Development economists have enjoined Africans to leverage on remittance as their main source of investment financing due to its constant and undisrupted inflows despite structural distortions and economic weaknesses compared to other sources of financial flows in recent time. This ignited the motivation for this study, to unveil the nexus between migrant’s remittance and investment financing and the modulating effect of the investment climate in this relation on a panel of 28 sub-Saharan African countries over the period 1995 to 2017. Using the panel autoregression distributive lagged estimation technique, the following empirical findings were established. First, the theoretical supposition underpinning the assumption in investment climate as a factor that motivates migrant’s remittance inflow to be channelled to investment received a clear empirical support. Second, it was established that the interaction between remittance and components of investment climate (government size and open market) enhanced the growth of private investment. Last, remittance is found to exert a positive effect on private investment in as much as the former does not exceed the threshold of 78%, above which private investment would decline off the quadratic curve. The study suggests the policy-makers channel deliberate efforts at improving not only the efficiency of the market, but government participation especially in the area of tax policy and fiscal financing.

尽管与最近其他资金流量来源相比存在结构性扭曲和经济弱势，尽管有结构性的扭曲和经济弱势，但发展资金学家要求非洲人利用汇款作为其主要的投资资金来源，因为尽管资金结构不断变化和经济处于弱势，但非洲人的资金流量却一直持续不断。这激发了这项研究的动机，在1995年至2017年期间，在28个撒哈拉以南非洲国家的小组中，揭示了移民汇款和投资筹资与投资环境的调节效应之间的关系。使用小组自回归分布式滞后估计技术，建立了以下经验发现。第一的，支持投资环境假设的理论假设是促使移民汇款流入以引导投资的一个因素，这得到了明确的经验支持。第二，可以确定的是，汇款与投资环境的组成部分（政府规模和开放市场）之间的相互作用促进了私人投资的增长。最后，发现汇款对私人投资产生了积极影响，只要前者不超过78％的门槛，高于该门槛，私人投资就会从二次曲线下降。这项研究表明，政策制定者在提高市场效率方面做出了有意识的努力，尤其是在税收政策和财政融资领域，政府也参与其中。已经确定，汇款与投资环境的组成部分（政府规模和开放市场）之间的相互作用促进了私人投资的增长。最后，发现汇款对私人投资产生了积极影响，只要前者不超过78％的门槛，高于该门槛，私人投资就会从二次曲线下降。这项研究表明，政策制定者在提高市场效率方面做出了有意识的努力，尤其是在税收政策和财政融资领域，政府也参与其中。已经确定，汇款与投资环境成分（政府规模和开放市场）之间的相互作用促进了私人投资的增长。最后，发现汇款对私人投资产生了积极影响，只要前者不超过78％的门槛，高于该门槛，私人投资就会从二次曲线下降。这项研究表明，政策制定者在提高市场效率方面做出了有意识的努力，尤其是在税收政策和财政融资领域，政府也参与其中。高于该水平，私人投资将从二次曲线下降。这项研究表明，政策制定者在提高市场效率方面做出了有意识的努力，尤其是在税收政策和财政融资领域，政府也参与其中。高于该水平，私人投资将从二次曲线下降。这项研究表明，政策制定者在提高市场效率方面做出了有意识的努力，尤其是在税收政策和财政融资领域，政府也参与其中。