甲午戰後，以臺灣為生成、積累基礎的在臺日資， 由於在臺資金的不易取得及臺 灣經濟尚未脫離清代結構為最主要的客觀不利影響，使其自起步階段便遇到許多困難。再加 上初期來臺日本商人本身商業技巧、對在臺日本人社會的依據等因素，使得在臺日資在日治 初期臺灣經濟的變革過程中，無法取得主導的地位，充其量也祇是個資本參與者而已。結果 ，日治時代臺灣經濟變革所需要的資本，便不得不以日本國內的資本為主要的來源。另一方 面，在日治初期較可觀的在臺日資，由其所有者的資本為主要的來源。另一方面，在日治初 期較可觀的在臺日資，由其所有者的經歷及事業內容可了解，大都與臺灣總督府所代表的國 家權力保持一定密切關係，此點可說是此時期在臺日資的重要特徵。

　　　　　Between 1895 and 1905, the Japanese capital ad a limited existence and accumulation in Taiwan though politically this island had been already under Japan's colonization. The reasons for this mismatch between political rule and economic role could be accounted by the fact that Taiwan's economy was still orientated twoards the mainland China. Additional factors such as insufficient bussiness knacks and relying its commerce too much on the colonial government contributed further to its being merely a participant in, rather than the leader of, the overall economic activities in this colony.