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1、TheEconomicDeterminantsofChineseFDItoAfricaName:TianwenHuanDepartment:EconomicDevelopmentandPoliciesKobeUniversity12SummaryForeigndirectinvestment(FDI)hasbecomeanincreasinglypopulartopicinrecentdecadesandChina,asanewmajor‘emerging’investor,hasdrawnmoreandmoreattenti
2、onamongworldeconomies.AsChineseforeigndirectinvestmenthasplayedaveryimportantroleineconomicactivitiesinAfrica,thispaperempiricallyanalyzestheeconomicdeterminantsofChineseFDIto37Africancountriesfrom2003to2012.矚慫润厲钐瘗睞枥庑赖。Thispaperfirstmeasuresexchangeratevolatilityusi
3、ngtheGARCH(1,1)model.Then,allthevariablespresentedincurrentUS$wereadjustedbyusingtheUSGDPdeflatorinunitsofonemilliondollars.Astheargumentabouttheunitroottestforpaneldata,twointerpretativemodelsareusedinthefinalcalculationtoanalyzetherelationshipbetweenvariablesandCh
4、ineseFDItoAfrica.聞創沟燴鐺險爱氇谴净。Theresults,whichillustratehowChineseFDItoAfricaisdrivenbycharacteristicsofthehostcountries,canbesummarizedasfollows:残骛楼諍锩瀨濟溆塹籟。First,GDPcanbeseenasoneofthemostimportantconsiderationstoattractChineseFDItoAfrica,whichmeansAfricancountrieswi
5、thalargermarketsizenormallyreceivemoreChineseFDI.Inaddition,ChineseinvestmenttoAfricaisempiricallygeneratedasasupplementaryparttoChineseexportstoAfrica.Interestingly,iftheamountofimportsfromChinatoasinglecountrygrowstooquickly,ChineseOFDIdecreasestothatcountry.酽锕极額閉
6、镇桧猪訣锥。Second,anotherdeterminantofChineseOFDItoAfricacanbeexplainedbythephenomenaofresourceseeking.Inthispaper,fuelexportsareusedasaproxyforresourceseeking.TheresultshowsthatChineseOFDIisattractedtocountrieswithlargerenergyresources.彈贸摄尔霁毙攬砖卤庑。Finally,thispaperfindst
7、hattherelationshipbetweenmacroeconomicinstabilityandChineseOFDItoAfricaisinsignificant.However,countrieswithalowerexchangerateattractmoreChineseOFDIthancountrieswithhigherexchangerate.謀荞抟箧飆鐸怼类蒋薔。12ContentsAbstract11.Introduction12.LiteratureReview3厦礴恳蹒骈時盡继價骚。2.1Mark
8、et-seekingandFDI3茕桢广鳓鯡选块网羈泪。2.2Resource-seekingandFDI4鹅娅尽損鹌惨歷茏鴛賴。2.3RiskAversionandFDI5籟丛妈羥为贍偾蛏练淨。2.4MeasureofExchangeRateVolatility6預頌圣鉉儐
