Abstract:

With the deepening of China-Africa cooperation, China's direct investment in Africa(OFDI), as a "blood-forming" financing model, is becoming a new direction for China-Africa poverty reduction cooperation. By constructing a multidimensional relative poverty indicator for Africa, the study utilizes data from 49 African countries from 2005 to 2022, and empirically analyzes it using fixed effects and spatial econometric models. The study finds that China's OFDI can significantly reduce Africa's multidimensional relative poverty index and has a poverty reduction effect, and the improvement of Africa's policy and institutional level can enhance this effect. The threshold effect shows that there is a non-linear relationship between China's OFDI and poverty reduction in Africa, and its marginal poverty reduction effect decreases or even disappears when OFDI increases to a certain threshold. However, when African countries' external debt exceeds a certain threshold, the poverty reduction effect of China's OFDI increases. The spatial spillover effect suggests that the poverty reduction effect of China's OFDI is not only limited to the host country, but also positively affects the neighboring countries through spatial correlation. Heterogeneity analysis further indicates that the poverty reduction effect of China's OFDI varies significantly across geographic locations, income levels, poverty levels, OFDI-seeking motivations, and the construction of industrial parks. Finally, optimizing China's OFDI strategy around investment and poverty reduction cooperation will not only help China's enterprises go global and add new momentum to its economy, but also deepen China-Africa cooperation and build a high-standard China-Africa community with a shared future.

Key words: OFDI, poverty reduction effect, multidimensional relative poverty, spatial effect, threshold effect

摘要：

随着中非合作的深化，中国对非洲直接投资（OFDI）作为一种“造血式”的融资模式，正成为中非减贫合作的新方向。通过构建非洲多维相对贫困指标，利用2005—2022年49个非洲国家的数据，采用固定效应和空间计量模型进行实证分析。研究发现，中国 OFDI能显著降低非洲的多维相对贫困指数，具有减贫效应，且非洲政策和制度水平的提高能增强此效应。门槛效应分析显示，中国OFDI与非洲减贫之间存在非线性关系，其边际减贫效应随OFDI增加至一定阈值后开始递减，甚至消失；然而，当非洲国家外债超过一定阈值时，中国 OFDI的减贫效应反而增强。空间溢出效应分析结果表明，中国OFDI的减贫效应不仅局限于东道国，还能通过空间关联对邻近国家产生积极影响。异质性分析进一步指出，中国OFDI的减贫效应在不同地理位置、收入水平、贫困程度、OFDI寻求动因和产业园区建设情况方面存在显著差异。最后，围绕投资减贫合作优化中国OFDI策略，既有助于我国企业“走出去”，为我国经济增添新动能，又能深化中非合作，共筑高水平中非命运共同体。

关键词: OFDI, 减贫效应, 多维相对贫困, 空间效应, 门槛效应