This study investigates the impact of foreign aid and remittance inflows on entrepreneurship progress in Africa. The role of institutional quality in the relationship between foreign aid and entrepreneurship is also investigated. We explore data of 19 African countries for a period of 2006–2017, and panel data regression techniques are employed. The study finds that: (1) Foreign aid impact on entrepreneurship is negative. (2) The remittances mediate the negative impact of foreign aid on entrepreneurship. (3) Institutional quality mediates the negative impact of foreign aid on entrepreneurial progress. (4) The threshold level of remittance at which foreign aid would meaningfully enhance entrepreneurship is 10.59 as a percentage of GDP while that of institutional quality is 5.04 on a scale of 10 point. (5) The role of remittances and foreign aids is complementary in firm start-up activities. (6) Institutional quality plays important roles in moderating impact of foreign aid on firm start-up activities. In addition, our results show that concentration in banking industry does not benefit entrepreneurial activities. The study concludes that foreign aids and remittances perform complementary roles in improving the level of entrepreneurial development in Africa. The strong institutional environment is very important in promoting entrepreneurial success. These findings are robust to alternative estimations.

这项研究调查了外国援助和汇款流入对非洲企业家精神进步的影响。还研究了机构质量在外援和企业家精神之间的关系中的作用。我们探索了19个非洲国家2006-2017年的数据，并采用了面板数据回归技术。研究发现：（1）外援对创业的影响是负面的。（2）汇款调解了外国援助对企业家精神的负面影响。（3）制度质量调解了外国援助对企业家进步的负面影响。（4）外国援助可显着提高创业能力的汇款门槛水平为GDP的百分比为10.59，而制度质量的门槛水平为5.04（按10分制）。（5）汇款和外援的作用是公司创业活动的补充。（6）制度质量在减轻外国援助对公司创业活动的影响方面起着重要作用。此外，我们的结果表明，集中于银行业不利于创业活动。该研究得出的结论是，外国援助和汇款在提高非洲企业家发展水平方面具有互补作用。强大的制度环境对于促进企业家的成功非常重要。这些发现对于替代估计是可靠的。我们的结果表明，集中于银行业不会使企业家活动受益。该研究得出的结论是，外国援助和汇款在提高非洲企业家发展水平方面具有互补作用。强大的制度环境对于促进企业家的成功非常重要。这些发现对于替代估计是可靠的。我们的结果表明，集中于银行业不会使企业家活动受益。该研究得出的结论是，外国援助和汇款在提高非洲企业家发展水平方面具有互补作用。强大的制度环境对于促进企业家的成功非常重要。这些发现对于替代估计是可靠的。