CAJ | 학술논문

通过从非洲对外贸易和中非发展基金的角度深化对中国投资非洲决定因素的研究。根据中国2003—2012年对非洲投资国别流量数据进行的实证结果，得出中非贸易额的增长让中国对非洲高收入国家的投资有资源寻求特征，对低收入国家的投资有市场寻求特征。此外，中非发展基金的设立积极促进了中国企业投资开发非洲的热情，但也让企业具有了风险偏好的特征。对中国投资非洲的决定因素做出了更进一步的解释，对中国政府指导企业投资和中国企业跨国经营有一定的参考价值。
통과종비주대외무역화중비발전기금적각도심화대중국투자비주결정인소적연구。근거중국2003—2012년대비주투자국별류량수거진행적실증결과，득출중비무역액적증장양중국대비주고수입국가적투자유자원심구특정，대저수입국가적투자유시장심구특정。차외，중비발전기금적설립적겁촉진료중국기업투자개발비주적열정，단야양기업구유료풍험편호적특정。대중국투자비주적결정인소주출료경진일보적해석，대중국정부지도기업투자화중국기업과국경영유일정적삼고개치。
This paper deepens the studies on the determinants of China’s overseas direct investment in Africa,based on the perspectives of Africa’s foreign trade and the establishment of China -AfricaDevelopment Fund.According to the em-pirical results by using African countries’annual OFDI inflow data from China during the year 2003 to 2012,this paper concludes that as the trade volume between China and African countries grows,China’s OFDI reveals a resource -seeking strategy in high -income countries while in low -income countries it is a market -seeking one.Besides,the establishment of China -Africa Development Fund has greatly encouraged Chinese enterprises to invest in Africa,but also led them to a risk -preference.This study gives a further explanation of the determinants of China’s OFDI in Africa,thus providing a certain reference value for Chinese government and multinational enterprises’oversea activities in African countries.