二手车电商平台Carvana Co.(CVNA.US)周四夜盘出现大幅下挫,股价暴跌5.41%,引发了市场的广泛关注。
导致Carvana股价大跌的主要原因是,著名做空机构兴登堡研究公司(Hindenburg Research)当日发布长篇报告,直指该公司存在严重的财务造假行为。
兴登堡在报告中称,经过四个月的全面调查,发现Carvana存在如下违规操作:首先,该公司向一个可疑的未披露关联方出售了8亿美元贷款;其次,公司高层通过会计操纵和松懈的贷款审核来虚增收入;最后,与此同时,Carvana内部人员则大肆套现数十亿美元股票。
此外,兴登堡还指出,即使不考虑上述指控,Carvana的估值也已严重高于合理水平。与同行相比,Carvana的销售倍数高出845%,远期市盈率则高出754%。该公司目前背负约48亿美元的高风险债务,业务已面临重大挑战,二手车价格持续下跌,且次级汽车贷款违约率创金融危机以来新高。
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