Across North America dairy processors are facing financial difficulties, yet a Canadian processor continues to grow through acquisitions of its competitors. This company, Saputo, grew up in a highly regulated marketplace where input raw milk supplies are restricted, input prices are inflated and imports of final product are restricted. This study asks if the Canadian system of dairy supply management prodded and assisted Saputo into making acquisitions at home and abroad. An empirical model estimates the probability of Saputo making acquisitions as a function of factors influenced by supply management and control variables accounting for Saputo’s financial performance. The results indicate that cash flows, which may be increased by regulatory rents, and a measure of restrictiveness of the Canadian milk supply, both are statistically significant positive determinants of the probability that Saputo will make an acquisition. On average over the estimation period removing the Canadian supply managed regime would reduce the probability of acquisitions by 7%. The implication is that the Canadian system is losing investment and employment opportunities by retaining its restrictive regulatory system.

中文翻译：

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加拿大乳制品法规是外国直接投资的驱动力：Saputo案

在整个北美，乳制品加工厂都面临财务困难，而加拿大的加工厂则通过收购竞争对手而继续增长。Saputo这家公司在一个受到严格监管的市场中成长，那里的原料奶供应受到限制，原料价格飞涨，最终产品的进口受到限制。这项研究询问加拿大的乳制品供应管理系统是否在推动和协助Saputo在国内外进行收购。一个经验模型估计Saputo进行收购的概率是受供应管理和控制Saputo财务绩效的控制变量影响的因素的函数。结果表明，现金流量（可能会因监管性租金和加拿大牛奶供应的限制措施而有所增加），两者都是Saputo进行收购的概率的统计上显着的积极决定因素。平均而言，在估计期内，取消加拿大的供应管理制度将使收购的可能性降低7％。这意味着加拿大体系由于保留了限制性的监管体系而正在失去投资和就业机会。