theeconomicdeterminantsofchinesefditoafrica英语论文_毕业论文.doc

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1、TheEconomicDeterminantsofChineseFDItoAfricaName:TianwenHuanDepartment:EconomicDevelopmentandPoliciesKobeUniversity11SummaryForeigndirectinvestment(FDI)hasbecomeanincreasinglypopulartopicinrecentdecadesandChina,asanewmajor‘emerging’investor,hasdrawnmoreandmoreattentionamongworldeconomie

2、s.AsChineseforeigndirectinvestmenthasplayedaveryimportantroleineconomicactivitiesinAfrica,thispaperempiricallyanalyzestheeconomicdeterminantsofChineseFDIto37Africancountriesfrom2003to2012.ThispaperfirstmeasuresexchangeratevolatilityusingtheGARCH(1,1)model.Then,allthevariablespresentedi

3、ncurrentUS$wereadjustedbyusingtheUSGDPdeflatorinunitsofonemilliondollars.Astheargumentabouttheunitroottestforpaneldata,twointerpretativemodelsareusedinthefinalcalculationtoanalyzetherelationshipbetweenvariablesandChineseFDItoAfrica.Theresults,whichillustratehowChineseFDItoAfricaisdrive

4、nbycharacteristicsofthehostcountries,canbesummarizedasfollows:First,GDPcanbeseenasoneofthemostimportantconsiderationstoattractChineseFDItoAfrica,whichmeansAfricancountrieswithalargermarketsizenormallyreceivemoreChineseFDI.Inaddition,ChineseinvestmenttoAfricaisempiricallygeneratedasasup

5、plementaryparttoChineseexportstoAfrica.Interestingly,iftheamountofimportsfromChinatoasinglecountrygrowstooquickly,ChineseOFDIdecreasestothatcountry.Second,anotherdeterminantofChineseOFDItoAfricacanbeexplainedbythephenomenaofresourceseeking.Inthispaper,fuelexportsareusedasaproxyforresou

6、rceseeking.TheresultshowsthatChineseOFDIisattractedtocountrieswithlargerenergyresources.Finally,thispaperfindsthattherelationshipbetweenmacroeconomicinstabilityandChineseOFDItoAfricaisinsignificant.However,countrieswithalowerexchangerateattractmoreChineseOFDIthancountrieswithhigherexch

7、angerate.11ContentsAbstract11.Introduction12.LiteratureReview32.1Market-seekingandFDI32.2Resource-seekingandFDI42.3RiskAversionandFDI52.4MeasureofExchangeRateVolatility62.5Summary73.EmpiricalModelandData103.1InterpretativeModel103.2ExpectedResults124.MethodologyandEconometricSpecific