股权结构呈现多元化，形成了国有股、法人股和公众股，其中国有股处于绝对控股的地位。

Ownership structure appears diversification, and formed state-owned share, enterprise share and the public share, which state-owned shares is in a holding position.

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.

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.