Determinants of the valuation allowance for deferred tax assets under SFAS No. 109.
研究SFAS第109号下递延所得税资产估值准备的影响因素，发现递延税资产越多、预期未来应税收入越低的企业准备越大，且税收抵免和亏损结转是最重要的解释变量，但未发现管理层利用该准备进行盈余管理的证据。
Abstract This paper explores the determinants of the valuation allowance for deferred tax assets under SFAS No.109. We find that, consistent with SFAS No. 109, the allowance is larger for firms with relatively more deferred tax assets and smaller for firms with higher levels of expected future taxable income. The most important explanatory variable for the valuation allowance is the level of firms' tax credit and tax loss carryforwards, consistent with these items being more difficult to realize. We find little evidence that managers use the valuation allowance for earnings management purposes, although these tests may not be very powerful.