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The purpose of this research is to verify the relationship between the changes of the operating cycle and the changes of the stock price in the firm. If the reduction of the operating cycle means a positive result of successful business reengineering of an enterprise whereas the increase in the operating cycle has an immense impact on stagnant sales and inefficient inventory management, a negative correlation is expected to exist between the operating cycle and the stock price. Following is a summary of this research ; First, the changes in operating cycle or the ratio of cash cycle and the stock price has a negative correlation. This finding is evident within industries of electronics, transportation equipment and machineries, but not so obvious in other industries. Secondly, the following findings are established for the operating cycle, cash generation capability, and the stock price : • As the capability of cash generation increases, the stock price increases. •As the operation cycle extends, the stock price and the capability of cash generation decreases. Third, a negative correlation is found in the relationship among the raw material, work-in-progress, finished goods and account receivable collection and is maintained between the stock price and each respective factor. And finally, when the operating cycle is extended a negative correlation is found between the stock price and the operating cycle whereas when it is shortened such negative correlation is not found. This indicates only a negative impact on the operating cycle is relevant to the stock price.