法人股是指企业法人或具有法人资格的事业单位和社会团体，以其依法可支配的资产，向股份有限公司非上市流通股权部分投资所形成的股份。
国有股、法人股的存在降低了二级市场的流动性，导致证券定价缺乏效率，从而降低了社会福利。
This paper delves into the intrinsic relationship among the presence of state and legal-entity shares, market liquidity and social welfare.
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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