世變下台灣地主層的沒落─以四大公司民營化為例(1949-1957)

本論文主要在探討戰後台灣地主階層在土地改革時面臨的變動、反應及被弱化的過程。東亞的土地改革從日本開始，由美國為首的聯合國軍最高司令官總司令部所主導的土地改革，徹底改變了日本數百年的農村情況。台灣也因為農村壓力及共產黨的威脅而展開而由陳誠(Chen Cheng)為首的官僚來推動土地改革。中小地主被弱化的過程，從三七五減租開始造成收益減少，繼之影響到耕地出售價格，不同的地主在這個過程中受到的衝擊亦不相同，小地主出賣的耕地面積小，所得款項也優先償還債務，大地主出賣耕地面積大，賣地款項則以投資工商業為主，他們並無立即的現金需求，償還債務也不是首選，這顯示大地主與小地主之間的經濟基盤既不相同，所採行的策略也不相同。地主第二步被弱化的過程是最深的，其農業資本被強制性的轉化為實物債券與公營事業股票。筆者發現，先行研究均在探討公營事業股票的影響，卻忽略了實物債券的影響，為了避免坐吃山空，許多的地主紛紛出售實物債券以求得現金，受到十年貼現的影響，地主的實物債券在一開始的售價，只能達到票面價值的三至四成，而且受到地域性及品質的影響，在沒有證券交易所的情況下，地主與買主對於債券價格的撮合只能稻穀的時價來進行。加上債券本身的設計對買主有利，因此地主在此階段的弱化是必須被提及的。而在公營事業股票方面，先行研究認為四大公司股票在一開始發放呈現低價，使得部分地主對股票毫無信心，紛紛拋售。這給了大地主及資本家一個契機，可以低價收購股票，掌握四大公司。然而，筆者的研究指出，四大公司在公營時期的經營雖受到遵行政策的影響而各有優劣，整體來看企業的體質仍是可行的。熟料民營化後，四大公司的經營產生嚴重落差，唯有台灣水泥公司能夠發放些微股息，其他三間公司則根本沒有發放股息的能力。其他三間公司，在民營化後經營非常不善，三間公司的股票價值均低於面額許多，絕大多數地主農業的三成農業資本在這個過程被弱化，甚至無以維生，數萬戶的地主正是土地改革推動下的最大受害者。有受害者就有受益者，制度設計的缺失使得有意願者可以購買更廉價的股權委託書這種近乎賄選的方式來取得經營權。這一些受益者及少數的政治家、資本家獲得發展的機會，他們展現了人際網絡的力量，集合眾人之力購買低價股票或委託書，成為工廠的經營者，擴張事業版圖。台灣工業化的起源並不是在土地改革後才發動，自日本時代即已開始，但因為土地事業的利潤豐厚，大地主及資本家常是農業及工業的發展並行。延續到戰後，土地改革使得土地租佃事業無利可圖了，大地主及資本家只能將置於農業上的資金徹底轉向工商業，換句話說，土地改革的正面意義，正是在於加速了台灣的工業發展。

關鍵字

土地改革；四大公司民營化；地主

並列摘要

This thesis mainly investigates the changes, reactions and weakened process faced by the landlord class in Taiwan during the land reform of postwar period. The land reform in East Asia began in Japan, and that dominated by the General Headquarters of Supreme Commander of the Allied Powers headed by the United States has completely changed the rural situation in Japan for hundreds of years. Taiwan also launched a bureaucratic system headed by Chen Cheng to promote land reform because of rural pressure and the threat of the Communist Party. For the landlords, the most influential is The 37.5% Arable Rent Reduction Act and The Land-to-the-Tiller Program. The government claims that the land reform will allow the agricultural capital of the landlord could be transferred to industrial capital. The government will distribute the stocks of the public business four companies (privatization of the Four Companies) which equal to 30% of the levy land price to the landlords. Previous research believed that the stocks of the Four Companies were presented at a low price in the beginning distribute, which caused some landlords have no confidence in the stocks and sold one after another. This gives the big landlord and the capitalist a juncture to acquire stocks at a low price and master the Four Companies. But in fact, many capitalists do not buy stocks really, but buy a cheaper equity power of attorney. This kind of nearly bribery is the real harm to small and medium landlords. Small and medium-sized landlords have no Company's management rights and can only hope for dividends on stocks. However, after the privatization of the Four Companies, the operating was not good. Only Taiwan Cement Company was able to distribute minor dividends , and the other three companies did not have the ability to distribute dividends at all. The other three companies after privatization have operate very poorly. Taiwan Paper Company and Taiwan Agriculture and Forestry Company had to face the situations to reorganize within two to three years. The Taiwan Industrial and Mining Company did not reorganize yet. The operating is not good also. The stock value of the three companies is much lower than the denomination. The 30% of the agricultural capital of the vast majority of the landlord is weakened in this process, and even hard to keep their live. The tens of thousands of landlords are the biggest victims driven by land reform. However, there were also some beneficiaries. A very small number of politicians and capitalists got the developing opportunity which in the process of privatization. They showed the power of the Interpersonal network, and bought low-priced stocks by gather the power of everyone and became the managers of the factory. And let the business landscape to expand. The origin of Taiwan's industrialization was not launched behind the land reform, it has started since the Japanese era already. However, causing the lucrative of land business, the big landlords and capitalists are often parallel to the development of agriculture and industry. Continuation to the postwar, the land reform made the land renting business unprofitable. The big landlords and capitalists could only turn the funds placed in agriculture completely into the industry and business. In other words, the Positive meaning of the land reform is the acceleration Taiwan's industrial development.