In this study, consumer ETC service characteristic factors targeting Chinese ETC consumers (Convenience, Economy, Stability, Responsiveness), ETC user characteristic factors(Individual innovation, Self-efficacy), Structural relationships between privacy risk, perceived value, and satisfaction were identified. In addition, between ETC service characteristic factors and perceived value, Between ETC User Characteristics and Perceived Value, The moderating effect of privacy risk on the relationship between perceived value and satisfaction was verified. In this study, factor analysis, reliability analysis, and path analysis were performed using statistical analysis tools SPSS 25 and AMOS 24. Based on the analysis results, the implications for this study are as follows. First, in the case of ETC service characteristics(Convenience, Economy, Stability, Responsiveness), All four factors were found to have a positive (+) effect on the perceived value. Among them, economic feasibility was found to have the greatest influence on perceived value. Next, in the case of ETC user characteristic factors(Individual innovation, Self-efficacy), Both factors were found to have a positive (+) effect on the perceived value. And perceived value was found to have a positive (+) effect on satisfaction. In other words, the higher the perceived value, the higher the ETC user satisfaction was as expected. Finally, the privacy risk of ETC users was found to have a moderating effect between responsiveness and perceived value, and between self-efficacy and perceived value.