根 据 2003 年上市公司年报信息,中国 A 股 486 家上市公司存在大股东占用上市公司资金的现象,总计金额为 388.44 亿元。 486 家上市公司总股本合计 2437.27 亿股,如果全部按照净资产来进行以股抵债,则需要回购 191.13 亿股,仅占到了这些公司总股本的 7.8% 。而相对于总股本 6 According to the 2003 annual report of listed companies, there are 486 listed companies in China’s A-share market with large shareholders occupying funds of listed companies with a total amount of 38.844 billion yuan. The total capital stock of 486 listed companies amounts to 243.727 billion shares. If all the debt is settled on the net assets, the repurchase will cost 19.113 billion shares, accounting for only 7.8% of the total share capital of these companies. And relative to the total share capital 6