本研究主要在探討投資人對共同基金的關鍵字搜尋行為、廣告以及其兩者的交互關係對共同基金現金流量的影響。概念上，投資人對共同基金的主動搜尋行為反映投資人注意力的主動效果，而基金廣告則捕捉投資人被動接受共同基金訊息的被動效果。然而，過去文獻多只探討基金廣告對共同基金現金流量的影響，本研究利用關鍵字搜尋量(Search Volume Index, SVI)與基金廣告量衡量投資人注意力之主動及被動效果，探討投資人注意力的主動效果、被動效果及兩者之交互關係對共同基金現金流量之影響。研究結果顯示，網路關鍵字搜尋量的增加，確實會對共同基金現金流量帶來正向的影響，而基金廣告的增加則可增強網路關鍵字搜尋量對於共同基金現金流量之正向影響。進一步考慮到投資人情緒，會影響基金投資人的申購與贖回決策。本研究將情緒區分為樂觀與悲觀，並發現當投資人樂觀時，關鍵字搜尋量增加對現金淨流入產生的正向影響較廣告顯著；而當投資人悲觀時，關鍵字搜尋量的增加會顯著增加現金淨流出，而廣告卻能有效使淨流出降低。

This study investigates the relation between mutual fund cash flows and investor behavior of internet search queries as well as the relation between mutual fund cash flows and advertising. The investor behavior that searches queries on the internet initiatively captures the initiative effect of investor attention, while passively receiving advertising information of funds captures the passive effect of investor attention. However, prior studies examine the impact of advertising on mutual fund cash flows. This paper proposes to measure both initiative and passive effect of investor attention by using search volume index (SVI) and mutual fund advertising in order to examine the relation between both investor attention effect and mutual fund cash flows. The empirical results show that the search volume index can significantly increase the mutual fund cash flows, while an increase in advertising can enhance the positive relation between the search volume index and mutual fund cash flows. Moreover, considering the effect of investor sentiment on purchase and redemption decisions of investors, this study separated investor sentiment into high and low groups. We find that when investor sentiment is high, the effect of search volume index is positively significant on mutual fund net inflow. On the other hand, when investor sentiment is low, the mutual fund net outflow significantly increases if search volume index increase, while advertising significantly reduces the fund net outflow.
Keywords: Internet search query, initiative effect, passive effect, advertising, SVI

目錄
摘要 i
Abstract ii
1. 緒論 1
2. 文獻回顧與假設 5
2.1過去投資人注意力的衡量 5
2.2網路關鍵字搜尋 5
2.3關鍵字搜尋行為、廣告與共同基金現金流量 6
2.3.1關鍵字搜尋量與共同基金現金流量的關係 6
2.3.2廣告支出與共同基金現金流量的關係 7
2.3.3同時考慮關鍵字搜尋量與廣告對共同基金現金流量的影響 8
3. 研究方法 10
3.1實證模型 10
3.2不同投資人情緒下的實證模型 16
4. 資料來源與敘述統計 19
4.1資料來源 19
4.2 敘述統計 21
5. 實證結果 27
5.1關鍵字搜尋量及廣告對共同基金現金流量之影響 27
5.2不同投資人情緒下，關鍵字搜尋量及廣告對共同基金現金流量之影響 32
6. 結論 35
參考文獻 38

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