兼顧地主的幣制改革：臺灣三大商業銀行戰後擴張之前因後果（1904－1956）

A Middle-of-the-Road Monetary Reform: Causes and Effects of Three Commercial Banks' Financial Expansion in Postwar Taiwan, 1904-1956

本文旨在探討第一、華南、彰化這三家商業銀行戰後擴張之前因後果。本文鑑於三商銀之戰後擴張勢必要以其戰前發展為基礎，故將考察期間向前延伸至彰銀籌設伊始之1904年。研究發現，三商銀皆係臺灣農村大地主階級在日本殖民政府金融開放政策之慫恿與鼓勵下所積極參與創立之現代銀行。日本戰敗後，三商銀雖有過半日人股份為國府接收為公股，但該階級在國府治下，不僅自始便握有三商銀之經營主導權，更使三商銀能在二二八事件隔天同時完成改組並重新開張營業。自此截至1948年底，儘管國府曾多次申令臺灣諸銀行收縮金融，但三商銀在該階級領導下，卻無論營業機構數還是存、放款餘額，皆爆發出未曾見諸於日本殖民期間的驚人增長。1949年臺幣改革後，臺灣物價因國府高估新臺幣匯價而迅速回穩，三商銀也隨之進入實質擴張階段，從而不只大幅強化了該階級對於農村剩餘的控制，也讓該階級得以將大量農村剩餘移轉到城市之中變成城市金融資本。過往研究由於忽略了三商銀戰後擴張之事實，才會得出該階級早在二二八與農村土改後已然喪失政策協商與資本控制能力的錯誤結論。反之，若將該事實納入考慮則可發現，國府在臺成功推動各項基進改革的前提，並非不存在能夠干預國府決策的農村大地主階級，而是國府總能在實施改革的同時也能兼顧地主利益。兼顧地主的臺幣與農地改革，才是戰後臺灣所以能快速工業化並發展經濟的前提條件。

There were only six banks in postwar Taiwan until 1958, including three ''policy banks'' and three ''commercial banks.'' Although all six banks were state-owned, only three commercial banks experienced an unprecedented expansion in the first decade of postwar era. These commercial banks are First Bank, Hua Nan Bank, and Chang Hwa Bank. This paper examines the causes and effects of these commercial banks' postwar expansion by 1956. It finds that all these banks grew out of the Taiwanese rural landlords' ambition to strengthen their financial control over capital since 1904. It also finds that both the Japanese colonial government and the Nationalist government encouraged, actively or not, these landlords to do so. As a result of the encouragement, these banks' number of branches boomed right after the 228 Incident in 1947; their shares in the total amount of deposit and loan of Taiwan increased at an unprecedentedly rapid pace since the monetary reform in 1949. Despite the land reform during 1949-1953, these banks' real founders, the Taiwanese rural landlords, controlled an increasing amount of financial capital in rural and then urban areas during 1945-1956. These findings indicate that what features those above mentioned monetary and land reforms is precisely not a radical but a middle-of-the-road path where the Nationalist government also considered the landlord's interests. As a challenge to the argument that this landlord class has lost its control over major economic surplus and thoroughly collapsed with the implementation of the land reform, these findings also indicate that this series of middle-of-the-road reforms, rather than the landlord class's collapse, underpinned Taiwan's successful industrialization in the following decades.