Facebook早已悄然完成实质性上市

    至于流动性，自去年夏季以来，Facebook在SharesPost和SecondMarket等非上市公司股票交易平台上的交易额已超过了6亿美元（每个月都有几十万股票换手）。相比之下，纳斯达克公开交易的464只股票上个月交易量都不到20万股。

    如果不是因为处在这个时代，Facebook在自身的发展过程中应该早就已经上市了。因为别无选择，数量相对少的非上市股份持有者需要上市带来的流动性，公司管理层也会非常乐意通过上市筹集资本。

    但在今天，身处这个时代，Facebook早已获得“上市”的所有好处，而且无须实际递交上市申请。归根结底：如今的Facebook和IPO后的Facebook之间的差别仅仅是有无交易所交易代码。如果我给投资者泼了冷水，我只能表示歉意。

    译者：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.