내부자 거래에서 BM비율과 발생액의 관계에 관한 연구

This study is hypothesis and discretionary accruals basis that by using a sample of listed companies of 1,902 companies / year by 2013. Since 2009, BM rate is lower (higher) companies are adjusted profit by increasing (decreasing) the discretionary accruals overvalued (undervalued), the company tested the hypothesis that direct the insider selling (buying) transaction. BM findings on the basis of the ratio, within significant relationships are shown between groups, while low in high-BM BM group high accruals and sale transaction between insider trading and accruals did not exist a statistically significant relationship. In addition, under / over-the separation of rating corporate dual classification (double sorts) by using the My overrated group, accruals and insider selling transactions show a strong relationship, in fact within an underrated group relationships in mind it does not exist It was confirmed. In the case of overvalued the company by adjusting the accruals maintain overvalued corporate value and character of the positive (+) as discretionary raise profits, but in the case of undervalued companies, because to choose a pre-adjustment without earnings surprise (earnings surprise) maintaining the value of undervalued companies who bother to negative (-) to adjust the discretionary accruals as a representative scenario proves that there is no incentive to adjust downward a profit.