企業經營績效的良寙是永續經營的關鍵。經營績效的評估方法很多，而以往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。傳統的績效評估方式，大多使用多變量統計分析，但它需要滿足許多假設才適用，而灰關聯分析則可以克服此缺點。本研究以灰關聯分析評估不定期航運上市公司民國90年至民國92年之經營績效，每年每公司各選取八項財務比率進行實證研究。研究結果發現以三年平均而言，在灰關聯分析的評估模式下，不定期航運公司的經營績效排序為新興、台航、益航、中國航運、裕民、遠森科。評估結果可作為投資人進行投資決策的參考。

　　　　　Operating Performance is a critical factor in going concern of a business. Among those available operating performance data, the financial information provided by business is thought to be most objective and reliable. Traditionally, statistical analysis is adopted in operating performance evaluation, however, many assumptions have to be satisfied firstly. Accordingly, we choose Grey Relation Analysis for this study. We evaluate the operating performance of tramp shipping firms from 2001 to 2003, and eight financial ratios are chosen for this study. The result shows the performance ranking order in sequence are: SINCERE, TAIWANLINE, First Steamship, Chinese Maritime, u-ming, and ETITC, which provide an important information for investors in investment decision making.