本研究主要探討公司在加入ESG 主題式基金時，是否對於公司股票報酬以及公司本益比有所提升，也使用異常搜尋量指數作為探究公司加入ESG 主題式基金後，市場上投資人的網路搜尋量是否有所提升之衡量。實證結果顯示，公司在加入ESG主題式基金後，對於公司股票報酬以及公司本益比的確有所提升；然而，在公司加入ESG 主題式基金後並不會影響公司股票的異常搜尋量指數(Abnormal Search Volume Index, ASVI)，但是隨著公司被ESG 主題式基金投資的比重上升，公司股票之異常搜尋量指數則會隨之上升，且具有統計顯著性。因此公司加入ESG 主題式基金會吸引投資人關注，並因此提高股票報酬以及本益比。

This study investigates whether the stock return and the company's price-earnings ratio have improved once the company was added into the ESG-themed funds. This study also measures the Abnormal Search Volume Index after a company’s stock was added into the ESG-themed fund. The empirical results show that when a company was added into the ESG-themed fund, the stock return and the price-earnings ratio do increase. However, after a company was added into the ESG-themed fund, it does not affect Abnormal Search Volume Index. As the proportion of a company’s outstanding shares invested by ESG-themed funds increased, there is a statistically significant increase in Abnormal Search Volume Index for the company. Therefore, to some extent listing in the ESG-themed funds can attract the attention of investors and then provide a positive impact on a company’s stock return and price-earnings ratio.

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