先是遭SEC调查，后遇浑水阻击，新东方在上周经历了上市六年以来最大的一次波澜，最直观的表现便是股价两天暴跌近60%。前者是预料之中，后者则出其不意，这迫使久不出山的新东方董事长俞敏洪火线出面澄清诸多传闻，并信誓旦旦地表决心：“我会努力让股价涨回去。”

First survey by the SEC，After the muddy water in third，New Oriental in last week after six years of the largest listed a stir，The most intuitive performance is two days nearly 60% share price slump。The former is expected，The latter by surprise，This force is long do not trained new Oriental chairman Mr Yu to dispel the many rumours，And confirmed to the surface：“I will try to make the stock rose back。”

　　本报记者苗慧 实习记者吴旖旎本报记者胡雪柏摄

Our correspondent MiaoHui practice reporter wu charming our reporter HuXueBai perturbation

>>谈遇袭 >>Talk of the attack

　　这真不是我们的错 It's not our fault

　　对于多次在公众场合表示“不喜欢上市”的俞敏洪来说，新东方近一周以来的遭遇似乎验证了他的纠结。仅仅两天，股价折损6成，市值缩水20亿美元，这对于任何一个公司的管理者来说，都不能说是一件乐观的事情。但素以励志、积极形象面世的俞敏洪并未因此而垂头丧气，他在接受媒体采访时的开场白便是一句苦中作乐的自我调侃：“这成了这两天的大事儿了，成名很容易嘛！”

For many times said in public“Don't like listed”For Mr Yu of，Nearly a week of new Oriental since seems to prove his encounter the entanglements。Only two days，Share price wreck a 6 into，Wiping out $2 billion，For any one company for managers，All that is not to say a positive thing。But as inspiring、Positive image of Mr Yu has not appeared so depressed，He told media interviews opening is taking pains of a self badinage：“This became the two days of big business，Very easy to become famous！”

　　新东方上市已近6年，但很少因资本市场的表现成为市场关注的焦点。去年以来，在美上市的中国概念股因少数公司造假而集体背上“信用差”的骂名时，新东方似乎也少被累及，所以俞敏洪有足够的自信说“中概股信誉度评分不高，我自认为新东方一直是信誉排在前列的”，但这最终并未让其避过锋芒。

New Oriental listed already nearly 6 years，But seldom has the performance of the capital market become the focus of attention of the market。Since last year，In the beauty of china-related shares listed because a few company fraud and collective back“Poor credit”When sinking，New Oriental also seems to be less involvement，So Mr Yu confident enough said“Shares of credibility rating is not high，I believe that new Oriental school is credit the top”，But this has not made its final evaded Sunday。

　　不过，俞老师心中似乎有诸多委屈。当被问及股价暴跌是否感觉愧对投资者时，他坦言称“尽管我会愧疚，但这次股价下跌真的一点都不是新东方的错。如果是经营或者内部出了管理不规范等问题，我会更加愧疚。原因真的不在我，但我会努力让股价涨回去”，对于说话做事向来滴水不漏的俞老师来说，可以不吐槽，但决心一定不能少。

but，Yu heart seems to have many injustice。When asked whether the share prices collapse when investors feel they have failed，He admits that says“Although I'll guilty，But the stock price down really did not new Oriental fault。If it is a management or internal management of problems，I'll be more guilty。Reason really out of the I，But I will try to make the stock rose back”，Talk to do things have watertight yu teachers is，Can not spit slot，But determined cannot little。

　　无论是可预知的SEC调查，还是不可预知的浑水报告，本次事件的源头都归结于VIE（可变利益实体）架构的调整。尽管俞敏洪并未像新东方CFO谢东萤那般将反面教材直接指向余音犹在的支付宝事件，但却一再提到调整的原因确是不想重蹈某些案例的覆辙，并称“除非中国的相关政策进步到公司不需要VIE架构就可以海外上市，否则问题就不会解决。这是中国与国际资本市场接轨必须要解决的问题”。

Whether the foreseeable SEC investigation，Or unpredictable muddy report，This event source all boils down to VIE（Variable interest entity）Structure adjustment。Although Mr Yu did not like the new Oriental CFO XieDong fireflies will be opposite leads directly to the teaching material of lingering sound in pay treasure events，But again and again it is the cause of the adjustment that don't want to repeat the mistakes of the some cases，said“Unless China's relevant policy progress to the company do not need to VIE architecture can overseas listing，Otherwise it will not solve the problem。This is China and international capital market standards have to solve the problem”。

　　但不管理由是什么，投资者收益因股价暴跌而受损已成为不争的事实。事件之后，鲜少在微博上谈论公司管理的俞敏洪把这里当成了一个信息的出口，连续发送多条微博以证清白，并表决心，称“浑水事件给我最大启示是，对公司经营的规范化提出再高要求也不过分；同时尽管痛恨浑水，但也知道这样机构的存在，能够制约一些公司做坏事欺骗股东。就像有一个不断挑刺的人存在，你就能够不断进步。可惜浑水被利益冲昏头脑，有点信口雌黄了。而且用骂人口气说话太不职业了。感谢大家对新东方的支持”。

But no matter what is the reason，Investors for share prices collapse and damaged has become the fact that does not dispute。After the event，Rarely in the management of the company blog talking about attributes here as an information of export，Continuous send more micro bo certificate innocence，And vote on the heart，says“Muddy water the events to my biggest is revealed，The standardization of the management of the company proposed to high demand too much；At the same time, though, hate muddy water，But they also know that the existence of such institutions，Can restrict some companies do bad things deceive shareholders。Like a constant nagging exists，You can progress。But muddy water was carried away by interests，A little any words。But with tone too not swear occupation。Thank you for the support of new Oriental school”。

>>谈兄弟我很信任我这些哥们 >>Talk about brothers I trusts me these elder brothers

　　坊间有关新东方内斗的传闻一直不绝于耳。本次VIE架构调整中，CFO谢东萤一句“新东方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”的解释使得内斗传闻再次升级。一时间，有关“新东方内斗激烈遭浑水偷袭”、“分封制致俞敏洪陷内斗乱局”等言论四起。

The new Oriental infighting among the rumours have been heard。The structure adjustment of VIE，CFO XieDong fireflies a word“New Oriental listed in 2006, the founder of the when 11 of the VIE are shareholders，So far, 10 of them a VIE shareholders had already left”Explanation makes infighting rumours upgrade again。time，relevant“New Oriental infighting fierce attack by muddy water”、“FenFengZhi to Mr Yu trapped infighting mess”Comments such as four。

　　回顾当年的创始人分道扬镳、各奔前程，俞敏洪认为“这很正常，一般情况下，股东有钱之后都会选择去做自己喜欢的事情”。

Review of that year, the founder of the separate、Across the future，Mr Yu think“This is very normal，In general，Shareholders' money will choose to go after doing what I like”。

　　当年被称为新东方“三驾马车”之二的徐小平与王强早已切换身份，以天使投资人的角色活跃于中国资本市场上，徐小平一手创办的真格基金迄今为止已投资百余家初创企业。对此，俞敏洪也颇感几分荣耀，称新东方是“留学出国的桥梁”，而真格基金则是“归国创业的彩虹。”

That year is called the new Oriental“Three carriages”The second XuXiaoPing and zhang had switched identities，To the role of angel investors active in China capital market，XuXiaoPing one organizes the ZhenGe funds so far has invested over start-ups。this，Mr Yu was also a glory，Says new Oriental is“Go abroad study abroad the bridge”，And ZhenGe fund is“Back to create business rainbow。”

　　不过，坊间对于俞敏洪将100%的国内新东方权益集中于他一人之手仍有诸多非议。对此，俞敏洪一再强调，严格协议下的国内新东方不过是空架子一个，权益的转让并不牵扯任何利益瓜分。“我很信任我这些哥们，但存在一种可能性：只要其中有一个人反水了，那就是整个新东方的麻烦，当然这个人可能是我。整体安全性上不如只把我一个人卖给海外。”

but，Slang for Mr Yu will be 100% of the domestic new Oriental rights focused on his hand is still have a many abuses。this，Mr Yu has repeatedly stressed，Strictly under the agreement in new Oriental is but a mere skeleton，The transfer of rights is not involved with any interest divided up。“I'm trust me these elder brothers，But there is a possibility：As long as one of them struck，That is the whole new Oriental's trouble，Of course the people may be me。Overall safety as the only I sold overseas。”

　　新东方陷入舆论后，徐小平和他的真格基金表现出了极大的支持，俞敏洪所发布的每条微博都带着支持性的言论转发。这似乎也印证了俞敏洪所说的“虽然不像原来一样天天在一起，但兄弟们之间交流还是很多。这几天，徐小平总给我打电话、发短信说这个事情”。

New Oriental into after public opinion，XuXiaoPing and his ZhenGe fund showed a lot of support，Mr Yu released each micro bo with supportive remarks forwarding。It also seems to confirm Mr Yu says“Although not as they were together every day，But between the brothers exchange or a lot。These days，XuXiaoPing always give me a call、Text messaging said this things”。

>>谈淡出我一直在去俞敏洪化 >>I have been to talk about faded out of Mr Yu

　　“我们这一代企业家都特别强势，企业没了你就不行。但如果你想真正看到你的企业能够更长久发展的话，就必须创造一个环境，在有你的时候就要变成没了你也行。”此前，俞敏洪在接受媒体采访时如此阐述他想让新东方“去俞敏洪化”的初衷。

“Our generation entrepreneurs are particularly strong，Enterprise didn't your can not。But if you want to really see your enterprise can more long development words，It must create an environment，In you will become a didn't you also do。”after，Mr Yu in interviews so he wants to let this new Oriental“To Mr Yu turn”The original intention of。

　　一直以来，以励志的草根英雄形象出现的俞敏洪被当作新东方的代名词。据媒体报道称，他的言行在新东方内部有着绝对的权威。但无数的过往经验显示，随着企业的成熟壮大，个人权威的过于强化对于企业的长久发展弊大于利。新东方和俞敏洪显然意识到了这一点，“去俞敏洪化”成为新东方不得不做出的一个抉择。随着执行总裁陈向东越来越多地在某些公共场合代表新东方出面，“去俞敏洪化”也确实成为新东方近年来逐渐出现的态势。

Has been，By inspiring image of grassroots hero as Mr Yu the pronoun of new Oriental school。According to media reports，His words and actions in the new Oriental internal has absolute authority。But many of the past experience suggests that，Along with enterprise's mature and stronger，Personal authority for enterprise's long too strengthen development more harm than good。New Oriental and Mr Yu clearly realize it，“To Mr Yu turn”Become the new Oriental had to make a choice。As chief executive ChenXiangDong more and more in some public places new Oriental to represent，“To Mr Yu turn”Do become new Oriental in recent years gradually appear the situation。

　　但让人意外的是，在遭遇了SEC调查和浑水质疑事件后，第一时间代表新东方出面证清白的依旧是俞敏洪，而不是陈向东。市场开始有点摸不着头脑了，“去俞敏洪化”到底是怎么一回事？

But let person accident of is，The SEC investigation and in case of muddy water after questioning events，The first time represent new Oriental to card innocent is still Mr Yu，Not ChenXiangDong。The market starts to get a little confused，“To Mr Yu turn”What's going on？

　　“我们一直在‘去’啊。上周我还在西藏玩，典型证明了我在‘去俞敏洪化’，要不然暑假最火爆的时候我哪里有时间玩？下周还要带着朋友去英国考察呢。”俞敏洪再次以调侃的语调解答了疑问。他表示，目前他已很少参与新东方的日常经营，与新东方相关的决策仅有30%-40%在其掌控之中，其余60%-70%都在以陈向东为领导的团队手中。

“We have been in‘to’ah。Last week I still play in Tibet，Typical proved me in‘To Mr Yu turn’，Otherwise the hottest summer vacation when I where there is time to play？Even with friends to next week? British investigation。”Mr Yu once again in the ridicule intonation answered the question。He said，Now he has rarely participate in new Oriental daily operation，And new Oriental relevant decision only 30%-40% in its of our control，The remaining 60%-70% in ChenXiangDong for leadership team hand。

　　“但是有一点我们现在还做不到。一段时间内，我依旧会被当作新东方的一个象征存在，新东方在遭遇了重大冲击的时候，我的言论依旧还和新东方的命运紧密地联系在一起。我会用生命去捍卫新东方的权益。”俞敏洪说。

“But have a bit now we still can't do。A period of time，I still will be seen as a symbol of the new Oriental existence，New Oriental had a significant impact in the time，My speech is still and the fate of the new Oriental closely together。I'll use life to defend the rights and interests of the new Oriental school。”Mr Yu says。