In this paper, the effect caused by winning the National Quality Award (NQA) to enterprises in Taiwan is discussed. The outer effect of up swinging stock price to bring prodigious remuneration is an issue, and the inner effect that lowers down business risk of the company is another. Firstly, the event study method was used to compute the bouncing remunerations caused by the award announcement. The stock market information from 1979 to 2003 was analyzed in this empirical research to come out that the stock prices on a day before and after the award-announcing day showed no significant fluctuations. This indicates that the award announcement makes no dominant benefit to the short-term stock price. Second, the yearly performance of the certain stock behavior is observed. The stock prices of the entire year just before and after the point of award-announcement showed no significant differences with those of other years. There were bouncing remunerations through buying and holding the stocks. It turns out that there may be a spillover effect. on the reaction of the NQA winner's stock price, which benefits the enterprises of the same industry with a long term abnormal return in the stock market as well. At last, the impact of the Award on the firm's business risk is screened. It came out that no significant change of business risk arose due to the award announcement, namely that there was no phenomenon of lowering down business risk by getting awarded. Thus the NQA announcement makes an influence on the stock market rather slowly and may be not recognized a piece of positive message for investors' decision to the stock investment in the short term; however it has a positive effect indeed in the long term. The empirical result is provided for the investors' and enterprises' references.