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

摘要： 基于2007—2019年中国企业对非洲35个国家的对外直接投资数据，运用FGLS模型，实证检验东道国反腐力度对中国OFDI的影响。企业多元化投资动机导致中国企业对非洲反腐力度的依赖产生差异性，市场寻求型OFDI偏好反腐力度较强的国家，资源寻求型OFDI偏好反腐力度较差的国家；反腐距离对中国企业在非洲投资具有显著正向影响，即母国与东道国反腐距离越长，越有利于中国企业的OFDI。中国企业跨国投资时应权衡投资预期收益与东道国制度风险损失，加强投资风险防范意识，推动中国企业对外直接投资的可持续发展。

关键词: 反腐力度, 对外直接投资, 非洲, FGLS模型