| dc.description.abstract | Yulon Motors, which has long received government support, and Hotai Motors, which have cooperated with Taiwan and Japan, have very different operating performance in 2020. Yulon Motors admitted to a loss of 24.465 billion yuan in 2019 in 2020, and it has been through 2020 in a precarious manner. Hotai Motors did indeed hit a record high in July 2020, with a share price of 737 yuan per share. Under the international competition, Taiwan′s listed auto industry has become more and more complicated by the influence of exchange rates, and changes in exchange rates have long been one of the main reasons affecting corporate profits. In the future, credit rating agencies can include exchange rate changes in the evaluation of stock prices and operating performance. This research mainly explores the impact of exchange rate fluctuations on the operating performance of Taiwan′s auto listed companies, and analyzes the extent to which the quarterly return of stock prices, operating income, operating costs, and net profit before tax are affected by the fluctuations in Taiwan′s weighted share price, U.S. dollar and Japanese currency exchange rates. The empirical results found that the stock price of each stock has a significant correlation with the Taiwan weighted stock price index, which is less affected by fluctuations in the US dollar and Japanese currency. Operating income, operating costs and net profit before tax are less affected by exchange rate fluctuations. | en_US |