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1、TheEconomicDeterminantsofChineseFDItoAfricaName:TianwenHuanDepartment:EconomicDevelopmentandPoliciesKobeUniversity11SummaryForeigndirectinvestment(FDI)hasbecomeanincreasinglypopulartopicinrecentdecadesandChina,asanewmajor‘emerging’investor,hasdrawnmore
2、andmoreattentionamongworldeconomies.AsChineseforeigndirectinvestmenthasplayedaveryimportantroleineconomicactivitiesinAfrica,thispaperempiricallyanalyzestheeconomicdeterminantsofChineseFDIto37Africancountriesfrom2003to2012.Thispaperfirstmeasuresexchange
3、ratevolatilityusingtheGARCH(1,1)model.Then,allthevariablespresentedincurrentUS$wereadjustedbyusingtheUSGDPdeflatorinunitsofonemilliondollars.Astheargumentabouttheunitroottestforpaneldata,twointerpretativemodelsareusedinthefinalcalculationtoanalyzethere
4、lationshipbetweenvariablesandChineseFDItoAfrica.Theresults,whichillustratehowChineseFDItoAfricaisdrivenbycharacteristicsofthehostcountries,canbesummarizedasfollows:First,GDPcanbeseenasoneofthemostimportantconsiderationstoattractChineseFDItoAfrica,which
5、meansAfricancountrieswithalargermarketsizenormallyreceivemoreChineseFDI.Inaddition,ChineseinvestmenttoAfricaisempiricallygeneratedasasupplementaryparttoChineseexportstoAfrica.Interestingly,iftheamountofimportsfromChinatoasinglecountrygrowstooquickly,Ch
6、ineseOFDIdecreasestothatcountry.Second,anotherdeterminantofChineseOFDItoAfricacanbeexplainedbythephenomenaofresourceseeking.Inthispaper,fuelexportsareusedasaproxyforresourceseeking.TheresultshowsthatChineseOFDIisattractedtocountrieswithlargerenergyreso
7、urces.Finally,thispaperfindsthattherelationshipbetweenmacroeconomicinstabilityandChineseOFDItoAfricaisinsignificant.However,countrieswithalowerexchangerateattractmoreChineseOFDIthancountrieswithhigherexchangerate.11ContentsAbstract11.Introduction12.Lit
8、eratureReview32.1Market-seekingandFDI32.2Resource-seekingandFDI42.3RiskAversionandFDI52.4MeasureofExchangeRateVolatility62.5Summary73.EmpiricalModelandData103.1InterpretativeModel103.2ExpectedResults124.MethodologyandEconometricSpecific
