近年來隨著人們越來越重視環境以及人權等社會議題，永續投資的規模也跟著迅速發展，而這個趨勢也逐漸延續到台灣的基金市場，其中又以環境、社會以及企業治理為永續投資主打的三個面相，因此為了在台灣準確推廣永續投資相關的產品，台灣投資人對ESG基金的認知就變得尤為重要。

希望能夠透過研究來釐清台灣投資人對於ESG 基金的報酬與風險認知、ESG 基金的投資意願以及ESG 基金的信任程度這三個面向的認知，並希望能夠找到影響投資人認知的主要因子，像是「投資人金融知識程度的高低」或者是「投資人投資經驗的長短」。因此本研究透過設計ESG基金以及非 ESG 基金之廣告來比較受測者在面對兩個不同的基金廣告時，對於兩者之間的認知差異，並提出以下兩項研究問題：（1）投資人對於 ESG 相關基金的認知是否與非 ESG的基金有所差異？（2）金融知識程度的高低以及投資經驗的長短是否會影響投資人對於ESG相關基金的認知？

本研究透過發放網路問卷，蒐集了 148 份永續相關基金潛在投資人之樣本，並進行敘述統計、獨立樣本 Ｔ 檢定以及二因子變異數分析。研究結果表明台灣的投資人在面對 ESG 相關基金時會低估其未來報酬，且此錯誤預期與投資人之金融知識水準有關，當投資人具備高度金融知識水準時，便不會將 ESG 相關基金視為較低報酬的標的，相反的，當投資人不具備高度金融知識水準時便會將ESG 相關基金視為較低報酬的標的。最後，本研究針對研究結果提出實務上的建議與未來可能可以改進的研究方向。

In recent years, people have been paying more attention to social issues, including the environment and human rights, and the scale of sustainable investment has also been growing rapidly. The trend has gradually entered Taiwan’s fund market with three main perspectives, environment, society, and corporate governance. Hence, to ensure products related to sustainable investment can be precisely promoted in Taiwan, local investors’ awareness of ESG funds has become critical. This research aims to clarify Taiwanese investors’ perceptions of three perspectives, including “the returns and risks of ESG funds,” “the willingness to invest in ESG funds,” and “the confidence level for ESH funds.” It also explores the main factors that affect the cognition of investors, such as “the degree of understanding of financial knowledge” or “the amount of experience in investing.” This research compares the cognition differences of subjects when facing two designed advertisements regarding ESG funds and non-ESG and provides two research questions: (1) Do investors have different cognitions of ESG-related funds and non-ESG funds. (2) Do the understanding of financial knowledge and the amount of experience in investing affect an investor’s cognition of ESG-related funds.

By distributing an online questionnaire survey, this research has collected an effective sample of 148 potential investors in ESG-related funds and applied it with descriptive statistics, an independent samples t-test, and a two-way analysis of variance. The results concluded that Taiwanese investors underestimate the future returns on ESG-related funds, and the cause of false anticipation is related to the level of understanding of financial knowledge. As an investor has a better understanding of financial knowledge, he/she will not consider ESG-related funds as lower-returning targets; on the contrary, an investor who has little understanding of financial knowledge will consider ESG-related funds as lower-returning targets. Ultimately, this research will provide practical suggestions according to research results and research interests that may be improved in the future.

一、 中文部分

富蘭克林華美投信潔淨能源ETF宣傳廣告，廣告內容。網址：https://www.ftft.com.tw/areas/00899etf/index.html，搜尋日期：西元2021年12月29號。

許繼元，2022。「ESG是什麼？直得投資嗎？最完整的ESG投資懶人包。」，⟪ 市場先生 ⟫。網址：https://rich01.com/what-is-stock-esg-score/，搜尋日期：西元2021年5月29號。

郭幸宜，2022。「〈ESG大趨勢〉投信緊抓趨勢搶發基金，資產規模翻倍增。」，⟪ 鉅亨新聞 ⟫。網址：https://news.cnyes.com/news/id/4750999，搜尋日期：西元2021年5月29號。

蕭育仁、陳錦村、廖志峰，2016。「金融知識與退休金規劃關聯性之研究」，
⟪ 管理學報 ⟫ 第33卷第二期：311-355頁。

二、 英文部分

Taylor, Collins. 2022. Ingraining sustainability in the next era of ESG investing. Deloitte insight, Retrieved from https://www2.deloitte.com/us/en/insights/industry/financial-services/esg-investing-and-sustainability.html (May 29, 2022)

Wallace. 2021. Our New Rating Measures a Stock's ESG Risk. Morningstar sustainability matters, Retrieved from https://www.morningstar.com/articles/1039219/our-new-rating-measures-a-stocks-esg-risk (May 29, 2022)

Hartzmark, S. M. & Sussman, A. B. 2019. Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows. The journal of finance. 74(6) 2789-2837