时至今日，俞敏洪再也不用在学校电线杆上贴招生广告了。作为新东方董事会主席兼首席执行官，他帮助了很多怀揣“留学梦”的学生实现了梦想。

today,Mr Yu no longer poles at school with the recruitment advertisement.As a new Oriental's chairman and chief executive,He helped a lot with"Study abroad dream"The students to realize the dream.

　　然而时过境迁，当年的“穷小子”面对的烦恼却依然不少。受扩张成本拖累而上涨的公司成本，抵消了收入增长、学员人数增加给业绩带来的提振作用，给新东方带来了一份“忧心忡忡”的二季度财报成绩单。与此同时，公司的千人裁员计划也正在进行中。

However, times have changed,In those days"Poor boy"But still a lot of face trouble.Rising costs by expansion cost down,Offset the revenue growth/Students increase bring performance boost,Bring a new Oriental"Worried about"In the second quarter earnings report.At the same time,The company's one thousand people planned layoffs is underway.

　

　千人裁员计划严控成本 Cost of one thousand job cuts to rein

　　“今年5月之前，公司还将关闭15至25个盈利能力不佳的教学中心，预计裁员1000至1500人。平均遣散成本为6000至10000美元/人。”在近日的一次电话会议上，新东方总裁兼C FO谢东萤这样表示，由于过去四个季度新东方扩张大大高于预期，因此，未来新东方将考虑启动裁员计划。并且未来3至5年内，将严格控制新增学校和教学中心。

"By may this year,Company will be closed for 15 to 25 poor profitability of teaching center,Is expected to cut 1000 to 1000.Average severance cost $6000 to $10000 per person."During a conference call,New Oriental's chairman and C FO hsieh said,Because over the past four quarters expansion of new Oriental school are much higher than expected,so,In the future, new Oriental will consider starting the planned layoffs.And the next three to five years,Will strictly control new schools and teaching centers.

　　近年来，新东方的快速扩张也使其成本不断的攀升，而过去一年的快速扩张下，新东方的成本费用激增而出现净利润亏损。新东方方面，将净利润亏损总结为人力成本高、行业淡季以及收割政策等，而业内人士分析指出，新东方长期以来的扩张策略带来了高昂的人力成本负担，制约了其盈利能力。随着培训市场竞争的日趋激烈，招生越来越难，在扩张教学网点后，招生状况依然没有改善，最终导致运营成本越来越高。

In recent years,The rapid expansion of new Oriental also make its costs continue to rise,The rapid expansion in the past year,New Oriental costs surge in net profit losses.In new Oriental,The losses summary from net income to the human cost is high/Industry off-season and harvesting policy etc,But the personage inside course of study points out that analysis,New Oriental has long expansion strategy leads to a high human cost burden,Restricting its profitability.As the training market competition is increasingly fierce,Recruit students become more and more difficult,After the expansion of network teaching,Admission status is still not improved,Eventually led to the operation cost is higher and higher.

　　裁员是降低成本的最直接方式。公司最新发布的财报显示，二季度裁员扭转了公司连续三个季度员工环比均增加的趋势。在此前的一季度，新东方营收同比增长25.8%，员工人数也同比增长40%。不过，财报同时显示，新东方二季度行政管理费用同比增加62 .1%，营收占比激增至46.86%.

Downsizing is the most direct way to reduce costs.Company's latest earnings report showed,Cuts reversed in the second quarter of the company employee has increasing trend from three quarters in a row.In the previous quarter,New Oriental's revenues grew by 25.8% year-on-year,Number of employees is up 40% from a year earlier.but,Results also showed,New Oriental administrative fees rose in the second quarter of 62. 1%,Revenue share surged to 46.86%.

　　“虽然通过扩张我们占领了市场，并达到了预期目标。但是，在过去的四个季度我们开设了238家学习中心，这实在太多了！此前，新东方计划一年开设80至100个学习中心。而实际上我们一年的时间开设了238个学习中心，这显然严重影响利润。”谢东萤在此前电话会议中如是说。

"Although by expanding our occupation of the market,And achieve the expected goal.but,In the past four quarters we opened 238 learning centers,It is too much!after,New Oriental's plans to open 80 to 100 a year learning center.But in fact we a year opened 238 learning centers,It seriously affect the profits."Hsieh before, said in a conference call.

　　因此，新东方在未来为了提高利润将做出一系列举动，包括走访、评估教学中心盈利水平；削减800至1500名员工；关闭15至25个无利可图的教学中心。这一消息已经得到新东方相关负责人证实，他表示，为了不使影响扩大，因此不会进行得太快。主要裁减的是行政人员，以北京教学中心为首。而对于关闭教学中心，该负责人称，由于盲目扩张，有些教学中心的招生不满，资源利用率比较低。对这样的教学中心，将考虑关闭。

so,New Oriental will make a series of actions in order to improve the profits in the future,Including the visit/Profitability evaluation teaching center;Cut from 800 to 800 employees;Shut down for 15 to 25 unprofitable teaching center.The news has been confirmed by the relevant person in charge of new Oriental,He said,In order not to extend influence,So you don't go too fast.Major cuts is administrative personnel,Headed by Beijing teaching center.For the closure of the teaching center,The responsible person,Due to the blind expansion,Some of the teaching centre admissions,Resource utilization is low.For such a teaching center,Will consider closing.

　　本次裁员总数是新东方历史上最大规模裁员。新东方的新闻发言人孔建龙对此解释称，这是因为目前总人数增多的原因，其实这次和往年年终考核的裁员比例类似。根据新东方的绩效管理体系和评估调整机制，每年各机构都会有5%至10%的员工考核结果为C。对于考核结果为C的人员，将降薪、调岗或解聘。

The total number of staff is the most mass layoffs in new Oriental history.New Oriental's spokesman manhole jianlong are explained,This is because the reason for the increase of the total number at present,In fact the year-end assessment similar proportion of layoffs and normal.According to the new Oriental's performance management system and evaluation mechanism,Institutions each year will be 5% to 10% of the staff appraisal results to C.For the assessment results to C,Will be cut/Adjustable duty or dismissal.

　　孔建龙进一步说明称，“新东方2013财年第二财季出现了亏损，所以我们加大了淘汰不合格的行政支持员工的力度，以更好地、更大程度地激励优秀骨干教师。目前新东方全国的行政支持人员有15000人左右，按照5%至10%的比例，就是800人至1500人。我们会在科学合理的范围内，不断对于员工尤其是行政支持人员进行有序精简和结构优化。”

Kong Jianlong further illustrate said,"New Oriental fiscal 2013 second quarter in the red,So we increased the out unqualified administrative support staff,In order to better/More motivate outstanding backbone teachers.At present there are 15000 new Oriental national administrative support personnel,According to the proportion of 5% to 10%,Is 800 to 1500.We will be within the scope of the scientific and reasonable,Continuously for staff, especially the administrative support staff in order to streamline and structure optimization."

　　根据美国投资公司T .H .C apital发布的研究报告称，预计由于冬季入学明显乏力，新东方2013财年第三财季预期可能不佳。寒假季通常是从1月初开始到2月末结束，基于该研究报告截至1月23日对其在线报名的追踪，报名已经满班的冬季课程占总课程比例只有约35%。作为新东方主要来源的重点城市(北京、上海、广州、武汉)仍然有大量可供报名的课程。

According to the investment company h. t. C apital published research reports,Entrance obvious weakness expected due to winter,New Oriental fiscal 2013 q3 expectations may not beautiful.Winter holiday season usually from the beginning of January to the end of the end of February,Based on the study as of January 23, tracking of their online registration,Registration has been full of winter course accounted for only about 35%.As a key city in the main source of new Oriental school(Beijing/Shanghai/guangzhou/wuhan)There were still a lot of courses available for registration.

　

　激进扩张时隔4年首现亏损 Radical expansion after 4 years of the first loss

　　成本费用的上升背后，投资者看到的是新东方近年来的“激进扩张”，而公司本身也表示承认。

Cost rises behind,Investors see the new Oriental in recent years"Aggressive growth",And the company itself admits.

　　1月29日，新东方公布了截至2012年11月30日的2013财年第二季度财报。根据财报显示，二季度净亏损1580万美元，这距离上次财报出现亏损时隔4年。

On January 29th,New Oriental announced on November 30, 2012 in fiscal 2013 second quarter earnings.According to the reported,In the second quarter net loss of $15.8 million,The distance last earnings losses in 4 years.

　　新东方上一次季度净利亏损还是在2007财年的第四财季。对于为何5年后出现1580万美元的亏损，新东方董事会主席兼C E O俞敏洪表示：“在过去的四个季度中，我们净增加教学中心超过200个，而在2011年11月30日之前的四个季度我们只增加了80个，这给我们的成本费用带来重大压力。”他还表示，本季度亏损中也有部分是由于SE C调查使得新东方在内部调查和监管程序上发生的费用。

New Oriental last quarterly net loss in the fourth quarter of fiscal 2007.Why to appear losses of $15.8 million after 5 years,New Oriental's chairman and C E O Mr Yu said:"In the past four quarters,More than 200 net we increase teaching center,And before the November 30, 2011, four quarter we only increased by 80,Which bring great pressure to our cost."He also said he,This is also part of a quarterly loss due to SE C makes the new Oriental in internal survey fee and regulatory procedures.

　　对此，分析人士指出，新东方本季度亏损的主要原因是企业最赚钱的业务及地区疲软，而增长快的区域(二、三线城市)和业务盈利能力相对较弱。作为新东方最赚钱的学校，京沪两地二季度表现继续疲弱。俞敏洪指出，该季度京沪两地营收增长只有20%，净利润下降超过50%，留学业务面临着日益激烈的竞争。“根据市场的需要，我们不断减少班组容量。二季度留学业务学员人次同比减少7%，营收同比增长22%.”

For this,Analysts pointed out that,New Oriental is the main reason of the loss of this quarter's most profitable business and weak areas,The fast growth area((2)/Third line cities)And business profitability is relatively weak.As the most profitable school of new Oriental school,Beijing Shanghai second quarter performance remains weak.Mr Yu said,Beijing Shanghai this quarter revenue growth was only 20%,Net income fell more than 50%,Studying business is faced with increasingly fierce competition."According to the needs of the market,We continue to reduce shift capacity.In the second quarter of students studying abroad business passengers down 7% year on year,Revenue increased 22% year on year."

　　快速扩张的背后，来自于投资人的压力也不无关系。市场人士指出，一味追求投资高回报和教育自身有着渐进规律的矛盾显得不相容。如何满足投资人的高要求，简单的方式就是快速扩张，但现在的培训市场仅靠扩张并不能保证生源的正比例增长。于是，新东方陷入了越亏损越扩张，越扩张越亏损的怪圈。

Behind the rapid expansion,From the pressure of investors is not without relations.Market participants pointed out that,Pursuit of investment returns and the law of education itself has a gradual contradictions appear incompatible.How to meet the high demand of investors,Simple way is expanding rapidly,But now only on expansion of training market and does not guarantee enrollment increased steadily.so,New Oriental in the loss of the expansion,The expansion of the loss of cycle.

　　新东方的问题在投资人的压力下，在各地分校开始表现出来。一位成都新东方离职高层就表示，在他眼中他认为新东方衰落先是频繁更换校长。此前成都市场份额从两千多万元做到过亿元，而总部似乎并不满意，一再更换校长。而新校长的管理，让员工并不太适应，一些高管相继离开。一离职者坦承，领导者对经营和市场运作不太懂行，这也是很多优秀人才流失的原因。

New Oriental problems under pressure from investors,From place to place at the start.A top in chengdu new Oriental's departure is said,In his eyes, he thinks new Oriental decline first frequent replacement of the principal.After chengdu market share from more than two thousand ten thousand yuan to ten thousand yuan,And doesn't seem comfortable with headquarters,Repeated replacement of the principal.And the management of the new headmaster,Let employees not too used to it,Some executives have left.A departure is admitted,Leaders for business and don't know the operation of the market,This is also the reasons of the loss of many talented people.

　　在新东方上市后，俞敏洪曾在多个场合中流露出悔意。作为一家上市的教育机构，在保持业绩持续增长的同时，还要保证教学质量，这让俞敏洪压力颇大。为了投资人的短期利益，新东方不得不走上以品牌支撑扩张，以扩张支撑市盈率，以高市盈率强化品牌的道路。“但教育不是规格化的产品，属于用户体验度较高的特殊长线商品，优秀师资是核心竞争力，而非营销扩张。尽管‘俞老师’深知教学质量的重要性，但在投资人的压力下，走上这条道路必然是量与质无法两全，因此才让他感觉很疲惫。”一位分析人士表示。

After listing in new Oriental,Mr Yu has shed regret on multiple occasions.As a public education institutions,While maintaining the sustained growth performance,To ensure the quality of teaching,This makes Mr Yu pressure is quite large.In order to short-term interests of investors,Brand new Oriental have to on to support the expansion,To expand support p/e ratio,With high p/e ratio to strengthen brand road."But education is not normalized product,Higher special long-term goods belong to the user experience degrees,Good teachers is the core competitiveness,Rather than marketing expansion.In spite of‘Teacher yu’Know the importance of teaching quality,But under pressure from investors,On this road is necessarily a cannot be satisfactory to both quality and quantity,So they made him feel very tired."One analyst said.

　　除了本身的原因，教育培训行业日趋激烈的竞争环境，来自高校国际办学项目和一批新东方离职老师组成的小型留学培训班团体，已经开始对新东方的核心业务造成威胁。谢东萤表示，“来自国际班和小型同业竞争者的确对公司的留学业务造成负面影响。但截至上周末的入学人数同比增加15%，现金收入同比增长37%，所以我认为利润能够保持健康增长。”“中国学生参加留学考试人次的数据是放缓的，根据教育部统计去年约有39万人留学，环比增长仅15%，然而在过去几年这个增长都是超过20%的。所以我认为这些都是我们在留学业务面临的挑战。”

In addition to itself,Education and training industry increasingly fierce competitive environment,From college of international education programs and a batch of new Oriental teacher leaving small study abroad training group,Has begun to pose a threat to the core business of new Oriental.Hsieh said,"From the international class and small trade competitors indeed have a negative impact on company's study abroad business.But as of last weekend's enrollment increased 15% year-on-year,Cash revenues up 37% from a year earlier,So I think the profit to be able to maintain a healthy growth.""Chinese students study abroad test people's data is slow,According to the ministry of education last year, about 390000 people study abroad,Rose only 15%,However in the past few years the growth is more than 20%.So I think these are the challenges of our business in abroad."

　　资料显示，目前送孩子出国读书的潮流从大学快速向中小学蔓延，从整个市场来看，海外留学咨询业务收入同比增长60%至80%。按理说，这有利于新东方业务扩张，但市场分析人士指出，实际上竞争对手增多，在一定程度上分流了新东方的市场。公立学校纷纷在周末或者晚上推出国际班课程来与新东方相关业务竞争。这以新东方上海地区的表现尤为严重。为此，新东方已经更换了上海校长和管理层，但此问题并非一两个季度就能够解决。

According to,Now to send their children to study abroad trend quickly spread to the primary and secondary schools from the university,Judging from the whole market,Overseas study consulting business revenue growth of 60% to 80%.By rights,This is advantageous to the expansion of new Oriental school,But market analysts said,In fact increase competition,To a certain extent, tap the new Oriental's market.Public schools have launch international class in weekend or evening classes to compete with new Oriental related business.This performance is particularly acute in new Oriental Shanghai area.To do this,New Oriental has replaced the Shanghai President and management team,But the problem is not a quarter or two will be able to solve.

　　此外，新东方还面临着网络教育的冲击。新东方相关负责人表示，该企业也早已加入线上的竞争，在2000年成立新东方在线。在线上教育方面过去几年来一直在增加投入，尤其是在北上广深等一线城市。而在中国二、三线城市，由于网络覆盖等多种原因，未来几年还将持续以线下发展为主。目前，新东方在全国49个城市拥有58个分部和700多个教学中心。

In addition,New Oriental has also faced with the impact of network education.The relevant person in charge of new Oriental,The enterprises have to join online competition,Founded in 2000, new Oriental online.Online education has been increasing over the past few years,Especially in the north to guangzhou and other first-tier cities.But in China the second/Third line cities,Due to various reasons such as network coverage,In the next few years will continue to give priority to with line development.At present,New Oriental has 58 divisions in 49 cities in China and more than 700 learning centers.

　　事实上，教育类另一家中概股公司学而思也放缓了其扩张计划，并关闭了一些教学中心。截至2012年11月30日，学而思运营中心数量259家，较2012年8月31日的257家运营中心数量增长仅两家，但仍低于2011年11月30日的275家数值高峰。

In fact,,Class education is another home companies learning and thought also slowing its expansion plans,And closed some teaching center.As of November 30, 2012,Learning and thought operations center number 259,The August 31, 2012, 257 increase in the number of operations center is only two,But is still below 2011 on November 30, 275 numerical peak.

　

　浑水“搅局”海外上市非坦途 Muddy water"A spoiler"Overseas listing the royal road to learning

　　除了扩张影响外，俞敏洪指出，本季度亏损中也有部分是由于被浑水公司做空而导致的SE C调查，使得公司在内部调查和监管程序上发生的费用。

In addition to expand influence,Mr Yu said,This is also part of a quarterly loss due to short by muddy water company SE C survey,Enables companies in the internal investigation and fee on the regulatory process.

　　对此，谢东萤则强调，“截至8月31日与此相关的费用累计超过500万美元，预计全部完成将会介于800万-1000万美元，这还不包括任何集体诉讼。我认为二季度的营业利润率会受到影响，因为涉及到美国证券交易委员会的调查费用和其他支出”.

For this,Hsieh is emphasized,"As of August 31, the related total cost of more than $5 million,Is expected to complete will be between $8 million and $10 million,That doesn't include any class-action lawsuits.I think in the second quarter operating profit margin will be affected,Because involves to the securities and exchange commission investigation fees and other expenses".

　　凡遭遇浑水做空的中国在美上市公司十有八九会损失惨重，而相反浑水机构会满载而归，新东方不例外。

Every encounter with muddy water shorting u.s.-listed Chinese companies, nine times out of ten will be disastrous,And instead of muddy water institutions will fill their carts,No exception of new Oriental school.

　　2012年7月18日，浑水机构向美国纽交所所有的注册读者发布了一份有关新东方的调研报告。浑水公司在长达90多页的报告中，详细讲述了浑水的调查过程，质疑相当“有料”。从伪装成投资者与新东方的工作人员对话希望加盟，到各种财务数据和对比报表，甚至与新东方C FO在美国的对话细节，甚至一些“花边”和“八卦”新闻，都被收罗详尽。

On July 18, 2012,Muddy waters to the nyse all registered readers published a research report about the new Oriental.Muddy water companies in over 90 pages of the report,Detail of the investigation process of muddy water,Question is"Have a material".From the disguised as investors dialogue with new Oriental staff wants to join,To all kinds of financial data and reports,Even with new Oriental C FO the details of the conversation in the United States,Even some"lace"and"gossip"The news,Have been collect detailed.

　　最大的指责是关于“欺诈”，浑水声称新东方过去报告的毛利润率超过60%有造假嫌疑，因其与其他非上市公司探讨，毛利润率会在20%至30%左右，新东方的数据却远远高于此。同时浑水还声称新东方经营的学校设施属于国家资产，对于合并资产表示怀疑。

The biggest criticism is about"fraud",Muddy waters report claims that new Oriental past the gross margins of more than 60% of suspected fraud,Because of its with other non-listed companies to explore,Gross profit margin will be around 20% to 30%,New Oriental's data are far higher than this.Muddy waters also claims that the new Oriental school facilities are owned by the state assets,For consolidated balance.

　　浑水报告中称谢东萤在2012年6月在被问及其是否存在加盟伙伴时否认并表示“公司650所教学中心全部是100%全资拥有的资产”。但是浑水6个月调查发现新东方在加盟方面向股东撒谎，有证据显示新东方的特许经营涉及几十个城市，但是公司却一直没有透露任何有关特许经营的信息。此外，新东方声称2011财年营收2.077亿美元，但是企业营业税为零，浑水认为新东方税收减免不合理。

Muddy waters report [east hotaru in June 2012 when asked joining partner and whether there is denied and said"Company all 650 teaching centres is a 100% wholly owned assets".But the muddy water 6 months found new Oriental lying to shareholders in terms of joining,There is evidence that new Oriental franchising involves dozens of cities,But the company has been didn't disclose any information relating to the franchise.In addition,New Oriental claim that fiscal 2011 revenue of $2011,But the business tax is zero,Muddy waters that new Oriental unreasonable tax breaks.

　　浑水报告认为新东方将加盟店业绩当作直营店对待粉饰报表、认为新东方利润率远高于同行，高得不正常等等。并称新东方的问题远比一个不稳定的V IE结构严重。在发布这份报告的同时，浑水将一段于2012年6月与新东方C FO通话录音上传至其网站，作为支撑报告结论的证据。

Performance as a muddy waters report argues that new Oriental will napa stores stores to whitewash statements/That new Oriental margins are far higher than peers,Unnaturally high and so on.Adding new Oriental far more problems than an unstable V IE structure is serious.At the same time in the release of the report,Muddy waters with a June 2012 new Oriental C FO voice recording uploaded to its site,As evidence of support report conclusion.

　　报告发出后，不少机构投资者和个人第一时间抛售股票，掀起了国外投资者抛售新东方股票的狂潮。仅两个交易日，新东方累计跌幅高达57.32%，股价创下5年新低，市值蒸发近20亿美元(约合127亿元人民币)，股价降至9 .5美元。受其影响，在美上市中概股大多跟随暴跌，联游网络跌幅超过30%，赛诺国际跌幅也有18%.

After the report issued,Many institutional investors and individuals selling the first time,Sparked a frenzy of foreign investors to sell shares of new Oriental school.Only two days,New Oriental accumulative total losses as high as 57.32%,Shares hit a five-year low,Wiping out nearly $2 billion(About 12.7 billion RMB),Shares fell to a 9. $5.Affected by the,In the most of any shares in the listed following the crash,Swim down more than 30%,Senor international drop 18%.

　　选择了海外上市，就要有充分的准备面对诸如浑水、香橼这样的做空公司，而这条路也注定是坎坷的。根据斯坦福大学C harles Lee等教授的最新研究，通过反向收购在美国上市的中国公司已经占所有在美反向收购上市公司总数的34%，占反向收购上市外国公司的85%。利用其中的监管漏洞，许多中国公司在存在诸多问题的情况下也得以顺利借壳上市。中概股的退市公司中，大多是此类公司。

Choose the overseas listing,Need to be prepared to face such as muddy waters/Citron such short company,And this also is doomed to be bumpy road.According to Stanford university C harles professor Lee and the latest research,Via a reverse takeover in U.S. listed Chinese companies have accounted for all reverse to acquire 34% of the total number of listed companies in the United States,Accounting for 85% of the reverse takeover listed foreign firms.Use of regulatory loophole,Many Chinese companies also smoothly in the presence of many problems backdoor listings.Any shares delisted in the company,Mostly such companies.

　　暴富后的烦恼

After wealth troubles

　　2006年9月7日晚9点25分，新东方教育科技集团在纽交所敲响了股市钟。带着“从绝望中寻找希望，人生终将辉煌”这样口号的俞敏洪终于踏上了自己创办的新东方的上市之路。新东方上市刷新了中国教育业在美国上市的零纪录。从1993年注册成立的一个小学校到融资过亿的上市公司，新东方这条“寻找希望”之路走得并不容易。而挂牌当日开盘价报22美元，较发行价上涨46.7%，也令持有公司31.18%股权的董事长俞敏洪资产超过18亿元人民币。现任新东方教育科技集团董事长兼总裁的俞敏洪，1962年生，江苏江阴人，北京大学西语系毕业，1993年创办北京新东方学校，2003年成立新东方教育科技集团。

On September 7, 2006, 9 a.m,New Oriental education technology group in nyse stocks bell rang.With the"Looking for hope from the despair,Life will be brilliant"Such a slogan Mr Yu finally on the road to his listed founded by new Oriental.The listing of new Oriental has set a new education in the United States zero record.Was incorporated in 1993, one of the primary school to financing of listed companies,New Oriental school this article"Looking for hope"The road is not easy.And on the same day opening price to $22,A rise of 46.7% in the price,Also holds a 31.18% stake in the company's chairman yu minhong assets over 1.8 billion yuan.The new Oriental education technology group chairman and President of Mr Yu,Born in 1962,Jiangsu jiangyin people,Graduated from Beijing university international,Founded in 1993 Beijing new Oriental school,Founded in 2003, new Oriental education technology group.

　　回首过去的十几年创业，俞敏洪表示首先想到的是后悔把新东方做这么大。他说当初可以在北大做成年收入一两百万的精品机构，把精华人物都集中到那里，有限制地发展。小范围内也能实现理想，无论转型还是放弃，也比较容易。“我给自己做了一个笼子，无法往外钻，否则笼子一收紧，我就被吊死了。”他曾这样自嘲地表示。

Looking back over the past more than ten years of entrepreneurship,Mr Yu said the first thought is regret to do so much.He said at the beginning can make income, especially in the north of the boutiques,The essence character on there,Limited development.A small scale also can realize the ideal,Whether transformation or give up,Are more likely to."I give myself made a cage,Can't go toward outside drill,Otherwise the cage a tightening,I'll be hanged."He had so said wryly.

　　在讲述自己的创业历程时，俞敏洪自己曾坦言：“当时野心太大了，现在留给我的是难以承受之重。当你发现自己给自己制定一个难以承受之重的目标后，煎熬和痛苦便呼啸而至。做得特别累的时候，我很想关掉新东方，都没有做到，因为我发现要为4000员工负责，为股东负责，为自己负责。新东方是一条不归路，让我不得不走下去。”

In telling their own entrepreneurial journey,Mr Yu himself has admitted:"At the time being too ambitious,Now for me is difficult to bear.When you find yourself making a difficult target to bear,To the suffering and pain.When do I feel very tired,I'd like to turn off the new Oriental school,Don't do it,Because I found responsible for 4000 employees,Responsible for the shareholders,Responsible for yourself.New Oriental is a point of no return,Let me have to go on."

　　很多人都在问：新东方不缺钱，也无须圈钱。为什么还要上市？按照俞敏洪所说，他希望用严厉的美国上市公司管理规则来规范内部，以制度说话，避免前面出现的人情和利益纠葛，从而实现自身的救赎，让企业顺利发展。“在新东方，骨干们很容易越过规矩谈感情。上市之后，外部规矩比内部规矩更强大、更有力。”

Many people are asking:New Oriental is not lack of money,Also do not need money.Why do you listed?According to Mr Yu,He wants to use harsh U.S. listed companies to strengthen internal management rules,Spoke with system,Avoid appearing in front of the human sentiment and interest,So as to realize their own salvation,Let the enterprise smooth development."In the new Oriental,The backbone over rules about feelings very easily.After the listing,External rules are more powerful than internal rules/More powerful."

　　不过，上市后的俞敏洪，似乎又新增了很多烦恼。他曾指出，作为一家好的上市公司，要做到收入增长多少，利润增长多少，以及人数增长多少。但对于一个教育机构来说，它最大的可持续性发展的保障，在于它的教学质量，并不在于每年学生增加了多少，这就是矛盾，而且还难以平衡。“我本人比较喜欢悠闲地去做一件事。这点，被上市给破坏了。上市之后，我的状态也一直不太对，不是我想要的那种状态。我其实是个随心所欲的人，但现在为了别人的利益，必须要去做很多事情，自己的空间越来越小。”

but,The listed after Mr Yu,Seems to have added a lot of trouble.He has pointed out,As a listed company,How much to achieve revenue growth,How much profit growth,And how much increase.But for an education organization,It is the biggest guarantee of sustainable development,Is that the teaching quality,Is not that how many students per year,This is contradictory,But also difficult to balance."I prefer leisurely to do a thing.this,Ruined what was listed.After the listing,When I have been quite right,Is not I want that kind of state.I actually is a man of follow one's inclinations,But now in order to the interests of others,Must do a lot of things,Your space is more and more small."