企業經營績效的良寙是永績經營的關鍵。經營績效的評估方法很多，而財務資料所建構的經營績效評估模式可謂是最具客觀性與可靠性，其結果不容質疑。而廣大的投資大眾，在選擇投資標的時多從每股盈餘來判斷企業經營績效，進而達到選擇投資標的之目的。所以本研究擬就作者過去研究所建構並經過驗證的經營績效評估模式與每股盈餘的關聯性加以探討，以利投資人作更精確的投資決策。本文以因素分析、迴歸分析及多變量分析進行實證研，實證結果發現每股盈餘與經營績效不具有強列相關性，所以股資大眾進行投資、決策時，不能僅就每股盈餘指標作為投資標的的參考，應該輔以其他財務資料加以分析判斷。另外，本研究以民九十二年之企業相關資料導入建構之評估模式計算經營績效強度分數，將它以每股盈餘做排名比較，發現每盈餘與經營績效沒有強列的因果關係，此結果供決策當局及投資大眾參考。

A good operating performance is key success factor for running business. Firm’s performance can be evaluated in different ways. The financial performance is one of the most suitable and reliable methods. Earnings per share (EPS) is a widely used financial criterion for measuring business performance. Thus, we construct a financial performance evaluation model to explore the relationship between EPS and business performance. Factor Analysis, regression analysis, and Multivariate Analysis are applied for analysis. The empirical results show that there is a no relationship between EPS and operating performance. So the EPS indicator is not a good tool for making investment decision. Investors must collect much information to make a investment decision. In the empirical study, we use the firm’s data of 2003 to obtain the performance scores and the EPS rank of each firm which is good reference sources for making investment decision.