欧洲央行-释放增长？欧盟投资计划和公司业绩（英）

Working Paper Series Unlocking Growth? EU investment programmes and firm performance Alessandro De Sanctis, Daniel Kapp, Francesca Vinci, Robert Wojciechowski Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3099 AbstractThis study evaluates the effectiveness of EU Cohesion Policy as an investment programme,employing a novel dataset that links firm-level data from Orbis with project-level informationfrom the Kohesio database.It focuses on two key questions: (1) Which firms receive EUfunding? (2) How does receiving EU funding affect firm performance? By applying a logitmodel and a local projection difference-in-differences approach, we provide new insights into theallocation mechanisms of EU Cohesion Policy funds and their firm-level impact. Our findingsshow that funding tends to be allocated to firms that already perform relatively well, andthat firms receiving EU funding experience a persistent productivity increase of approximately3% after 4 years, with smaller and more financially constrained firms experiencing relativelygreater improvements. Moreover, funding targeting “SME investment” tends to enhance firmperformance disproportionately more than other categories, whereas projects directed the “greentransition” appear comparatively less beneficial.Keywords: European Structural and Investment Funds, Productivity, Corporate Investment,Fiscal Policy, Place-based Policy.JEL classification: E22, D24, H54, O38, O52ECB Working Paper Series No 30991ECB 1Non-technical summaryProductivity is a key driver of long-term economic growth and living standards. In recent decades,however, Europe has experienced a marked and persistent slowdown in productivity growth, raisingconcerns among policymakers and bringing the topic to the centre of the policy debate. Againstthis backdrop, EU Cohesion Policy, delivered primarily through the European Structural andInvestment Funds (ESIF), represent one of the EU’s main instruments for promoting economicdevelopment, productivity, and regional convergence.This paper evaluates the impact of the 2014–2020 ESIF on firm-level outcomes across the EU.Using a novel dataset that links firm-level information from the Orbis database with project-leveldata from the European Commission’s Kohesio dataset, the study examines (1) which firms receiveEU funding and (2) how receiving funding affects their investment and productivity.The analysis shows that EU funding is typically directed toward relatively well-performingfirms, that are less capital-intensive and face some degree of financial constraints. Firms receivingfunding increase their capital by around 15% within one year and experience a gradual productivitygrowth, reaching approximately 3% after four years. These effects are more pronounced for smalland medium-sized enterprises (SMEs) and for firms facing financing constrain