中小板上市公司国有股、法人股和社会公众股的治理作用不明显，管理者持股具有正向治理效应；

Stockholders of state-owned, legal-person and public people don't have obvious governance effects. Stockholders of managers have positive governance effects.

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因此，必须正本清源，对国有股以社会公众股的购买成本进行缩股，在此基础上实现国有股的流通。

Therefore must radically reform, for state-owned share with the social share of the public purchase cost draw back share, on this foundation, realize the circulation of state -owned share.

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因此，必须正本清源，对国有股以社会公众股的购买成本进行缩股，在此基础上实现国有股的流通。

Therefore must radically reform, for state-owned share with the social share of the public purchase cost draw back share, on this foundation, realize the circulation of state -owned share.

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