한국 자본시장의 발생액 이상현상

While most of researches for accrual anomaly in US report consistent results in the existence, local researches report inconsistent results even though the number of researches is much smaller. Small sample size of local researches may be the reason of this result, but the characteristics of local capital market may be more important reason. In this paper I examine the characteristics of local market related with accrual anomaly, determine what situation is the most relevant for accrual anomaly, and present the basis and directions for future researches. For the objectivity of this paper accrual is measured using cash-flow statement and research period is extended to the latest year. Accrual abnormal tests and trend analysis are executed for total market, the group of plus-income firms, and the group without bottom accrual firms. Total market shows inverse accrual abnormal unexpectedly. In the trend analysis the symptom of accrual abnormal is perceived in general, but the rapid returns fall of bottom accrual firms disturbs accrual anomaly. The group of plus-income firms shows accrual abnormal, but it shows also even the accounting income abnormal. Accrual abnormal accompanied by accounting abnormal is remote from essence of accrual abnormal. The group without bottom accrual firms shows the most perfect accrual anomaly. The results and implications of this paper is that the bottom accrual firms disturbs accrual abnormal in total capital market and in the future research related accrual abnormal the bottom accrual firms should be excluded.