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。%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.
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