近年來共同基金市場蓬勃發展，其中受惠於低利率環境，又以債券型基金成長速度最快。故此研究著重於檢視投資人情緒是否會影響債券型基金流量。其中投資人情緒分別以芝加哥期權交易所市場波動率指數和台指選擇權波動率指數當替代變數。觀察台灣投資人面對不同市場波動所產生的投資人情緒時是否會有不同的投資決策。
本研究實證結果發現，以專注於投資級債券為主的固定收益型基金來說，芝加哥期權交易所波動率指數對其基金流量為顯著負向影響，而台指選擇權波動率指數對其基金流量為顯著正向影響，顯示投資人情緒的確能影響以投資型債券為主的固定收益型基金；以專注於非投資及債券為主的高收益行基金來說，無論芝加哥期權交易所波動率指數及台指選擇權波動率指數對其基金流量皆無顯著影響。但深究其中，發現芝加哥期權交易所波動率指數對申購量及贖回量皆有正向影響，而台指選擇權波動率指數對申購量及贖回量皆存在負向影響。顯示投資人在面對不同市場投資人情緒波動時仍有影響，但於高收益債方面，其對申購量和贖回量的影響會相互抵銷。

The mutual fund market has booming in recent years. Among them, benefiting from the low interest rate environment, the bond fund has becoming the fastest growing product in the market. Therefore, this study focuses on examining whether investor sentiment would affect bond fund flows. Investor sentiment is using the Chicago Board Options Exchange Market Volatility Index (COBE VIX) and the Taiwan Exchange Option Volatility Index (Taiwan VIX) as a proxy to observe whether Taiwanese investors will have different investment decisions when faced with investor sentiment arising from different market fluctuations.
The empirical results of this study found that for International Fixed-income Fund category, the COBE VIX has a significant negative impact on its fund flows, while the Taiwan VIX has a significant positive effect on its fund flow, showing that investor sentiment can indeed affect fixed-income funds flows which mainly focus on investing in investment-grade bond; For high-yield bond funds that focus on non-investments and bonds, Both the COBE VIX and Taiwan VIX have no significant impact on its fund flows. However, it is found that the COBE VIX has a positive impact on both the subscription volume and the redemption volume, while the Taiwan VIX has a negative impact on both the subscription volume and the redemption volume. It shows that investors still have an influence when facing the emotional fluctuations of investors in different markets, but in terms of high-yield bonds, their impact on the subscription volume and redemption volume will offset each other.

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