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本文基于2003-2010年的面板数据,构建回归模型实证分析了中国对非洲直接投资的影响因素,结果显示,非洲国家的市场规模和对外开放程度与中国对非洲直接投资正相关,而非洲国家的经济发展速度、基础设施质量、通货膨胀率、政治风险、劳动者素质则未对其产生显著影响。这一实证结果说明,中国企业对非洲的直接投资尚未全面考察相关的政治风险和经济风险,而且也没有充分考虑到长远投资收益。结合这一结果,本文建议中国企业对非洲直接投资时将更多的影响因素纳入到考察范畴,这有助于中国对非洲直接投资获得长期稳定的投资收益。
Based on the panel data from 2003 to 2010, this paper builds a regression model to empirically analyze the factors that influence China’s direct investment in Africa. The results show that the market size and the degree of opening to the outside world are positively correlated with China’s direct investment in Africa, while those in African countries The speed of economic development, the quality of infrastructure, the inflation rate, political risks and the quality of laborers have not significantly affected them. This empirical result shows that the direct investment by Chinese enterprises in Africa has not thoroughly examined the related political risks and economic risks and has not fully considered the long-term investment returns. Combined with this result, this paper suggests that Chinese enterprises should include more influence factors in the investigation of direct investment in Africa, which will help China gain long-term and stable investment returns from direct investment in Africa.