本論文採取改革-反改革循環研究途徑與克里姆林政治研究途徑，闡釋俄羅斯總統普欽重新定位民營化政策的驅動因素。 2000年，普欽當選總統後，以迅雷不及掩耳的霹靂手段，徹底解構金融工業集團，並將業已民營化的大型企業，特別是能源企業，收歸國有；同時，以漸進的方式，逐步推動以中小企業為主的民營化。 本論文認為，普欽重新定位俄羅斯民營化走向的主要目的在於，解構葉里欽勢力集團、拓展國際戰略空間、以及創造經濟改革條件；而這三項努力的終極目標，則在於掃除異己、改善經濟、攏絡民心、提升大國地位、從而鞏固個人政治權位。 / Applying reforms/counter-reforms cycle approach and kremlinological politics approach, the purpose of this study is aimed at exploring driving forces behind Russian president Putin’s efforts to reorient Russia’s privatization policy line. Immediately after his inauguration in 2000, Russian president, Vladimir Vladimirovich Putin, took quick and decisive steps to thoroughly undermine the financial industrial groups and renationalize those privatized big enterprises, especially, energy enterprises. At the same time, step by step, he pushed forward a new privatization policy line, concentrate on small and medium-sized enterprises. This author argues in this study that main driving forces behind Putin’s efforts to reorient Russia’s privatization policy line are identified as attempts to undermine the pro-Yel’tsin group, to develop international strategic maneuvering room, and, to create favorable conditions for economic reforms. This author contends that the ultimate aim of these efforts is to wipe out political rivals, to improve economic life in order to win support from the populace, to promote Russia’s status as a great power, and, eventually, to consolidate Putin’s personal power. Key wods: Putin, Yel’tsin, Russia’s privatization, financial oligarchs, FIG.

葉立欽時期十多年的自由民主改革實踐，使俄羅斯陷入了嚴重的困境。在殘酷的現實面前，俄羅斯人民希冀政治權威的產生。 藉由觀察尤科斯集團的崛起以及日後的「尤科斯事件」，我們發現俄羅斯社會轉型時期金融寡頭集團勢力的形成有其深刻的社會因素。隨著金融寡頭們自身實力的不斷增強，其對社會的阻礙作用日益顯露。普京上台後欲推行權威政治改革，不斷的加強總統集權，然而他所面臨的挑戰之一即是俄羅斯金融寡頭問題。為此，普京企圖以打擊經濟犯罪為名，打擊金融寡頭，藉以收攬人心，從而裂解葉立欽時期所遺留下來的「家族」集團勢力，建立以國家安全團隊為主幹的執政團隊，以鞏固其政權基礎。 普京執政以來，放棄空洞的「民主」口號，在社會政治領域建立以總統集權為核心的「可控式民主」，為社會發展和經濟提升提供了有力的保障。觀察俄羅斯近來所舉行的議會選舉和總統大選顯示出俄羅斯的政治力量對比、社會情緒和社會意識型態已發生變化。總統普京的聲望亦達到頂點。俄羅斯政治將進入以可控式民主為特點的新時期。 關鍵詞：金融寡頭、尤科斯事件、葉立欽、普京、可控式民主 / More than ten years of free demorcratic reforms of the Yeltsin’s era made the Russia society get into serious trouble. In face of the ruthless reality, Russian people call for the return of political authority. Through observing the establishment of “Yukos Group” and the development of “Yukos Incident”, we know that at the beginning of Russia transition, the financial oligarch groups came into being for deeply social reasons. With amplifying in energy, the financial oligarch groups have hampered the social development more and more seriously. After coming into power, Putin wants to promote the authoritarian political reforms and enhance president’s absolute power continuously. However, one of the challenges he faced to is the problem of Russian financial oligarch groups. Because of this, Russian president Putin was attempted to wipe out some of these oligarchs in the name of combat against economic crimes, in order to rally the popular support, to wipe out the “Family” force left by Yeltsin’s regime and replace them with a new ruling command of national security elite, and to consolidate his own power. Since Putin took power from Yeltsin, he has dropped empty “ Democratic” slogans and instituted “ Controllable Democracy” in the socio- political field with presidential power as the core, providing powerful guarantee for socio- political development and economic rejuvenation. Through observing the recent parliamentary and presidential elections held in Russia, it shows that Putin’s power and influence have reached the climax with the change in the balance of political forces, social mood and social ideology in Russia. With this, Russia has entered into a new period featuring “ Controllable Democracy”. Keywords: Financial Oligarchs, Yukos Incident, Yeltsin, Putin, Controllable Democracy