人民网北京7月20日电（记者 许博）近日，新东方连续两个交易日大挫，累计跌幅高达57.32%，股价创下5年新低，市值两天蒸发近20亿美元。源起于美国时间18日，做空机构浑水对新东方的调查报告，并建议投资者“强烈抛售”。

People net Beijing on July 20 (Reuters)（Reporter XuBo）recently，New Oriental two consecutive DaCuo trading day，Cumulative fall as much as 57.32%，A new low share price 5 years，Market value two days evaporation nearly $2 billion。Origin in the United States time 18,，Do empty institutions of muddy water new Oriental's survey report，And suggest investors“Strong selling”。

　　美国时间18日，做空机构浑水在新东方因受调查而大跌的时候出手，出具一份“强烈卖出”评级的报告，指责重点包括：新东方未披露加盟及加盟店信息；加盟及加盟店营收并表不合理，存在财务欺诈；税收减免不合理；业绩增长问题；审计及审计费问题。

The United States time 18,，Do empty institutions in the new Oriental muddy water by survey and the crash of the time moves，Issue a“Strong sell”Rating report，Accused highlights include the：New Oriental did not disclose to join and stores information；Join and franchisees revenue and table is not reasonable，Existing financial fraud；Tax cuts is not reasonable；Growth performance problems；Audit and ShenJiFei problem。

　　俞敏洪指出，“目前国内凡是冠以新东方品牌的学校均系新东方直营学校，只有21家授权使用泡泡少儿或满天星品牌的加盟学校，这些学校的营业收入从未反映在新东方综合财务报表。”俞敏洪表示，这21家加盟学校中，子品牌泡泡少儿教育授权了19家，满天星授权了2家。俞敏洪表示，在新东方综合财报中公布的涉及新东方学校数量、教学中心数量及注册人数等信息中，均不包含这21所加盟学校。他还透露，这21所学校带来的特许加盟费在2010、2011财年分别为3.5万美元、24.9万美元，分别占新东方总营收的0.009%、0.045%。

Mr Yu points out that，“The current domestic brand new Oriental school who dubbed the new Oriental school are one，Only 21 house authorized the use of bubbles or all over the sky star brand to join the children's school，The school of business income never reflected in new Oriental comprehensive financial statements。”Mr Yu says，This home to join in 21 school，The son of the children's education authorized brand bubbles 19，All over the sky star authorized two。Mr Yu says，In the new Oriental comprehensive results published in new Oriental school number involved、Teaching center quantity and the number of registered information，All do not contain the 21 have to join the school。He also revealed，The 21 school chartered in 2010 brought JiaMengFei、Fiscal year 2011 respectively for $35000、$249000，Accounted for 0.009% of total revenue new Oriental school、0.045%。

　　对于浑水所提出的税务指控，俞敏洪未作详细回应，但他明确表示，“新东方一直是遵纪守法的公司，多年来也一直是重点纳税大户，一直按照国家相关政策法规缴纳各种税费”。“新东方这么大一个机构，没有理由避开税务部门的稽查。”俞敏洪说。

Muddy water for the proposed tax charges，Mr Yu did not make detailed response，But he made clear，“New Oriental school is the law of the company，For many years have been key large taxpayer，Always in accordance with the relevant national policies and regulations pay all sorts of taxes”。“New Oriental so big a institutions，No reason to avoid the tax department auditing。”Mr Yu says。

　　新东方刚刚宣布受美国证券交易委员会对其VIE结构调整进行调查，在7月11日，新东方曾宣布，由11位注册股东持有VIE股权全部归到新东方教育科技集团董事长俞敏洪一个人头上。

New Oriental had just announced by the U.S. securities and exchange commission VIE structure adjustment of the investigation，On July 11,，New Oriental had announced，By 11 registered the shareholders VIE to new Oriental education to the entire equity and technology group chairman Mr Yu one head。

　　据了解，新东方在2002年设立北京新东方教育科技(集团)有限公司(VIE)，2006年上市时创始人中的11个均是VIE股东。到目前为止其中10个VIE股东已经离职，没有或仅持有少量股份，而且不涉及公司管理层面。新东方此次的VIE结构调整对新东方上市公司股东结构没有影响。

According to understand，New Oriental in 2002 set up new Oriental education science and technology in Beijing(group)Co., LTD(VIE)，In 2006, the founder of the listings are 11 of the VIE shareholders。So far, 10 of them a VIE shareholders had already left，Not only a few shares or hold，And do not involve the company management level。New Oriental VIE structure adjustment of the shareholders of a listed company of new Oriental structure have no effect。

　　“新东方有没有粉刺？绝对有，但新东方没有得癌症，他们把新东方说得，不光是得一个癌症，还得了三个癌症。但这其实是三个粉刺，”俞敏洪回应做空事件时表示。

“New Oriental have acne？absolutely，But new Oriental did not have cancer，They say the new Oriental school，Not only is a cancer，Also got three cancer。But this is actually three acne，”Mr Yu responded empty events said。