对于美国做空机构浑水对新东方（NYSE:EDU）的质疑报告及SEC对其的调查事件，新东方董事长俞敏洪7月19日晚间通过其微博回应，称浑水对其的指责没有根据，新东方决不会用VIE结构破坏投资者利益。同时，新东方通过官网发布澄清公告，称浑水报告包含了错误的事实、误导性的猜测和恶意的解释。

For the United States do empty institutions to new Oriental muddy water（NYSE: EDU）The question of the report and the SEC investigation of the incident，New Oriental chairman Mr Yu July 19 night through its micro bo response，Say to the muddy water according to the accused did not，New Oriental never VIE with a structure destroy investor interests。At the same time，New Oriental's release clarification by public announcement，Muddy water says the report contains the facts wrong、Misleading guess and malicious explanation。

　　浑水称通过六个月的调查，认为新东方存在以下几个问题：一是隐瞒加盟店涉嫌欺诈；二是财务合并的问题；三是基于税收及审计费用，涉嫌财务造假；四是毛利率虚高；五是VIE结构对投资者不利。

Muddy water says through six months of investigation，Think some problems exist in the following new Oriental school：One is the hide stores alleged fraud；Second is the financial problems of the merger；Three is based on tax and audit fee，Alleged financial fraud；Four is empty tall gross margin；Five is structure of investors VIE adverse。

　　俞敏洪在微博中针对各项质疑一一作出回应：新东方全国六百多个教学点100%控股，全是直营店，只有在没有新东方的十几个小城市合作经营；泡泡少儿在一些非直营城市的合作校，新东方并未将其所得合并财报，而只有把合作费并入；税收方面，俞敏洪称新东方一直守法纳税经营；新东方会尊重美国证监委关于VIE的调查，并努力保护投资者利益。

Mr Yu in micro bo in view of the question--to respond：New Oriental school of the more than six hundred 100% holding，All is devoted，Only in the new Oriental several small no city business cooperation；Children in some of the retail bubbles of the city school cooperation，New Oriental did not of their income topping merger，And only the cooperation into fee；taxes，Mr Yu says new Oriental school law-abiding tax management；New Oriental will respect the United States about the investigation of the ZhengJianWei VIE，And try to protect investors interests。

　　继7月17日新东方宣布受SEC调查，7月19日凌晨，浑水发布针对新东方的质疑报告，新东方股价连续第二日暴跌，跌幅达35%，两日的累积跌幅已达57.32%，市值蒸发近20亿美元至14.7美元。新东方周三收报9.5美元，股价为五年来最低。在新东方股票1拆4拆股之前，其股价曾飙升至128.19美元，市值高达50亿美元。

Following the July 17 new Oriental announced by the SEC investigation，July 19,, morning，Muddy water in the report issued by new Oriental question，New Oriental share price drop for the second consecutive days，Fall 35%，After two days of cumulative fell 57.32%，From the value nearly $2 billion to $14.7。New Oriental at $9.5 on Wednesday，Stock price is the lowest in five years。In the new Oriental stock 1 and 4 removed before shares，Its share price has surged to $128.19，Market value as high as $5 billion。

　　浑水在质疑报告中提到的五个问题。首要是加盟店问题，新东方的澄清报告重点对此加以说明。

Muddy water in question are mentioned in the report of the five problems。First problem is napa stores，New Oriental clarification report focuses tries to explain。

　　浑水表示新东方从未对“特许加盟经营”的情况予以披露，而泡泡少儿英语项目确实存在有加盟店，这涉嫌欺诈，浑水质疑新东方的高速增长是来自加盟店的扩张而非其直营店。

New Oriental never said muddy water“franchise”To disclose the situation，And bubble children's English project does exist have stores，This alleged fraud，Muddy water questioned in the new Oriental growth is from the expansion of the stores instead of its February。

　　浑水还指出新东方目前的财务报表是合并了诸多加盟商之后的，证据是，新东方在加盟合同中让加盟者在每年5月31日之后2个月内提供加盟商的财务报表，要求加盟商每招一个新生需要在新东方的网站上进行登记。

Muddy water also point out that new Oriental current financial statements is merged the joining trader of many after，Evidence is，New Oriental in his contract in every year for admission on May 31, 2 months after provide the financial statements of the joining trader，Request the joining trader every recruit a new need in the new Oriental on your registration。

　　对这个问题，新东方在澄清报告中称，截至5月31日，新东方拥有664家冠以新东方品牌的教学中心，坚称对全部教学点拥有100%的控股权。新东方拥有不超过21家加盟学校，其中19家是旗下品牌泡泡少儿英语的，满天星品牌授权了2家加盟学校，这21家都非授权使用新东方的品牌。

To the problem，New Oriental said in a report in the clear，As of May 31,，New Oriental own 664 dubbed the new Oriental brand of teaching center，Insists that of all the school has 100% stake。New Oriental has not more than 21 home to join the school，In 19 of the home is its brand bubble children's English，All over the sky star brand licensing the two join the school，The 21 home unauthorized use of the brand new Oriental school。

　　至于财务合并的问题，澄清报告中称除了加盟费，这些加盟学校的营业收入从未反映在新东方综合财务报表中。2010财年及2011财年，这些加盟学校的加盟费（包括支付的培训费）总计3.5万美元及24.9万美元，分别占总收入的0.009%和0.045%。

As for the problem of financial merger，Clear except JiaMengFei said in a report，These join the school operating income never reflected in new Oriental comprehensive financial statements。Fiscal year 2010 and fiscal year 2011，Join the JiaMengFei these schools（Include payment of training costs）A total of us $35000 and $249000，Respectively 0.009% and 0.045% of total revenue。

　　新东方在发给财新记者的一篇通稿中强调，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学生人数等信息中，均不包含这21家加盟学校。

New Oriental in wealth of new reporters to a stress through，In the new Oriental comprehensive results published in new Oriental school number involved、Teaching center quantity and the number of students enrolled in the information，All do not contain the 21 home to join the school。

　　据浑水列出的新东方加盟合同，加盟商需要一次性的向新东方支付培训费、保证金，运营前三年需要向新东方支付60—100万的“商标使用费”。

According to the list of new Oriental muddy water to the contract，The joining trader need to pay a new Oriental groom cost、margin，In the first three years of operation to new Oriental pay 60-1 million“Trademark use fee”。

　　浑水认为，新东方的财务报表上其他费用一项比例明显偏低，新东方称由于能够享受教育机构的营业税优惠政策，其在北京的收入是不交所得税的，因此其他费用一项仅占收入的0.5%以下。而据浑水的调查，其向北京税务局确认，新东方需要交税并且是交过所得税的，而新东方也不在北京市享受税收优惠的企业名单里。浑水提出，既然新东方存在现金流出，为什么不反映在报表上而要声称享受了税收豁免呢？

Muddy think，New Oriental financial statements on other costs a significantly lower proportion，New Oriental education institutions says that the to be able to enjoy the business tax preferential policies，The income is in Beijing not pay income tax，So the other costs a accounted for only 0.5% of the income below。And according to the investigation of the muddy water，The Beijing revenue to confirm，New Oriental needs to pay tax and income tax is paid，And new Oriental is not in Beijing enjoy preferential tax of the enterprise list。Muddy put forward，Since the new Oriental existing cash outflows，Why not reflected in statements to enjoy the claims and tax exemption from？

　　此外，浑水认为，新东方在审计费用上也存在问题，其在教学中心增加195%的基础上，2011年的审计费用却较2007年降低了32%，低于安博、学而思、学大、双威等其他教育公司。

In addition，Muddy think，New Oriental in the audit costs, there is also a problem，The 195% increase in teaching center based on，2011 years of audit fee is 2007 years but was reduced by 32%，Below ember、Learn to think、Learn big、Double wei and other education company。

　　浑水还认为，新东方的毛利润率虚高，浑水指出通过与部分未上市企业交流，在一线城市毛利率最高约在30%，二三线城市一般在20%左右。而新东方在财报中称，其毛利润曾高达60%，浑水认为只有学大教育所披露的30%的毛利率才较为合理。

Muddy water also believe that，New Oriental hair virtual high profit margins，Muddy water points out that with a part of not listed enterprises through communication，In a city in about 30% gross margin the highest，Two, three lines city around 20% in general。And new Oriental said in the earnings，Its gross profit was as high as 60%，Muddy water only to learn that the big education disclosure 30% gross margin just is more reasonable。

　　浑水称，新东方的VIE结构风险很大，不稳定，不如百度的更有控制力，而新东方与一些国有性质的公立学校之间的合作不能被当做上市公司在国内的VIE主体，称公立学校资产属于国有资产，不能并入新东方的资产。

Muddy says，New Oriental VIE structure of the risk is very big，unstable，As more have control of baidu，New Oriental and some state-owned properties and the cooperation between the public schools can't be as listed company in domestic VIE subject，Says public school property belongs to the state-owned assets，Can't the assets into new Oriental。

　　俞敏洪在微博中指责浑水公司是“一家专门以做空中国股来牟利的公司”，对新东方的指责是没有依据的，并声称“不管发生什么事情，学生和员工利益高于一切。”

Mr Yu in micro bo blamed the company is muddy water“A special to do empty Chinese shares for profit of the company”，New Oriental's accused of are without merit，And claimed that“No matter what happens，Students and employee benefit above all。”

　　新东方连续两天遭受股价重创，市场上有人猜测这是新东方自发的大动作，目的是为了谋求私有化退市，俞敏洪对此亦有回应称新东方没有私有化退市计划，并表示“尽管本人不喜欢上市，但上市就必须一心一意经营。”

New Oriental for two days to hit from stock，There was speculation that the market is new Oriental spontaneous movements，The purpose is to seek privatisation delisting，Mr Yu has also responded that this new Oriental no privatization retreat city plan，And said“Although I don't like on the market，But the listing must work with one heart and one mind operation。”

　　据新东方公告，该公司将于北京时间7月20日上午9点30召开电话会议，就此事接受各方提问。

According to the new Oriental announcement，The company will be in Beijing time on July 20, 30 at 9 o 'clock in the morning at conference call，The parties to accept questions。

　　新东方回应后，周四股价有所好转，盘前上涨6.4%，以10.11元高开，开盘后上行，截至记者发稿，报11.7美元，涨幅为23.16%。（见习记者 王申璐 记者 王姗姗）

New Oriental response after，On Thursday, shares better，Before the dish up 6.4%，High open at 10.11 yuan，After opening up，A reporter at，For $11.7，23.16% increase。（Reporter WangShenLu reporter king SAN SAN apprentice）