关键词: 反腐力度, 对外直接投资, 非洲, FGLS模型

Abstract: Taking Africa， this paper uses the FGLS model to empirically test the impact of the host countrys anticorruption efforts on Chinas OFDI based on the data of Chinese companies outward direct investment in non35 countries from 2007 to 2019. It is found that the diversified investment motives of companies have led to differences in the dependence of Chinese companies on anticorruption efforts in Africa. Marketseeking OFDI prefers countries with strong anticorruption efforts， while resourceseeking OFDI prefers countries with poor anticorruption efforts; The anticorruption distance has a significant positive impact on Chinese companies investment in Africa， that is， the longer the anticorruption distance between the home country and the host country， the more beneficial the OFDI of Chinese companies. Therefore， when Chinese companies make crossborder investments， they should weigh the expected return on investment and the host countrys system risk loss， strengthen the awareness of investment risk prevention， and further promote the sustainable development of Chinese companies foreign direct investment.

Key words: anticorruption effort, OFDI, Africa, FGLS model