欧洲央行-释放增长_欧盟投资计划和公司业绩（英）-2025.8_50页_4mb

European Cohesion Policy Effectiveness Summary

This study evaluates the effectiveness of EU Cohesion Policy as an investment program, focusing on firm-level outcomes during the 2014-2020 period. The research uses a novel linked dataset from Orbis and Kohesio databases and employs advanced econometric methods, including logit models and local projection difference-in-differences (LP-DiD), to analyze allocation mechanisms and impacts.

Key findings include:

• EU funding is allocated to firms that are already relatively performing, less capital-intensive, and financially constrained.
• Receiving EU funding leads to a rapid increase in capital (approximately 15% after one year) and a gradual rise in total factor productivity, reaching about 3% after four years.
• Smaller firms and those with financial constraints experience disproportionately greater benefits, highlighting the policy's role in supporting SMEs and alleviating financing issues.
• Projects targeting "SME investment" yield stronger positive effects on capital accumulation and productivity growth, while "green transition" focused projects show modest and shorter-lived gains.

These results underscore the importance of targeted funding strategies to maximize the policy's impact on firm performance and economic convergence.