Many scholars have recently researched the relationship between quality management and performance, but there was no one who had discussed the relationship between quality management and performance from the view of business value. This study focuses on the business value of Total Quality Management (TQM) as we studied the fifteen enterprises of the National Quality Award (Taiwan) from seven industries and used eighteen indices of five perspectives to value them. There were eight conclusions, as follows: (1) the business value of all 15 enterprises was greater than the average industry level; (2) the business value of the electronic industry of the National Quality Award owners was over the average business value of the electronic industry; (3) there was a growth trend of business value in the automobile industry award-winning; (4) there was a downward trend of business value in the iron and steel industry award-winning after they obtained the award for seven years; (5) there was a superior business value of the electrical machinery industry before award-winning than after; (6) the business value of food industry award-winning showed an situation over average industry level after obtained the award seventh year; (7) the business value of plastic and rubber industry was significant over the average industry level; (8) there was a continuous growth trend in the electric and cable industry of the National Quality Award (Taiwan) owners after they obtained the award