本文以大東信託株式會社設立始末作為研究課題，展開實證研究，試圖探究其得以脫穎崛起的可能因素與必要條件。首先，大東信託籌組過程中，面對金融主管機關乃至於臺灣總督府以信託法尚未在臺灣施行而並未給予支持，幾經籌設者林獻堂等人的折衝與協調，在設立的法源依據上，大東信託終以依據民法以一般商業株式會社崛起獲准設立，展現出在信託法施行時點未定的混沌期間，大東信託籌設者採取「以退為進」的務實策略肆應。其次，大東信託籌設的1920年代，正值金融業的慢性不景氣，臺灣銀行界更陷入的減資潮，特別是龍頭臺灣銀行不僅減資甚至曾休業3個月進行整理，釀成臺灣史上罕見的金融危機——「昭和金融恐慌」。因此，大東信託的籌設，除了面對來自金融主管機關的壓力之外，更引起臺灣金融界龍頭臺灣銀行相當高度的注意，乃至於不看好。惟身處金融業重整之逆境，大東信託仍於昭和2年（1927）逆勢崛起並獲准登記設立，其所展露的金融韌性，呈現出1920年代臺灣金融業的另一面貌。其三，相較於同時期臺灣銀行業幾乎是以日人所主導，大東信託的出資者完全由臺灣人組成，在地緣分布上高度集中於中部地區，特別是與具地緣網絡的大甲信用組合創立者具有高度連結性；此外，具實際經營決策權的董事會，不僅是來自清代以來根深蒂固於臺灣各地的地主階層，且多位具備金融業經營的經驗值與擁有高學歷的專業，與此同時，亦為該時期臺灣社會民族運動的主導者，在臺灣社會乃為具相當程度政經實力與金融專業的資產家。整體而言，1920年代臺灣正值金融危機與金融重整階段，以及信託法施行時間點未定的混沌期，大東信託株式會社卻得以逆勢崛起設立登記完成，其關鍵力量實係源自於臺灣本地社會所蓄積的財力、金融業經驗值、高學歷的金融專業以及社會運動的涉入程度。從企業經營的角度而言，大東信託所具備企業經營所需的人才、專業知識、資金實力，以及組織能力等四項因素，應可視為形塑與支撐大東信託金融韌性的必要條件。

After the implementation of the domestic trust law in Japan in 1923, there was a trend that the trust law would be implemented in Taiwan, and then there were also several applications for the establishment of trust companies in Taiwan. However, only Dadong Trust Co., Ltd. was allowed to be established. This article takes Dadong Trust Co., Ltd. as the research object, conducts an empirical study on its establishment, and obtains the following findings. First of all, in the formation process of Dadong Trust, the company confronted the financial authorities and even the Taiwan Governor's Office while the trust law had not yet been implemented in Taiwan and the governments did not provide any support. After several negotiations and coordination by Mr. Lin Xiantang and other planners, on the legal source basis, Dadong Trust was finally approved to be established as a general business company in accordance with the Civil Law. However, the content of its trust business was limited to forms such as entrusted management or trading, and it failed to operate the trust registration business based on the Trust Law. Secondly, in the 1920s when Dadong Trust was set up, the society coincided with the chronic downturn in the financial industry, and Taiwan's banking industry was even more caught up in a wave of capital reduction. Bank of Taiwan, the leading Taiwanese bank, not only reduced capital but even closed business for three months for sorting purposes, which caused a rare financial crisis in Taiwan's history --”Showa Financial Panic”. Therefore, in addition to facing pressure from the financial authorities, the establishment of Dadong Trust attracted considerable attention from the leading Taiwanese banks but without optimistic recognition. Nevertheless, in the difficult time of financial reorganization, Dadong Trust still rose against the trend in 1927 and was approved for registration. The financial resilience demonstrated by Dadong Trust showed another appearance of Taiwan's financial industry in the 1920s. Thirdly, in the same period when Taiwan's banking industry was almost dominated by Japanese, Dadong Trust's funder committee was entirely composed of Taiwanese, and the funders' geographic distribution was highly concentrated in Central Taiwan, especially the geographic network combined with Dajia Credit. In addition, the board of directors with decision-making power was mainly from the landlord class in various parts of Taiwan since the Ching Dynasty, but also with experiences in the financial industry. Besides, the board members also led national movements in Taiwan during that period, and actually they were Taiwanese society's bourgeoisies with political and economic strength. In conclusion, in the adversity of the financial turmoil, the crucial force for Dadong Trust to rise against the trend is actually derived from the financial strength and expertise accumulated by Taiwan's local society, as well as the fearlessness in face of the authorities. These factors should be relevant and regarded as necessities to shape and support its financial resilience.