投資人在資訊爆炸的環境中，受限於有限之認知資源，往往傾向先關注吸引其目光之少數標的，使網路關注度成為驅動資金配置之潛在因素；與此同時，ESG 永續投資近年蓬勃發展，永續品質是否影響投資人之資金配置決策亦日益受到重視。基於此一背景，本研究以 Chen, Chen and Lai (2021) 之「網路搜尋、基金資金流量與績效」為理論基礎，將關注度框架延伸至台灣市場，並進一步納入台灣經濟新報（TEJ）建構之 TESG 永續評級。鑑於既有文獻已證實 ESG 資訊對個股市場具有實質影響，本研究進一步檢視此一影響能否延伸至基金市場，亦即網路關注度與 ESG 品質是否能驅動台灣股票型開放式基金與 ETF 之資金流量。
本研究蒐集 48 檔基金自成立日至 2024 年 11 月之完整 Google 搜尋量資料，透過多段查詢與重疊期校準建構長期追蹤資料（panel data），其中 3 檔因觀察期不足而排除，最終分析樣本涵蓋 45 檔基金、1,326 筆基金月觀察值，平均每檔基金觀察 29.5 個月。
實證結果顯示三項主要發現。第一，在控制基金個體效應與時間效應後，網路關注度與 ESG 品質對資金流量皆無穩健顯著之影響，與既有文獻於美國市場所觀察到之關注度驅動效應相異，也顯示個股市場之 ESG 影響未能直接延伸至台灣基金市場。第二，真正穩健驅動台灣基金資金流量者為費用率與基金規模，二者均呈顯著負向關係。第三，透過時間異質性分析發現，台灣基金資金流量之驅動因子具有時間條件性。本研究以高股息 ETF 熱潮為界，將樣本劃分為前期（2017–2021）與後期（2022–2024），發現費用率敏感度與規模影響於 2022 年後發生顯著之結構性轉變，基金配息率之吸金作用也於高股息 ETF 普及後顯著減弱。

Constrained by limited cognitive resources, investors tend to focus first on assets that capture their attention, rendering internet attention a potential driver of capital allocation. Meanwhile, the rapid growth of ESG investing has raised the question of whether sustainability quality shapes investors' allocation decisions. Building on Chen, Chen, and Lai (2021), this study extends the investor-attention framework to Taiwan and incorporates the TESG sustainability ratings from the Taiwan Economic Journal (TEJ). Given the established influence of ESG information in the equity market, we examine whether it extends to the fund market—that is, whether internet attention and ESG quality drive the flows of Taiwanese equity open-end funds and ETFs.Using complete Google search volume data for 48 funds from inception through November 2024, we construct panel data via multi-segment queries and overlapping-period calibration. After excluding 3 funds with insufficient observations, the final sample comprises 45 funds and 1,326 fund-month observations, averaging 29.5 months per fund.
Three main findings emerge. First, after controlling for both fund and time fixed effects, neither internet attention nor ESG quality significantly affects fund flows—diverging from the attention-driven effect documented in the U.S. and indicating that the equity-market ESG effect does not extend to Taiwanese funds. Second, the robust drivers of fund flows are the expense ratio and fund size, both significantly negative. Third, a time-heterogeneity analysis shows that these drivers are time-contingent: partitioning the sample at the high-dividend ETF boom into earlier (2017–2021) and later (2022–2024) periods, we find that sensitivity to the expense ratio and fund size shifted significantly after 2022, while the flow-attracting effect of dividend yield weakened following the proliferation of high-dividend ETFs.

吳怡臻（2025）。投資人情緒與高股息ETF報酬率的關係 (未出版碩士論文) 。國立成功大學，台南市。https://thesis.lib.ncku.edu.tw/thesis/detail/4b9eaf fb0c5703ceb54c122af5989b5a/
投信投顧公會（2025）。2024 調查報告。https://www.sitca.org.tw/ROC/MonthRpt/ MR2006.aspx?PGMID=MR06
臺灣集中保管結算所（2025）。2024 臺股回顧。https://www.tdcc.com.tw/ portal/zh/news/content/4028c0b492fbdd1f019444131f610104
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