Exploration and Analysis of Luckin Coffee's Financial Fraud and Self-rescue Path
Yongsen Zhuang
Tianjin University of Commerce
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摘要与影响
The financial fraud case of Luckin Coffee stands as one of the most iconic fraud incidents in the history of Chinese companies listing in the United States. Its complete journey from swiftly achieving listing, experiencing delisting, to ultimately relisting has exposed three core loopholes: governance imbalance, information distortion, and accounting manipulation. The power struggle between the founding team and capital parties rendered the internal control mechanism ineffective, creating room for such practices as inflating orders and forging transactions. In terms of information disclosure, it evaded supervision by fabricating supply chain transactions through related parties, exaggerating store revenue data, and taking advantage of the information asymmetry of the U.S. stock market regarding emerging business formats. For accounting manipulation, it exploited the accounting loopholes in the complex franchise model to include false revenues in financial statements. It has also sounded an alarm for the global capital market. This article focuses on governance failures, inaccurate disclosures and fraudulent means, analyzing the institutional incentives and specific operational methods behind its fraudulent behavior. At the same time, it interprets the core path of self-rescue through governance reconstruction and technology application, thereby providing practical references for enterprises in financial compliance management and market supervision.
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经济 / 管理Corporate Governance and Financial Management
Auditing, Earnings Management, Governance · Securities Regulation and Market Practices