本文以台灣國內投資股票型ETF為研究對象，探討ETF公告配息相對於實收配息之超額比率，是否會影響其後續資金流入。本文建構衡量ETF超額配息程度之指標，並以Flow Rate來衡量ETF的資金成長率。實證結果顯示，台灣ETF市場中確實存在超額配息現象，但其長期持續性仍不夠明確。此結果可能與台灣ETF市場發展時間較短以及許多配息型ETF近年才成立有關。其次，平均數差異檢定顯示在Ratio2衡量下，超額配息程度較高之ETF較受到基金投資者的青睞。最後，超額配息在不同模型設定下皆與ETF資金成長率呈現正向且顯著關聯，代表ETF公告配息相對於實收配息之比率越高，後續資金流入率亦越高。整體而言，超額配息比率可以作為觀察台灣ETF資金流量的指標，顯示出投資人對高配息或超額配息ETF的需求。

This study examines domestic equity ETFs in Taiwan and investigates whether the excess ratio of announced dividends to received dividends affects subsequent fund inflows. This study constructs indicators to measure the degree of excess dividend distribution and uses Flow Rate to measure ETF fund flow growth. The empirical results show that excess dividend distributions exist in Taiwan’s ETF market, but their long-term persistence remains unclear. This may be related to the relatively short development history of Taiwan’s ETF market and the fact that many dividend-oriented ETFs were launched only in recent years. In addition, the mean difference tests show that, when measured by Ratio2, ETFs with higher excess dividend ratios are more favored by fund investors. Finally, juicing is positively and significantly associated with ETF fund flow growth across different model specifications. This indicates that the higher the ratio of announced dividends to received dividends, the higher the subsequent fund inflow rate. Overall, the excess dividend ratio can serve as an indicator for observing ETF fund flows in Taiwan, reflecting investors’ demand for high-dividend or excess-dividend ETFs.

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