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On May 10th Uber, the world's biggest ride-hailing firm, listed on the New York Stock Exchange—and promptly tanked.
5月10日，世界最大的打車服務公司優步在紐約證券交易所上市，并迅速跳水。
As The Economist went to press it was trading at $41.29, 8% below its listing price.
在本期《經濟學人》出版時，該公司股價為41.29美元，比上市價格低8%。
On the first day of trading investors lost about $650m. Some have called it the worst initial public offering (IPO) ever.
在交易首日，投資者損失約6.5億美元。一些人稱它是有史以來最糟糕的首次公開發行股票（IPO）。
But it could give a boost to fresh thinking on how fast-growing startups should go public.
但這可能會促使人們重新思考快速增長的初創企業應該如何上市。
And even as Uber's first shares were trading, one such innovation got the go-ahead from
即便是在優步第一批股票交易的時候，其中一項這種創新獲得了
the Securities and Exchange Commission(SEC), America's main financial regulator.
美國主要金融監管機構，證券交易委員會（SEC）的批準。
The Long-Term Stock Exchange (LTSE) is based in San Francisco and backed by Silicon Valley luminaries
長期證券交易所（LTSE）總部位于舊金山，并得到了硅谷名流的支持
including Marc Andreessen, Reid Hoffman and Peter Thiel.
包括馬克·安德森、雷德·霍夫曼以及彼得·蒂爾。
They are animated by the weaknesses of conventional exchanges when it comes to startups.
當說起初創企業，傳統交易所的弱點令他們興奮不已。
Things such as quarterly results, short-sellers and high-frequency trading distract from building businesses for the long term,
季度業績、賣空者和高頻交易等因素會分散建立長期業務的注意力，
says Eric Ries, the LTSE's boss and the author of "The Lean Startup".
LTSE的CEO兼《精益創業》的作者埃里克·萊斯說到。
Such distractions are not all unwelcome. Public markets can bring discipline to badly governed startups.
這樣的干擾并非都不受歡迎。公開市場可以規范管理不善的初創企業。
Short-sellers help keep companies honest.
賣空者幫助公司保持誠信。
It would probably not have taken them long to sniff out the fraud at Theranos, for instance, had the blood-testing firm been public.
例如，如果血液檢測公司Theranos上市，他們可能不用花很長時間就能嗅出這家公司的欺詐行為。
Nevertheless, the LTSE's backers are onto something. Startups have been staying private as long as possible
盡管如此，LTSE的支持者還是發現了一些問題。初創公司一直盡可能保持私有
and granting shares conferring greater voting rights to their founders when they do finally go public.
并在公司最終上市時，授予他們的創始人更大投票權的股份。
In turn big private investors, including sovereign-wealth and hedge funds,
反過來，大型私人投資者，包括主權財富和對沖基金，
have pumped billions into "unicorns" (private firms valued at more than $1bn),
將數十億資金注入“獨角獸公司”（估值十億以上的民營企業），
capturing most of the value they create and leaving little for investors in public markets.
獲取他們創造的大部分價值，而留給公開市場中投資者的資金所剩無幾。
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