New Oriental, China’s biggest private educator, makes money from English-test preparation. That has helped revenues to grow about two-fifths annually over the past five years. Yet its US-listed shares are back where they were at the start of 2009 – thanks to analysis by Muddy Waters Research, questioning the ownership of some of New Oriental’s schools and the consolidation of its financial statements. Once again the probes put into question the variable interest equity structure often adopted by Chinese companies tapping overseas markets for capital.
manbetx3.0 最大的私营教育机构新东方(New Oriental)靠英语考试培训赚钱。过去5年中，新东方营收每年增长约40%。然而，新东方在美国上市股票的股价又跌回了2009年初的水平——这都“得益于”浑水研究公司(Muddy Waters Research)的调查，它对新东方旗下一些学校的所有权和财务报表合并情况提出了质疑。调查再一次令“可变利益实体”(VIE)结构受到质疑。在赴海外市场筹资的manbetx3.0 企业中，采取这种结构十分普遍。