KOSDAQ Beneish M-Score Screen — Phase 1 Results (2019–2023)

1,470 companies  ·  5,357 company-year observations  ·  950 flagged (17.7%)  ·  Threshold: −1.78 (8-variable model)

Chart 1 — M-Score Distribution

Chart 2 — Risk Tier by Sector

Chart 3 — Flag Rate by Year

Chart 4 — Component Medians: Flagged vs. Non-Flagged

Chart 5 — Sector × Year Flag Rate Heatmap

Generated by kr-forensic-finance. Outputs are anomaly hypotheses for human review — not fraud conclusions. False positive rate ~40%. Not investment advice or legal opinion.