台灣首次全國性公民投票已併同2004年總統大選完成辦理，由於整個活動是在藍綠兩陣營選情高度緊繃的情況下進行，選民並無太多空間去思索公投議題的實質內涵與可能影響，而是按照總統大選的支持立場，形成領票與不領票的兩極態度，以致儘管兩案均有高達九成以上的同意比率，仍因總投票率未達全體投票人數的二分之一而告否決。本文首先分析三二○公投的特色，次就其結果提出解讀與討論。就未來影響而言，中國當局仍傾向採取負面解讀，至於對國內政治發展的主要影響，主要在於公投制度獲得確立，進而增加公民參與管道，使直接民主機制有機會彌補代議政治之不足，但這套民主機制的落實仍有待進一步補強與焠鍊，才能真正進入民主深化的階段。

The first referendum in Taiwan was held, together with presidential election, on March 20, 2004. Without considering too much about its connotation and possible effects, citizens' attitude toward this referendum was heavily influenced by the struggle of different political parties. As a result, the referendum was annulled because participation did not top the required 50% threshold. This paper analyzes the issues and process of this referendum, and tries to explain why it failed. Although China inclines to oppose Taiwan's future referendums, the first referendum in Taiwan seems to be conducive to institutionalization of direct democracy, to provide more participatory access to public affairs, and to lead to deepening democratization in the future.