資產管理市場對於永續投資對基金績效與資金流量之影響存在不同論點。部分主張永續配置具備下行保護效益，另一派則認為非財務篩選會限制投資範疇;同時，在資金申贖端，投資大眾究竟追逐財務回報抑或具備非財務偏好，理論亦有分歧。

為釐清台灣市場之實際情形，本研究以台灣境內股票型基金與指數股票型基金(ETF)為對象，採用 2017 年至 2025 年之月度資料，涵蓋 238 檔基金與 7,029 筆觀測值。將永續因子區分為基金永續表現與外在形式標籤認證兩個維度，並透過全時期與分期樣本進行對照分析，評估兩者對市場資金流量，以及各項基金績效指標(包含超額報酬、夏普比率與詹森指標)之直接影響，並檢視外在形式標籤對績效流量敏感度之調節效果。

在基金績效方面，基金永續表現對超額報酬與詹森指標均具備正向影響，且此效益在資訊揭露頻率提升後之分期樣本中更為明確，夏普比率亦轉為正向顯著。相對地，外在認證標籤對各項績效指標均無獨立影響。結果說明台灣基金市場著重於經理人之實質持股配置，而非外在的標籤分類。

在資金流量方面，外在認證標籤對績效流量敏感度具備負向調節效果，降低了資金流量對過去報酬之敏感度。此發現顯示外在標籤能發揮穩定資金流動之功能，為基金帶來資金黏性，在績效回檔時發揮抵禦短線贖回之效果。總結而言，基金永續表現提供績效增益，而外在標籤則具備穩定資產規模之功能。

The asset management market holds differing views regarding the impact of sustainable investing on fund performance and fund flows. One perspective suggests that sustainable allocation offers downside protection, while another argues that non- financial screening restricts the investment universe. Similarly, regarding fund subscription and redemption, theory remains divided on whether investors chase financial returns or possess non-financial preferences.

To examine the empirical reality in the Taiwan market, this study analyzes a monthly dataset from 2017 to 2025 covering 238 domestic equity funds and exchange-traded funds (ETFs) with 7,029 observations. The sustainability factor is categorized into two dimensions: fund sustainable performance and the external formal certification label. This framework evaluates their direct impacts on fund flows and various fund performance metrics, including excess returns, the Sharpe ratio, and Jensen's Alpha, while examining the moderating effect of the external label on performance-flow sensitivity.

Regarding fund performance, the fund sustainable performance has a positive impact on excess returns and Jensen's Alpha. This effect becomes more distinct in the sub- sample with increased disclosure frequency, where the Sharpe ratio also turns positive and significant. Conversely, the external certification label exhibits no independent impact on any performance metrics. The results indicate that the Taiwan fund market focuses on managers' substantive portfolio allocation rather than external label classifications.

Regarding fund flows, the external certification label exerts a negative moderating effect on performance-flow sensitivity, reducing the sensitivity of fund flows to past returns. This finding shows that external labels stabilize fund flows and provide fund flow stickiness, mitigating short-term redemptions during market drawdowns. In conclusion, fund sustainable performance delivers performance gains, while external labels serve to stabilize fund scale.

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