本研究以台灣樣本為例，探討基金投組ESG分數在基金經理人特質和基金績效之間的中介效果，首先建立基金績效（應變數）、經理人特質（自變數）和基金投組ESG分數（中介變數）三者之間相互關係的假說，再進一步檢驗中介變數在自變數與應變數之間的影響性。
經過迴歸分析結果顯示，性別、教育程度、任期及年資分別都與基金投組ESG分數存在顯著關係，基金投組ESG分數與雙重調整後的報酬存在顯著關係，教育程度變數與雙重調整後報酬之間為顯著正向相關。任期特質在與四因子報酬、調整後四因子報酬、調整後六因子報酬的迴歸結果中皆為正向顯著。透過路徑分析法，可以從中介效果比率看出ESG分數在雙重調整後報酬作為被解釋變數時，其效果最為明顯，表示基金投組ESG分數的確在基金經理人特質與基金績效之間具有中介效果，且是在教育程度、年資對雙重調整後報酬之間的關係最為明顯。顯示經理人的教育程度與年資都會對其操作的基金投組ESG分數有相當程度的解釋力，也是影響基金績效的重要因素。

This study examines the mediating effect of fund ESG scores between fund manager characteristics and fund performance using samples from Taiwan. The results of the regression show that gender, education, and tenure are significantly related to fund ESG scores. There also indicates that the education level and tenure of the managers have a considerable explanatory power for the fund ESG scores and are key factors influencing fund performance.
Through path analysis, it is evident from the mediation effect ratios that when double-adjusted alphas are utilized as the explanatory variable, the impact of ESG score becomes most powerful. This indicates that the ESG scores of funds indeed exist a mediating effect between fund manager characteristics and fund performance.

中文文獻
林嘉慧、顏盟峯、王天明（2014）。基金經理人特性、基金特性與風險轉換程度之關係。證券市場發展季刊，26(2)，179-219。doi:10.6529/RSFM.2014.26(2).5
邱姵瑜（2020）。何者驅動共同基金從事ESG投資?經理人與基金特徵的檢驗。國立東華大學財務金融學研究所碩士論文，花蓮市。取自臺灣博碩士論文知識加值系統https://hdl.handle.net/11296/3hasyp
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