????至于流動(dòng)性，自去年夏季以來(lái)，F(xiàn)acebook在SharesPost和SecondMarket等非上市公司股票交易平臺(tái)上的交易額已超過(guò)了6億美元（每個(gè)月都有幾十萬(wàn)股票換手）。相比之下，納斯達(dá)克公開交易的464只股票上個(gè)月交易量都不到20萬(wàn)股。

????如果不是因?yàn)樘幵谶@個(gè)時(shí)代，F(xiàn)acebook在自身的發(fā)展過(guò)程中應(yīng)該早就已經(jīng)上市了。因?yàn)閯e無(wú)選擇，數(shù)量相對(duì)少的非上市股份持有者需要上市帶來(lái)的流動(dòng)性，公司管理層也會(huì)非常樂(lè)意通過(guò)上市籌集資本。

????但在今天，身處這個(gè)時(shí)代，F(xiàn)acebook早已獲得“上市”的所有好處，而且無(wú)須實(shí)際遞交上市申請(qǐng)。歸根結(jié)底：如今的Facebook和IPO后的Facebook之間的差別僅僅是有無(wú)交易所交易代碼。如果我給投資者潑了冷水，我只能表示歉意。

????譯者：zdm

????And in terms of liquidity, Facebook shares have traded more than $600 million in volume -- hundreds of thousands of shares per month -- on private exchanges like SharesPost and SecondMarket since last summer. In comparison, there are 464 publicly listed stocks on the Nasdaq that traded less than 200,000 shares last month.

????If this were any other market era, Facebook would have come public much earlier in the company's evolution. It would have had no choice -- the relatively few private stakeholders would have demanded the liquidity that comes along with a public offering and the management would have been eager to raise the capital.

????In this day and age, however, Facebook's been able to obtain all of the benefits of being "public" without the formality of actually filing. Bottom line: the only difference between Facebook now and Facebook post-IPO will be the existence of a ticker symbol. Sorry if I dampened your enthusiasm.