

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