Due both to the prevarication of political elites and to tax evasion and capital flight by multinationals, Africa's development has not benefited as much from the continent's mineral resources as it should have. The thin capitalization rules (TCRs) implemented by several mineral resources rich-countries to alleviate this concern seem contradictory to the attractiveness policies in force, which results in multiple tax cuts, especially when the shocks observed on mineral prices lead to budgetary pressures. This study investigates how changes in mineral prices and rents affect the impact of TCRs on foreign direct investment (FDI) inflows into Africa. The analyzes are carried out through the two-step systems GMM, using data from 33 cross-countries between 2005 and 2018. Consistently with the assembled literature, the study finds that TCRs harm FDI inflows. This study provides an additional contribution by showing a breaking point from which the rise in the price and the rent of minerals becomes a shield that fully absorbs the negative impact of the TCRs on multinationals' decision to settle. The price and the resulting breaking income are such that the negative impact of the TCRs on FDI inflows is overcompensated when, on average for the sample, the mineral price index goes beyond 103.54 or whenever the mineral rent exceeds 28.32% of the host country's GDP. These results are robust when controlling for the efficiency of government in revenue mobilization. The study shows that resource-rich countries in Africa should consider promoting the non-extractive sector's attractiveness in anticipation of the depletion of mineral reserves.

由于政治精英的自高自大，以及跨国公司的逃税和资本外逃，非洲的发展并未从非洲的矿产资源中获得应有的收益。几个矿产资源丰富的国家为减轻这种担忧而实施的资本化规定很薄，这与现行的吸引力政策相抵触，这种吸引力政策导致了多重减税，特别是当对矿物价格的冲击导致预算压力时。这项研究调查了矿物价格和租金的变化如何影响TCR对非洲的外国直接投资（FDI）流入的影响。分析是通过两步系统GMM进行的，使用了2005年至2018年之间33个国家的数据。研究发现，TCR损害外国直接投资的流入。这项研究通过显示一个突破点提供了额外的贡献，从这个突破点起，矿产价格和租金的上涨成为了盾牌，可以完全吸收TCR对跨国公司解决决定的负面影响。价格和由此产生的巨额收入使得，当样本的平均矿产价格指数超过103.54或矿产租金超过东道国GDP的28.32％时，TCR对外国直接投资流入的负面影响得到了过度补偿。当控制政府在税收筹集中的效率时，这些结果是有力的。研究表明，非洲的资源丰富的国家应在预期矿产储量枯竭的情况下考虑提高非提取部门的吸引力。这项研究通过显示一个突破点提供了额外的贡献，从这个突破点起，矿产价格和租金的上涨成为了盾牌，可以完全吸收TCR对跨国公司解决决定的负面影响。价格和由此产生的巨额收入使得，当样本的平均矿产价格指数超过103.54或矿产租金超过东道国GDP的28.32％时，TCR对外国直接投资流入的负面影响得到了过度补偿。当控制政府在税收筹集中的效率时，这些结果是有力的。研究表明，非洲的资源丰富的国家应在预期矿产储量枯竭的情况下考虑提高非提取部门的吸引力。这项研究通过显示一个突破点提供了额外的贡献，从这个突破点起，矿产价格和租金的上涨成为了盾牌，可以完全吸收TCR对跨国公司解决决定的负面影响。价格和由此产生的巨额收入使得，当样本的平均矿产价格指数超过103.54或矿产租金超过东道国GDP的28.32％时，TCR对外国直接投资流入的负面影响得到了过度补偿。当控制政府在税收筹集中的效率时，这些结果是有力的。研究表明，非洲的资源丰富的国家应在预期矿产储量枯竭的情况下考虑提高非提取部门的吸引力。