本研究旨在探討ESG風險評分與基金名稱提及ESG對基金規模的影響。
    本文回顧了ESG風險評分與基金名稱與ESG名稱對於基金規模之影響的相關文獻，並另外回顧了其他可能影響基金規模之因素做為補充。其次，運用Morningstar旗下Sustainalytics之ESG風險評分數據，以2020年在歐洲公開販售的基金作為研究樣本進行分析。再將投資策略中有提及ESG之基金篩選出來，以虛擬變數將基金名稱有提及ESG的基金分類為1基金名稱沒有提及ESG的基金費類為0，並以線性迴歸模型進行分析。
    研究結果發現，在不同基金類型中，ESG評分對於基金規模之影響有所不同，在債券型基金中ESG風險較低的基金其規模傾向較大，而股票型基金中ESG風險較高的基金其規模傾向較大。整體來說投資人可能較為關注單一的S、G分數以及ESG總分。而基金名稱明確標示ESG對於基金規模的影響，在不同的基金類型樣本下結果有所矛盾，無法證實基金名稱提及ESG與基金規模之間一定有所影響。除此之外，短期績效對基金規模之影響亦十分顯著。

    This study aims to examine the impact of ESG risk ratings and the inclusion of ESG terms in fund names on fund size. The paper first reviews the relevant literature on the influence of ESG risk ratings and ESG-related fund names on fund size, along with other potential factors that may affect fund size. The analysis is based on ESG risk rating data from Sustainalytics, a subsidiary of Morningstar, using publicly available funds sold in Europe in 2020 as the research sample. Funds whose investment strategies mention ESG were identified, and a dummy variable was created to indicate whether a fund’s name explicitly includes ESG (1 if yes, 0 if not). Multiple linear regression models were used for analysis.
    The empirical results show that the impact of ESG ratings on fund size varies across different fund types. For bond funds, those with lower ESG risk scores tend to have larger sizes, whereas for equity funds, those with higher ESG risk scores are associated with larger fund sizes. Overall, investors appear to pay more attention to individual S and G scores, as well as the composite ESG score. As for the presence of ESG in fund names, the results are inconsistent across fund types, making it difficult to conclude that explicitly mentioning ESG in the fund name has a definite impact on fund size. In addition, short-term performance was found to have a significant effect on fund size.

目錄
目錄	i
表目錄	iii
圖目錄	iv
第一章	緒論	1
第一節 研究背景與動機	1
第二節 研究目的	2
第三節 研究架構	3
第二章 文獻探討	4
第一節 ESG評分方式	4
第二節 ESG風險評分對基金績效與規模之影響	5
第三節 基金名稱中提及ESG對基金規模之影響	7
第四節 其它因素	8
第三章  研究方法與變數設定	12
第一節 研究方法	12
ㄧ、研究樣本	12
二、變數設定	13
三、研究方法	15
第四章  實證結果與分析	17
第一節 敘述性統計	17
一、歐洲債券型基金	17
二、歐洲股票型基金	18
三、全球股票型基金	19
四、其它股票型基金	20
第二節 相關性分析	21
一、歐洲債券型基金	21
二、歐洲股票型基金	21
三、全球股票型基金	22
四、其它股票型基金	23
第三節 線性迴歸	28
一、歐洲債券型基金	28
二、歐洲股票型基金	31
三、全球股票型基金	34
四、其它股票型基金	37
第五章   結論與建議	45
第一節 研究結論	45
一、不同基金類型之結論	45
二、ESG 評分對基金規模之影響	46
三、基金名稱提及ESG對基金規模之影響	46
第二節 研究建議	47
表目錄
表3-1基金樣本分類	13
表4-1-1歐洲債券型基金	17
表4-1-2歐洲股票型基金	18
表4-1-3全球股票型基金	19
表4-1-4其它股票型基金	20
表4-2-1歐洲債券型基金	24
表4-2-2歐洲股票型基金	25
表4-2-3全球股票型基金	26
表4-2-4其它股票型基金	27
表4-3-1歐洲債券型基金迴歸結果	41
表4-3-2歐洲股票型基金迴歸結果	42
表4-3-3全球股票型基金迴歸結果	43
表4-3-4其它股票型基金迴歸結果	44
圖目錄
圖1-1研究流程	3

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