本研究探討投資人注意力對ETF折溢價及申購與贖回資金流之影響，並進一步檢驗折溢價之中介效果。隨著ETF市場規模擴大，投資人行為逐漸成為影響市場價格的重要因素，因此本研究以Google搜尋量（SVI）與異常搜尋量（ASVI）作為投資人注意力指標，進行實證分析。
研究結果顯示，ASVI對ETF折溢價及資金流量皆呈現顯著正向影響，而SVI之影響則未達統計顯著水準。此結果顯示，相較於單純的搜尋量水準，經標準化後之異常注意力更能反映投資人短期關注變動，並對市場行為產生影響。
此外，ETF折溢價並未在投資人注意力與資金流之間產生顯著中介效果。異質性分析則顯示，不同ETF類型及配息期間下，投資人注意力之影響程度存在差異，呈現明顯情境依賴性。
整體而言，本研究顯示投資人注意力確實會影響ETF市場行為，其中以ASVI之效果最為明顯，但其影響主要體現在特定情境與指標下，整體效果仍具異質性。

This study investigates the effects of investor attention on ETF premiums and discounts, as well as subscription and redemption fund flows, and further examines the mediating effect of ETF premiums and discounts. As the ETF market continues to expand, investor behavior has gradually become an important factor influencing market prices. Therefore, this study employs Google Search Volume Index (SVI) and Abnormal Search Volume Index (ASVI) as proxies for investor attention for empirical analysis.
The results indicate that ASVI has a significantly positive effect on both ETF premiums/discounts and fund flows, whereas the impact of SVI does not reach statistical significance. These findings suggest that, compared with the level of search volume alone, standardized abnormal attention more effectively captures short-term fluctuations in investor attention and exerts a greater influence on market behavior.
Furthermore, ETF premiums and discounts do not exhibit a significant mediating effect between investor attention and fund flows. The heterogeneity analysis further reveals that the effects of investor attention vary across different ETF categories and dividend distribution periods, demonstrating clear contextual dependence.
Overall, this study provides evidence that investor attention does influence ETF market behavior, with ASVI showing the most pronounced effect. However, its impact is mainly reflected under specific circumstances and indicators, suggesting that the overall effect remains heterogeneous.

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