Public investment is low and has declined in many EU countries since the global financial crisis. This paper estimates the effects of the various European Structural and Investment Funds (ESIF) on public investment in the EU countries. The analysis is run on annual data from 2000 to 2018 using dynamic panel data specifications. Funding from the Cohesion Fund, the EU’s facility for its less developed members, has had an almost one-to-one effect on public investment in the short term, and more in the longer term. Funding from the European Regional Development Fund may have had some effect, but it cannot be estimated precisely. Funding from other ESIF funds does not seem to have been related to public investment in the EU countries.

自全球金融危机以来，许多欧盟国家的公共投资很低且有所下降。本文估算了各种欧洲结构和投资基金 (ESIF) 对欧盟国家公共投资的影响。该分析使用动态面板数据规范对 2000 年至 2018 年的年度数据进行分析。欧盟为其欠发达成员国提供的机制 Cohesion Fund 的资金在短期内对公共投资产生了几乎一对一的影响，而在长期内影响更大。来自欧洲区域发展基金的资金可能产生了一些影响，但无法准确估计。来自其他 ESIF 基金的资金似乎与欧盟国家的公共投资无关。