本論文關注省營台灣工礦公司如何在土地改革制度下實施分廠出售民營化，以及民營化政策對民間資本積累與地主資本的影響。從戰前、戰後台灣經濟的延續性而論，部分於戰時興起的新興工業，戰後初期併入台灣工礦公司。戰後這些生產部門因台灣工礦公司受限於資金與資源而停滯，直到分廠出售民營化才持續發展，部分並成為台灣較具規模的企業。台灣工礦公司採行分廠出售的民營化方式，促成民間資本可以較低的成本取得廠房，免除創廠初期的前置作業。民營化初期持有台灣工礦公司較多股份的股東，透過分廠出售的政策獲得廠礦經營權。這些取得廠礦的經營者，多數非地主階層出身。而台灣工礦公司歷經分廠出售後，至1960年代初期不但面臨經營上的虧損，股價也呈現低迷。此時持有台灣工礦公司股東的地主或投資人，因為公司營運困難，無法從持有該公司的股票獲利。透過本論文的研究結果，可知悉參與董事會為數不少的成員為非地主出身，與政府宣稱土地改革促使地主資本流入工商業之論述，似有未合之處。

This paper analyzes the privatization of Taiwan Industrial and Mining Company under the land reform policy, with a special focus on its option to sell individual factories and how this approach impacted the accumulation of private capital, in particular that of the landowners. With an eye on the continuity of Taiwan economy from the colonial era to the postwar period, it is noticeable that some of the emerging industries established during the wartime were incorporated into the Taiwan Industrial and Mining Company after war. However, these production sectors became stagnant in the postwar years due to the company’s limited funds and resources. It wasn’t until its privatization through selling individual factories that they grew again and eventually became some of the most developed business groups in Taiwan. For this particular way of privatization enabled the private capital to obtain factories with lower cost of initial equipment investment. During the early stage of privatization, the shareholders who possessed most stocks of the Taiwan Industrial and Mining Company got the franchise of the factories, but most of them did not belong to the landowners’ class. In the early 1960s, after the privatization and selling of individual factories were done, the Taiwan Industrial and mining Company underwent operating losses and its stock price hit an all-time low. At this point, the remaining shareholders of the company, most of them landowners and general investors, could no longer profit from the stocks. Therefore, the official version that land reform successfully channeled the landowners’ capital into industrial and commercial sectors is challenged.