本論文係以早期《循環日報》的原件，考察該報的創刊日期、報名由來，該報創刊宗旨與背景，以及該報的版面形式與內容，從而訂正補充了1927年戈公振的《中國報學史》問世以來中國報史學界對該報不正確或不完整的敘述。 本論文係作者《中國近代新聞成立史》（日本版）的一個重要篇章，作者對王韜在內夏外患的時代，倡辦以“華人出資、華人操權”為標榜的《循環日報》，予以極高的評價，認為「它一開始便表現出與其他華文報不同的風格。它重視言論，而一切言論又以國家、民族利益為依歸。……開創了文人論政的政論報紙的先河……它對後來政論報紙之興起，特別是十九世紀九○年代政論報紙的影響是至深且巨大的。」

　　　　　The research paper looks at the original documents relating to the Universal Circulating Herald (Tsun Wan Yat Po) to establish the date of its official launch, how the newspaper chosed its name, its objectives and background and its editorial form and content. The academic exercise has further confirmed journalism scholars' claims, since the publication of Ko Kung-chen's History of Chinese Journalism (Chung-kuo Pao Yeh Shih) in 1927, that accounts on the newspaper published so far were incomplete and inaccurate. The research paper is also an important chapter in the book, The Beginnings of Modern Chinese Newspapers and their Development in the 19th Century (Japanese edition). The book's author realised the turbulent times during which the reformist Wang T'ao lived and respected his publication of the Universal Circulating Herald (Tsun Wan Yat Po) which was a fine example of a "Chinese-financed and Chinese-controlled" newspaper. The author also believed that from the very start, the paper had a distinctive character which was very different from those of other newspapers. It put great emphasis on commentary and all opinions were expressed with the interest of the country and the Chinese race in mind. Thus, it was a pioneer political commentary newspaper for the literary and educated to express their political views. It had a great influence on the birth of other political commentary newspapers later, especially those in the late 1890s.