A Multi-Dimensional Analysis of Financial Fraud in Listed Companies and Regulatory Insights - Taking Luckin Coffee Company as an example

Abstract

In recent years, financial fraud of listed companies has been on a high trend, and the case of Luckin Coffee's 2.2-billion-yuan false trading has become the latest typical case. Based on the fraud triangle theory, the article integrates accounting, data science and other multidisciplinary perspectives, and for the first time puts forward a three-dimensional analysis framework of “accounting-governance-regulation” to analyze the whole process of systematic fraud from the second quarter to the fourth quarter of 2019 using fictitious online coupon sales, tampering IP The study analyzes the whole process of systematic counterfeiting using fictitious online coupon sales, tampering with IP data, and other means. The study finds that: 1. Pressure dimension - high dependence on external financing, huge pressure on performance betting; 2. Opportunity dimension - imbalance in corporate governance, internal control defects, audit failure; 3. Excuse dimension - industry “practice”. -Rationalization of industry “practices” and employee compliance culture. Based on Benford's law and the financial index abnormality identification model, this paper extracts key warning signals such as “business data-financial data deviation of more than 30%” and points out that insufficient cross-border regulatory and enforcement coordination is the core contradiction. Finally, the paper proposes to build a comprehensive prevention and control system of “regulatory sandbox + blockchain audit evidence + real-time transaction monitoring” to strengthen internal governance and external supervision, protect investors' rights and interests, and safeguard the fairness and stability of the capital market for the science and technology innovation board (STB) and Chinese stocks.