本文探究台灣實施三七五減租後的1950－1951年，佃耕農場的經營效率相對於自耕農場來說，是否高於戰前1925－1927年。研究結果發現三七五減租並未增進佃農的工作意願，使佃農的技術效率提高得比自耕農來得多。利用difference-in-difference法，得到若固定農家身份、時代、稻種及經營地面積大小，戰後初期相對於日治時代1925－1927年，自、佃耕農場調整利潤成本比無顯著差異。三七五減租之後，自、佃耕農場經營效率之所以無顯著差異，與以下幾個因索有關：（1）三七五減租也是定額租制度；（2）三七五減租後，自、佃耕農場的生產函數及所面臨的價格無顯著的差異；（3）三七五減租未干預佃農的經營權。

This article explores whether or not the improvement in management efficiency from 1925-27 to 1950-51 was greater in tenanted farms than in self-cultivated farms, focusing on the possible impact of the Three-Seven-Five Rent Reduction reform implemented in 1949. The empirical results, based on the difference-in-difference approach, suggest that the impact is likely to be limited as the change in management efficiency between the two periods for the tenanted farms is highly similar to that for the self-cultivated farms. This finding is inconsistent with Chen Cheng's statement that the reform enhanced tenants' work incentive. Further results show that the impact of the reform on a more general efficiency index, measured by an adjusted profit-cost ratio, does not differ between the two types of farm after farm type, time period, rice type, and farm size are controlled in the estimations. Possible reconcilations for the neutrality of the policy effects could be (1) the reform resulted in a fixed rent tenancy system for the tenanted farms; (2) there was no substantial difference in the production function, factor prices or price of product faced by the two types of farm after the reform; and (3) the reform did not interfere with the management entitlement of the tenanted farms.