本研究主要探討ESG基金相較非ESG基金是否能吸引較多資金流入，以及是否能創造更高的報酬。本研究亦探討ESG基金的資金流量及績效是否與其ESG分數有關。本研究將每檔ESG基金依據基金規模及投資屬性選取三檔非ESG基金作為配對基金。實證研究結果顯示ESG基金相較於配對之非ESG基金擁有較好的績效表現，但未能得出ESG基金吸引較多資金流入的一致結果。此外，在ESG分數相對較低的基金中，ESG分數與績效表現呈正相關；但在ESG分數相對較高的基金中，提高ESG分數未必有利於績效。

This paper investigates whether ESG funds attract more fund flow and deliver better performance than their non-ESG counterparts. In addition, we examine if higher ESG scores attract more fund flow or have better performance. Since there is a large difference between the sample size of ESG funds and non-ESG funds, we use the matching approach before we run our test, in which we match three non-ESG funds for every ESG fund. The empirical results find it hard to conclude whether investors have a stronger preference for ESG funds, and we find that when it comes to flows, the role of ESG scores for ESG investors is not statistically significant. The study also finds that ESG funds tend to deliver better performance than their non-ESG counterparts, and for funds with relatively high ESG scores, increasing ESG score might narrow down their investment pool and thus harm their performance. On the contrary, for funds with relatively low ESG-score, increasing ESG scores might enhance their performance.

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