????至于流動性，自去年夏季以來，F(xiàn)acebook在SharesPost和SecondMarket等非上市公司股票交易平臺上的交易額已超過了6億美元（每個月都有幾十萬股票換手）。相比之下，納斯達(dá)克公開交易的464只股票上個月交易量都不到20萬股。

????如果不是因為處在這個時代，F(xiàn)acebook在自身的發(fā)展過程中應(yīng)該早就已經(jīng)上市了。因為別無選擇，數(shù)量相對少的非上市股份持有者需要上市帶來的流動性，公司管理層也會非常樂意通過上市籌集資本。

????但在今天，身處這個時代，F(xiàn)acebook早已獲得“上市”的所有好處，而且無須實際遞交上市申請。歸根結(jié)底：如今的Facebook和IPO后的Facebook之間的差別僅僅是有無交易所交易代碼。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.