中国对非洲直接投资的影响因素--基于金融发展与国家风险因素的实证研究  

Determinants of China's Direct Investment to Africa: An Empirical Study from the Perspectives of Financial Development and Country Risk

作　　者：沈军[1] 包小玲[2] 

机构地区：[1]暨南大学金融系与金融研究所 [2]暨南大学金融系

出　　处：《国际金融研究》2013年第9期64-74,共11页Studies of International Finance

基　　金：国家社科基金重点项目“境外股东大额持股对中国股市风险的影响”(11AJY013);教育部专项委托项目“全球金融危机与国际货币金融体系改革研究”(09JF001);广东省教育厅人文社会科学重点研究基地重大项目“金融视角下的中国对外投资效率研究”(11JDXM79006);教育部人文社会科学研究规划基金项目“金融非均质发展视角下的全球经济失衡研究”(10YJA790157)

摘　　要：本文重点考察金融发展与国家风险两大因素在中国对非洲直接投资(ODI)中的作用。基于2006-2011年数据的实证分析表明,对非洲国家整体而言,中国在非洲的ODI兼含资源寻求和市场与效率寻求动机,金融发展指标不足以构成中国在非洲ODI的影响因素,中国ODI具有很强的风险偏好性。对有股票市场非洲国家而言,中国的ODI更多地表现出市场与效率寻求动机,股市流动性越高的国家越容易吸引到中国ODI的流入,中国ODI具有很强的金融风险偏好性。据此,本文提出加强非洲前瞻性研究、实现中国ODI效率导向型战略提升、给予对外投资的民营企业更多政策支持以及倡导理性投资等建议。This paper focuses on financial development and country risk, the two major determinants of China＇s outward investment to Africa. The empirical analysis based on the data during 2006-2011 indicates that, for African countries as a whole, China＇s ODI in Africa reflects both resource-oriented and market-seeking or efficiency-seeking motivations and the index of financial development is not sufficient to constitute the influencing factor of China＇s ODI in Africa. China＇s ODI has a strong appetite for risk. The empirical analysis on the countries in which stock markets have developed to a certain stage shows that China＇s ODI mainly features market and efficiency seeking motivations rather than resource-oriented motivation. It also shows that countries with higher stock market liquidity are more likely to attract ODI inflows and China＇s ODI has a strong financial risk appetite. This paper suggests that prospective study should be done to instruct China＇s ODI in Africa. Meanwhile, China＇s foreign direct investment, including ODI in Africa should achieve efficiency-oriented strategies transformation, and that the government should give more policy support to private enterprises and foreign-invested enterprises should promote rational investment.

关 键 词：对外直接投资 金融发展 国家风险 非洲 

分 类 号：F831[经济管理—金融学]