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This study attempts to clarify whether deregulated immigration policy is compatible with the study migrants’ acceptance policies. In particular, this study analytically investigates how opening skilled and unskilled jobs to non-natives affects study migrants’ human capital formation. This study shows that the deregulated immigration policy is compatible with the study migrants’ acceptance policy. In other words, study migrants do not reduce the formation of skilled human capital, even if immigration policy is deregulated. This study provides theoretical support for simultaneously conducting the study migrants’ acceptance policy and deregulated immigration policy.