Can I 301 re-direct my website homepage to my affiliate link - SEO question?

[Anomaly]

I don't think any of the below answers are correct.

First, affiliate link 'cloaking' is not a Google penalty risk and usually just used to make cleaner looking links (e.g. yoursite.com/cleanlink/ rather than affliatesite.com/super-long-string). It's only a risk if it's against the particular affiliate service's rules. Google doesn't care.

Second, it doesn't work like you think (or the other answers are saying)... Here is exactly what happens: if you 301 your site, you LOSE your rankings and pass most of it on to the linked site. You LOSE all credit because your site is no longer ranking at all as a redirect. Redirects don't rank unless you are specifically searching for the URL. Therefore, the traffic WILL NOT pass through your site at all if it is from Google. Only direct type-in traffic will pass through. So it's pointless.