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欧洲投资计划旨在通过引入私人资本而重振欧洲投资。本文从公共投资挤入私人投资的视角探讨了其出台的理论背景、引入私人投资的具体机制以及预期效果。欧洲投资银行集团作为欧洲投资计划的执行载体,其现有的贷款、担保和股权投资等微观业务机制对于引入私人资本具有乘数效应。不过,本文针对欧投行对欧盟28国在2001-2015年贷款业务挤入私人投资的宏观效果进行实证检验,发现其对区域内私人投资虽有正面影响,却并不显著。这主要是因为欧投行贷款与欧盟私人投资规模存在巨大差距,故难以明显撬动区域投资。鉴于欧盟层面可用于支持投资的资源有限,各成员国应当更加积极地调动国内资源,形成多层次的投资支持体系。
The European investment plan aims to reinvigorate European investment by introducing private capital. This article explores the theoretical background of its introduction from the perspective of public investment into private investment, introduces the specific mechanism of private investment and the expected effect. As a vehicle for implementing the European Investment Plan, the EIB Group’s existing micro-operational mechanisms such as loans, guarantees and equity investments have a multiplier effect on the introduction of private capital. However, this essay examines the macroeconomic effect of the European Investment Bank on the private sector investment in the EU-28 loans in 2001-2015 and finds that it has no significant positive impact on private investment in the region. This is mainly because there is a huge gap between the size of the European Investment Bank loans and the size of the private investment in the EU, so it is hard to obviously lean regional investment. Given the limited resources available to support investment at the EU level, member countries should mobilize domestic resources more actively and form multi-level investment support systems.