迪士尼本來(lái)應(yīng)該專(zhuān)注于營(yíng)造夢(mèng)幻王國(guó)，而不是捏造數(shù)據(jù),。

據(jù)美國(guó)財(cái)經(jīng)媒體MarketWatch報(bào)道,，迪士尼的一名前高級(jí)金融分析師向美國(guó)證券交易委員會(huì)提交了多份有關(guān)該公司會(huì)計(jì)操作的指控。

桑德拉·庫(kù)巴聲稱(chēng),，迪士尼員工多年來(lái)都在以虛假手段夸大營(yíng)收,。指控中所提到的一些方法包括，謊稱(chēng)公司全額支付了免費(fèi)贈(zèng)送的高爾夫游戲或其他免費(fèi)或打折促銷(xiāo)的服務(wù)和產(chǎn)品,。迪士尼員工可能是通過(guò)軟件漏洞輸入了上述或其他虛假信息,。

迪士尼在給《財(cái)富》雜志的一則聲明中稱(chēng)，上述指控屬于無(wú)理取鬧,。公司的發(fā)言人表示,，庫(kù)巴在2017年被“因故解聘”，并“在兩年多時(shí)間里一直公然發(fā)表虛假指控”,。這位發(fā)言人補(bǔ)充稱(chēng),，迪士尼已經(jīng)對(duì)她的指控進(jìn)行了 “徹底調(diào)查，結(jié)果發(fā)現(xiàn)毫無(wú)根據(jù)可言”,，而MarketWatch“幾個(gè)月前就已經(jīng)獲悉相關(guān)事實(shí)”,。

以下是我們目前所知的情況。

舉報(bào)人稱(chēng)其曾向管理層上報(bào)

營(yíng)收和利潤(rùn)對(duì)上市公司來(lái)說(shuō)可謂是生死攸關(guān),。監(jiān)管機(jī)構(gòu)要求上市公司必須提交完整而準(zhǔn)確的財(cái)務(wù)報(bào)表,，以便投資者能夠了解公司的業(yè)績(jī)。

庫(kù)巴指稱(chēng)，迪士尼在其主題公園中操縱了許多小額交易,，歪曲了其實(shí)際價(jià)值,，這些交易的合計(jì)金額大幅推高了公司營(yíng)收。

在2009財(cái)年,，迪士尼主題公園和度假村業(yè)務(wù)部門(mén)的營(yíng)收達(dá)到了107億美元,。庫(kù)巴稱(chēng)，這個(gè)數(shù)字可能被夸大了60億美元以上,。

她稱(chēng)自己曾經(jīng)多次向迪士尼管理層上報(bào)這些問(wèn)題,，并表示在2017年聯(lián)系過(guò)美國(guó)證券交易委員會(huì)，結(jié)果一個(gè)月后就被解雇了,。

投資者并不擔(dān)心

迪士尼股價(jià)僅下跌了0.12%,，這表明投資者并未感到恐慌。接受《財(cái)富》雜志采訪的一些專(zhuān)家對(duì)這種大額指控表示懷疑,。

“這是我首次聽(tīng)到這種報(bào)道,。”股票分析公司Argus Research Company的技術(shù),、媒體和通信高級(jí)分析師約瑟夫·博納說(shuō)道,。“不得不說(shuō),，60億美元聽(tīng)起來(lái)有些令人難以置信,。”

喬治城大學(xué)麥克多諾商學(xué)院的金融學(xué)教授詹姆斯·安吉爾同樣心存疑慮,，他說(shuō)：“迪士尼是金融工程大師,，如果存在可用的漏洞，他們會(huì)利用嗎,？我覺(jué)得會(huì),。但要說(shuō)他們會(huì)在財(cái)務(wù)方面造假嗎？我會(huì)感到震驚,?！?/p>

安吉爾認(rèn)為，即便是確有其事,，情形更有可能是中層管理人員試圖以此來(lái)粉飾業(yè)績(jī),，但此舉不大可能逃過(guò)內(nèi)部審計(jì)師的眼睛。

庫(kù)巴稱(chēng)其曾與美國(guó)證券交易委員會(huì)多次會(huì)面

庫(kù)巴向MarketWatch透露,，她與美國(guó)證券交易委員會(huì)的人員進(jìn)行了多次電話和當(dāng)面交談,，但目前沒(méi)有證據(jù)表明該委員會(huì)是否真的正在進(jìn)行調(diào)查。

投資顧問(wèn)公司Bel Air Investment Advisors的總法律顧問(wèn)兼首席合規(guī)官,、曾經(jīng)擔(dān)任美國(guó)證券交易委員會(huì)執(zhí)法律師的安迪·鄧巴表示：“如果他們收到一家上市公司的財(cái)務(wù)分析師的投訴,，指控該公司存在會(huì)計(jì)違規(guī)行為，我認(rèn)為他們應(yīng)該會(huì)對(duì)此留意”，而不是輕易地置之不理,?！罢l(shuí)知道她對(duì)證券交易委員會(huì)說(shuō)了什么？她可能掌握著更多細(xì)節(jié),?！保ㄘ?cái)富中文網(wǎng)）

譯者：艾倫

審校：夏林

Disney is supposed to be in the business of making magic—but not with its numbers.

A former senior financial analyst for the Walt Disney Company has filed multiple claims with the Securities and Exchange Commission about the company’s accounting practices, according to a report by MarketWatch.

Sandra Kuba claims that employees at Disney falsely inflated revenue for years. Some of the alleged methods included pretending that complimentary golf games or other free or discounted promotional services and products were paid in full. Software flaws supposedly allowed these and other misstatements to be entered.

Disney, in a statement to Fortune, denied the claims had any merit. Kuba was “fired for cause” in 2017 and has “persistently made patently false claims for over two years,” a company spokesman said. Her claims have been “thoroughly investigated and found to be utterly baseless,” the spokesman added, and MarketWatch “has been aware of the facts for months.”

Here's what we know so far.

The whistleblower says she told management

Public companies live and die by their revenues and profits. Regulators require full and accurate financial statements so investors can see a company’s performance.

Kuba claims that Disney manipulated many small transactions, allegedly at its theme parks, misrepresenting their actual value and, when totaled, significantly increasing the company’s revenues.

In Disney’s 2009 fiscal year, the parks and resorts business unit showed $10.7 billion in revenue. Kuba says the number could have been inflated by upwards of $6 billion.

She claims to have repeatedly reported the problems to Disney management. Kuba says she contacted the SEC in 2017 and was fired a month after.

Investors aren’t worried

Shares were down only 0.12%, suggesting that investors were not terribly alarmed. Some experts who spoke with Fortune expressed doubts about the larger claims.

“This is the first report that I’ve heard of,” said Joseph Bonner, a senior analyst for technology, media, and communications at equities analysis firm Argus Research Company. “I have to say that $6 billion sounds a little unbelievable.”

James Angel, a professor of finance at Georgetown University’s McDonough School of Business, was similarly unconvinced. “Disney is a master of financial engineering,” he said. “If there’s a loophole available, would they have exploited it? I don’t doubt it. Would they have committed financial fraud? I’d be shocked.”

Angel thought that it was more likely that a mid-level manager trying to push their numbers up, if anything at all—but that internal auditors would probably have uncovered the practice.

Kuba says she’s met with the SEC multiple times

Kuba told MarketWatch she had multiple phone and in-person meetings with SEC personnel. There is no evidence that the agency is even undertaking an investigation.

“If they get a complaint from a financial analyst at a publicly-traded company alleging accounting irregularities, my bet is that they would give that a second look” rather than quickly dismissing it, said Andy Dunbar, general counsel and chief compliance officer at Bel Air Investment Advisors and a former SEC enforcement attorney. “And who knows what she told to the SEC? She could have a lot more detail.”