本論文就日俄戰爭（1904∼1905年）前後，台灣人資本在糖業投資之變化，進行分析。作者首先探討所謂「台灣人資本」，指出當時台灣地主階層所累積的資本，應可做為此時期台灣人資本的主要內容。日俄戰爭前，台灣總督府的糖業獎勵依新渡戶稻造的「糖業改良意見書」分項進行，然而最初受到赤搪價格低迷與台灣農民對新統治者的不信任，未有預期之反應，而改以台灣地主階層為中心的改良糖廍逐漸展開。日俄戰後，日本國內糖業資本受到「企業勃興期」的股票熱、砂糖稅制有利台灣赤糖與台灣總督府改變糖業獎勵方針，爭相對台灣糖業進行投資。面對日本國內資本的投入，台灣人資本受制於「六三法體制」 對純粹台資商業組織的限制，因此以日本國內資本為核心的機械製糖廠紛紛出現之同時，台灣人資本仍固守改良糖廍，而有「後退」的現象。

　　　　　Analysing variations of Taiwanese capital invested in the sugar industry before and after the Japan-Russian War (1904-1905), the author contends that what constituted 'Taiwanese capital' was mainly the capital accumulated by Taiwanese landlord gentry then. Prior to the War, 'Proposals for Reforming the Sugar Industry' initiated by Nitobei Ianzo had already been put into practice by the colonial government in Taiwan. However, since the price of sugar was low and the Taiwanese peasantry did not have confidence in the colonial ruler, these proposals were neffective, reformations centring upon Taiwanese landlord gentry therefore were brought in. In the wake of the War, Japanese capitals originally invested in Japan's domestic sugar sector rushed to Taiwanese sugar industry. This occurred because of three factors: there was a boom of Japanese stock market, the sugar taxation was conducive to Taiwanese sugar and the colonial government in Taiwan provided new incentives to boost the sugar industry. In consequence, as Modern Sugar Works owned by the Japanese capital burgeoned, the Taiwanese capital, constrained by the System of Loku-San-Ho (No. 63 Law) limiting its investments, could only stick to Formosa Reformed Sugar Works and thus appeared 'retreating'.