究竟是俞敏洪的“小算盘”被人识破，还是新东方的美股股东反应过度？

What is Mr Yu“Obscured way”Someone who has been out，New Oriental beauty or shareholders overreaction？

　　纽约当地时间7月17日，注册在开曼群岛的新东方教育科技集团（下称“境外新东方”，EDU.NYSE）股价开盘向下跳空，全日重挫34.32%，甚至引发中概股集体大跌。

New York local time on July 17，Registered in the cayman islands new Oriental education and technology group（Said the“Overseas new Oriental”，EDU. NYSE）Opening of the share price jumped down an empty，Full-time heavy defeat by 34.32%，Even in the cause of collective will plunge。

　　“股市下跌得很突然，我们也感到意外。”新东方教育科技（集团）有限公司（下称“中国新东方”）的一名管理人员告诉《第一财经日报》。

“The market fell very suddenly，We also feel accident。”New Oriental education and technology（group）Co., LTD（Said the“China's new Oriental”）A management personnel to tell《The first financial daily》。

　　俞敏洪及其助手们可能真的感到意外。虽然直接触发大跌的是该公司当日盘前公布的季报中所披露的一条信息——公司由于调整VIE结构遭美国证券交易委员会（SEC）调查，但该公司已于7月11日披露过调整VIE结构有关事宜，而当时股价毫无异动。

Mr Yu and their assistants may really surprised。Although direct trigger crash of the is the company that day dish released before the quarterly reports disclosed in the information-a company because VIE structure adjustment by the securities and exchange commission（SEC）survey，But the company has already on July 11, adjust the structure of the VIE a disclosure of the relevant matters，At that time, share price no reshuffled。

　　然而，由于VIE结构固有的不透明、容易失控等缺陷，以及此前支付宝VIE风波造成的负面影响，中国境外上市公司的股东们对VIE这个麻烦东西早已是惊弓之鸟。俞敏洪触碰VIE结构之时，也就是股东们心弦绷紧之日——疑虑不安的情绪早已酝酿，SEC的调查只不过是捅破了窗户纸。

however，Because of the inherent structure VIE transparency、Easy to lose control, defects，And after pay treasure to VIE storm caused negative influence，Chinese companies listed on overseas stock shareholders to VIE for the trouble things is already a bow-string。Mr Yu touch VIE structure，Also is the shareholders of the heart, take up-doubts anxiety had already brewing，SEC investigation is just tong is broken ChuangHuZhi。

　　境内实体股权集中 Domestic entities equity concentration

　　股东用脚投票，逃离新东方股票，俞敏洪可能觉得很冤，因为在他看来，此次调整VIE结构是“为了维护上市公司股东利益”。

Shareholders voting with their feet，Escape from new Oriental shares，Mr Yu may feel a hand，Because in his view，The adjustment VIE structure is“In order to safeguard the interests of the shareholders of a listed company”。

　　VIE结构其实并不复杂，它其实是互联网、教育等领域的中国公司，为了绕开外资控股禁令，通过协议安排，将中国业务实体的利润输入境外上市壳公司及其股东手中的一种做法。

VIE structure actually not complicated，It is the Internet、Education and other areas of China company，To get around the ban foreign capital holdings，Through the agreement arrangements，Will China business entity profits input overseas listed companies and their shareholders shell in the hands of a different way。

　　以新东方为例，为了在纽交所上市，该公司在开曼注册了境外新东方，境外新东方控股一些服务公司，中国新东方通过向这些服务公司购买服务，将利润输送给境外新东方。境外新东方与中国新东方之间并无股权关系，后者是前者的一个“可变利益实体”（VIE），前者通过协议安排对后者实施控制，这种模式由此被称作VIE结构或协议控制。

With new Oriental for example，For in the nyse listing，The company in the cayman registered overseas new Oriental，New Oriental holding some overseas service company，China's new Oriental through these services to buy the service company，Will profit conveying to foreign new Oriental。New Oriental and overseas Chinese new Oriental and no relationship between equity，The latter is the former one“Variable interest entity”（VIE），The former to the latter arrangement through agreement implementing control，This model which is called VIE structure or agreement to control。

　　事实上，由于VIE结构只是现行制度框架下的一种权宜之计，并无非常完善的法律约束，因此境外上市公司对境内实体公司的“控制”，具有极高的不确定性。

In fact，Because the current system is VIE structure under the framework of a kind of expediency，And there is no very perfect legal constraints，So companies listed on overseas stock within the territory of the entity to the company“control”，Have high uncertainty。

　　而新东方对VIE结构的此次调整，着眼点正在于“控制”。

And the structure of the new Oriental VIE for the adjustment，Starting point is to“control”。

　　7月11日，新东方公告称，该公司已简化中国新东方股权结构，将此前主要由11位股东持有的股权，改为由俞敏洪100%持有，相关交易2012年1月已完成，5月正式完成注册。

July 11,，New Oriental announcement to say to，The company has a simplified Chinese new Oriental equity structure，Will mainly by 11 after the equity of the shareholders，By Mr Yu 100% to hold，Related transactions in January 2012 is complete，May officially complete registration。

　　此前，上述11名股东包括4个自然人和7家机构，其中徐小平占股10%，包凡一占股4%，钱永强占2.5%，何庆权占2%，俞敏洪所控制的北京世纪友好教育投资有限责任公司占53%。

after，The above 11 shareholders include four natural person and seven agencies，XuXiaoPing accounted for 10% of shares，That accounts for a bag of 4%，QianYong seizing 2.5%，HeQingQuan accounted for 2%，Mr Yu control of Beijing century friendly education investment Co., LTD. 53%。

　　根据新东方解释，除俞敏洪外，其他10名股东都是公司的前雇员，目前已不在新东方工作。新东方认为，最符合上市公司股东利益的方式是，境内实体公司的股权尽可能地留在同公司关系紧密者手中。作为公司创始人、董事长兼CEO以及境外上市公司的股东，俞敏洪当仁不让。

According to the new Oriental explanation，In addition to Mr Yu the，The other ten shareholders are former employees of the company，At present has not in new Oriental work。New Oriental think，Most conforms to the interests of the shareholders of a listed company is way，Domestic entities of the company as much as possible with the company in equity close relationship between the hands。As the company founder、Chairman and CEO listed abroad and the shareholders of a company，Mr Yu is her idol。

　　在财报发布后的电话会议上，新东方CFO谢东萤表示：此次是主动调整VIE模式，清理了其他10名股东，通过无对价协议将境内实体公司的股权100%转移到俞敏洪控制之下。与此同时，境外上市公司的股权结构并无改变，调整的实质是集中境内实体股权，本意是为了更好地维护境外上市公司的股东利益。

In earnings conference call after publication，New Oriental CFO XieDong fireflies said：This is the initiative adjusted VIE mode，Clean up the other ten shareholders，Through the price agreement will be domestic entities of stock right transfer to Mr Yu 100% under control。At the same time，The companies listed on overseas stock ownership structure and no change，The essence of the adjustment is to focus on domestic entities equity，Original idea is to better safeguard the companies listed on overseas stock of shareholders。

　　投资者担忧单方面违约 Investors worry unilateral breach

　　在俞敏洪看来，此次调整VIE结构是在帮助境外新东方的股东，加强其对中国新东方的控制；而在股东们看来，情况可能恰恰相反。

In Mr Yu seems，The adjustment VIE structure is outside the shareholders in helping new Oriental school，Strengthening the control of China's new Oriental school；And in the shareholders opinion，Situation may be just the opposite。

　　“这毫无疑问是一个负面消息，在美国投资者看来，所有股权集中在一个控制人名下是股权变动的大事。”一名美国投行对华上市业务负责人对本报表示，“何况，由于此前财务造假、支付宝VIE风波、双威教育前CEO擅自转移国内资产等系列事件的伤害，美国资本市场的投资者和监管者，对中国公司的信任度已经大打折扣。”

“This is without a doubt a negative news，Investors see in the United States，All equity focus on a control people name is equity change event。”A us bank listed in China to the financial times in charge，“How much more，The move financial fraud、Pay treasure to VIE storm、Double education's former CEO transfer domestic assets series without authorization of the events of the damage，Capital market in the United States the investors and regulators，The trust for Chinese companies have to sell at a discount greatly。”

　　一名身在北加州的美股投资者在周二凌晨抛售了所持有的全部新东方股票，他对本报表示：“我害怕的不是SEC的调查结果，而是这家公司还会不经预先披露和股东决议就做出什么重大变更。毕竟VIE结构只是一种契约，海外投资者虽可以分享企业利润，但如果中国经营主体缺乏契约精神，单方面违约，我们的利益绝对会受到侵害，中国现行法律对此也没有针对性的条款。”

A body is in the northern California early Tuesday in the us stock investors selling the holdings of all new Oriental shares，He to the financial times：“I fear is not the SEC investigation results，But the company also will not advance the disclosure and shareholders to what major change to the resolution。After all VIE structure is a kind of contract，Though overseas investors to share profit，But if China's operators lack of contract spirit，Unilateral breach，Our interests will definitely had been violated，China's current law are no specific terms。”

　　不过，这并不意味着美股投资者无法诉诸法律。

but，This does not mean that the us stock investors not to resort to the law。

　　周二，美国Bronstein，Gewirtz & Grossman，LLC律师事务所发布公告称，该事务所正代表境外新东方的股票投资者，就未来可能针对该公司发起诉讼的问题展开调查。调查有关这家公司及其特定的高管和董事是否违反了美国联邦证券法规的相关规定。

On Tuesday，The United States Bronstein，Gewirtz & Grossman，LLC law firm issued announcement said，The firm is representative of the new Oriental overseas stock investors，Is possible future action against the company launched an investigation of the problem。About the company and its specific investigation of whether executives and directors violates the federal securities laws and regulations related provisions。

　　“如果VIE公司被一人所持有，透明度容易遭到质疑。”投中集团（China Venture）首席分析师李伟栋对本报评论称，但他同时认为，此次新东方的VIE调整与支付宝事件性质完全不同，美股投资者可能有些反应过度。

“If the company is a people VIE held，Transparency easy were questioned。”Hit group（China Venture）Chief analyst for the LiWeiDong commentary，But he also think，The new Oriental's VIE adjustment and pay treasure event of an entirely different character，The us stock investors may overreaction。

　　VIE的确已经成了中概股的“死穴”。7月17日，不仅是股价一向坚挺的新东方，而且几乎所有涉及VIE结构的中国境外上市公司股价均遭重挫，中国概念股整体跳水：土豆、优酷的跌幅均超过10%，被视作VIE结构“始作俑者”的新浪跌7.3%，网易和搜狐则分别下跌超过4%。

VIE indeed has become almost shares in“Die hole”。July 17,，Not only is the share price has always been a strong new Oriental，And almost all of the VIE structure involved outside China shares by listed companies are heavy volumes，The concept of China whole diving：potatoes、Optimal cool fall by more than 10%，Be regarded as VIE structure“conclusively”Of sina fell 7.3%，Netease and sohu is down more than 4% respectively。

　　俞敏洪暗战老虎基金？ Mr Yu dark war tiger fund？

　　无论投资者是否反应过度，俞敏洪买断中国新东方的行动，似乎也并不像新东方解释的那样单纯。除了“维护股东利益”的理由外，针对这一调整的深刻动机，还有“俞敏洪暗战投资方”、“策划私有化退市”等猜测。

No matter whether investors overreact，Mr Yu buy out China new Oriental's action，Also seems to be not as new Oriental explain that simple。In addition to“Maintenance of shareholders”Outside the reason，In view of this adjustment of deep motivation，and“Mr Yu dark war investors”、“Privatisation plan to withdraw from the market”And guess。

　　虽然新东方曾强调过要“去俞敏洪化”，但实际上，近年来俞敏洪对公司的把控毫不放松。

Although new Oriental stressed“To Mr Yu turn”，But in fact，In recent years Mr Yu to the company of not relax。

　　在今年5月的一次民办教育论坛上，俞敏洪公开表示：“我的目标就是一辈子干新东方，新东方股票一块钱，我也干，一百块钱，我也干。为什么？因为新东方是我的啊。在某种意义上，新东方变成了我的生命。所以我也很难理解（一些企业）被资本绑架以后，最后向资本屈服的行为。”

In may this year a private education BBS，Mr Yu said publicly：“My goal is a lifetime dry new Oriental，New Oriental shares a dollar，I also do，$one hundred，I also do。why？Because the new Oriental is my ah。In a sense，New Oriental into my life。So I also is hard to understand（Some enterprise）Is capital after the kidnapping，Finally to the capital to yield behavior。”

　　有分析人士认为，新东方的主要投资者老虎基金，仅仅持有境外新东方的股份，其对中国新东方并无直接控制。但是一旦创始人与投资方发生矛盾，中国新东方原本分散的股权结构，可能成为老虎基金从内部攻陷中国新东方的特洛伊木马。俞敏洪此番清理门户，可以理解为预先扎紧篱笆。

Have analysts said，New Oriental main investor tiger fund，Those who hold shares in the new Oriental school abroad，The China new Oriental and no direct control。But once the founder and contradiction of investors，China's new Oriental originally the dispersed of ownership structure，May be the tiger fund from internal to seize the new Oriental China Trojan horse。Mr Yu this "clean up portal，Can understand for prior tied the fence。

　　另一种联想是，俞敏洪会不会效仿马云，在私有化的道路上越走越远。不过也有分析人士认为，通过类似手段打压股价再回购，以此实现私有化，“不合逻辑”。

Another kind of lenovo is，Mr Yu will follow Mr Ma，On the road in privatization will walk away。But there are also analysts said，Through the similar means flatten prices to the buyback，This privatized，“illogical”。

　　无论如何，股价大跌这个插曲并没有影响新东方的运营和俞敏洪的心情。

No matter how to，Stocks tumbled this episode and without the influence of new Oriental operation and Mr Yu mood。

　　“因为正处于SEC调查的敏感期，我们不便于就此事发表评论。”新东方相关负责人告诉本报。另据接近新东方消息人士称，新东方各教学机构目前运营如常，并未因股票大跌受到影响。

“Because is in SEC investigation of the sensitive issue，We are not easy to be reached for comment。”New Oriental told the relevant person in charge of。Sources close to the other new Oriental sources said，New Oriental all the teaching institutions currently operating as usual，Not for stock drop affected。

　　据悉，俞敏洪本人目前就在北京，截至发稿前，俞敏洪并未就此事做出回应。如无意外，本月底，他将与柳传志、郭广昌、朱新礼等企业家一起前往伦敦考察并参加奥运会开幕式。

It is reported，Mr Yu I now in Beijing，At the time of，Mr Yu has to respond to it。If no accident，The end of this month，He will and liu、Guo guangchang waded into、ZhuXinLi and other entrepreneurs went to London to investigate and to attend the opening ceremony of the Olympic Games。