本研究探討遞延所得稅資產備抵評價變動為管理階層私有資訊之傳遞，抑或是淪為管理階層之盈餘管理手段，利用Tucker and Zarowin (2006)提出之未來盈餘反應係數(future earnings response coefficient)之概念進行檢測，結果顯示當遞延所得稅資產備抵評價變動時，當期報酬反應較多有關未來預期盈餘的資訊，亦即未來盈餘反應係數較高，兩者呈正相關，代表投資人視其為公司預期未來營運狀況之資訊傳遞。橫斷面測試結果顯示，遞延所得稅資產備抵評價變動與未來盈餘反應係數間之關係，在外部監督效果較強烈之公司，該正向關係更強烈，結果更加證實遞延所得稅資產備抵評價變動為公司私有資訊之傳遞。最後，本研究進行額外分析，分析結果皆與先前結論一致。

This paper examines whether a change in the deferred tax asset valuation allowance affects earnings informativeness or is caused by managerial reporting opportunism. Using the approach of Tucker and Zarowin (2006), we find that the change in the deferred tax asset valuation allowance is viewed as a vehicle for managers to convey their private information to the market, which improves the informativeness of firms’ reported current earnings about their future earnings and reflects more future earnings in current returns. The cross-sectional analysis show that the relation between the change in the deferred tax asset valuation allowance and the future earnings response coefficient is more pronounced for firms with higher institutional holdings. Finally, we conduct several robustness tests. Overall, the results verifies that a change in the deferred tax asset valuation allowance can be viewed as private information signaling on the part of managers.

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