Dim fso As FileSystemObject

    Dim cel As Range

    Dim fld As Folder

    Dim target As String

    Set cel = ActiveCell

    target = cel.value

    If Not fso.FolderExists(target) Then

        Exit Sub

    End If

    cel.Offset(1, 0).Select

    Set cel = cel.Offset(1, 0)

    Set fld = fso.GetFolder(target)

    Application.ScreenUpdating = False

    Call listFolder(cel, fld)

    Application.ScreenUpdating = True

End Sub

Public Sub listFolder(cel As Range, fld As Object)

    Dim subFld As Object

    Dim f As Obejct

    Dim fso As New FileSystemObejct

    cel.value = fld.name

    cel.Offset(1, 0).Select

    Set cel = cel.Offset(1, 0)

    For Each subFld In fld.SubFolders

        DoEvents

        cel.Offset(0, 1).Select

        Set cel = cel.Offset(0, 1)

        Call listFolder(cel, subFld)

        cel.Offset(0, -1).Select

        Set cel= cel.Offset(0,-1)

    Next

    For Each f In fld.Files

        cel.Offset(0, 1).NumberFormatLocal = "G/標準"

        cel.Offset(0, 1).FormulaR1C1 = "=hyperlink(""" & f.path & """,""" & f.name & """)"