股票和基金已成為台灣投資人重要的理財工具。然而，一般大眾的潛在意識認為投資基金的目的是為了賺錢，因為根據現代金融理論的觀點，金融商品的選擇取決於投資者對這些資產未來收益和風險的看法（Markowitz, 1959），但這看法其實太過於膚淺，忽略了每位投資人都具備消費者行為模式，而這觀點也在先前研究中被證實風險和報酬並不能做為投資決策的唯一解釋變數。
因此，本研究想藉由聯合分析法探討基金屬性（年化報酬率、投資準則、基金資訊來源）對於投資人的排序和偏好，此外也探討近年來盛行的ESG投資原則是否也被一般投資人重視。本研究發現台灣投資人選擇基金時，其基金屬性排序為年化報酬率（財務屬性）、投資準則（ESG投資原則）、基金資訊來源，可見財務屬性還是影響投資人最重要的因素。此外，雖然ESG投資正席捲全球，但對台灣一般投資人而言，投資於對環境和社會文化（E＆S）良好的企業，是帶來負面的效用，僅投資於公司治理良好（G）的企業可以帶來正效用。
最後，本研究建議金融從業人員在面對投資人時，可以投其所好介紹他較感興趣的屬性和水準，投信事業也可以思考基金如何透過親戚或朋友及金融從業人員達到較精準的行銷效果。本研究也認為目前ESG投資僅機構投資人較為了解，因此更要思考如何讓一般投資人也了解此概念，透過投資方式讓社會朝向共好發展。

Investors in Taiwan prefer two investment tools: Stocks and funds. However, the general public believes that the purpose of investment funds is to make money because according to the view of modern financial theory, the choice of financial products depends on investors’ views on the future returns and risks of these assets (Markowitz, 1959). However, this view in fact is too superficial, ignoring that every investor has consumer behavior and it has also been proven in previous studies that risk and rewards cannot be the only explanatory variables for investment decisions.
Therefore, this research intends to explore the ranking and preference of fund attributes for investors through conjoint analysis and to explore whether the ESG investment principle that have prevailed in recent years is used by investors. This study found that their fund attributes are ranked as rate of return, investment criteria (ESG principle) and fund information sources. It can be seen that financial attribute is still the most important factor for investors. In addition, although ESG investment is prevailing, however for normal investors in Taiwan, investing in companies with good environmental and social culture (E&S) brings negative effects and only invests in companies with good corporate governance (G) can bring positive effects.
Finally, this research suggests that when facing investors, employees can introduce the attributes that investors are more interested in. The company can also think about how can it achieve more accurate marketing through relatives or friends and employees. This research also believes that only institutional investors understand ESG principle at present so it is necessary to think about how to make normal investors also understand this concept.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 vi
表次 vii
第壹章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究流程 5
第貳章 文獻回顧 6
第一節 產品屬性理論 6
第二節 共同基金介紹及相關屬性文獻 9
第三節 ESG投資原則 13
第四節 聯合分析法 15
第參章 研究設計 18
第一節 研究流程 18
第二節 研究對象施測方式 19
第三節 基金屬性篩選 20
第四節 正式問卷設計 25
第肆章 研究結果 27
第一節 樣本結構分析 27
第二節 基金屬性偏好之聯合分析結果 31
第伍章 結論與建議 39
第一節 結論與討論 39
第二節 研究貢獻 41
第三節 研究限制級建議 42
參考文獻 43
附錄 45

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