| Summary: | 碩士 === 國立成功大學 === 企業管理學系專班 === 96 === This study explores organizational internal and external factors that influence the companies’ sales and stock prices in Taiwan auto parts industry by using multiple regression analysis. In the research model, the dependent variables are sales and stock prices of Taiwan auto parts industry. The organizational internal and external factors included percentage of stocks owned by managers, total assets, total assets turnover ratio, percentage of R&D expenses, gross margin ratio, gross domestic product in the exporting country, gross domestic product, foreign exchange rate, interest rate, and consumer price index are independent variables. It examined how extensive the effect of organizational internal and external factors on sales and stock prices of Taiwan auto parts companies. This study also used Chow Test to investigate whether the lawsuit won by State Farm has impact on the correlation among organizational internal and external factors, sales and stock prices of Taiwan auto parts industry. The research scope included 13 auto parts businesses in Taiwan that are listed in stock market from January 2002 to December 2006, with a total of 260 items of quarterly data.
The empirical results showed that:
A.The variables affecting sales and stock prices of Taiwan auto parts industry are different.
B.The organizational internal factors are key factors affecting sales and stock prices of Taiwan auto parts industry, while there is no significant effect of organizational external factors. This indicates the importance for companies to have their own resources and capabilities developing.
C.There is no significant effect of the lawsuit won by State Farm on sales of Taiwan auto parts companies while there is significant effect on stock prices. The organizational internal and external factors do not cause structural change in sales before and after the incident while stock prices have made structural change.
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