本研究應用期望差距模型，探測上櫃公司經營者對公司股票上櫃後經營管理之滿 意度，及發現決定整體滿意度之關鍵因素。由焦點群體訪談，產生 25 項關於申請股票上櫃 經營變革績效特徵項目後，以關鍵告知者途徑蒐集資料。研究結果發現，經營者對上櫃後經 營管理之整體滿意度評估，均持有正面態度。對個別績效特徵滿意度之反應，以「提昇公司 知名度」、「改善公司形象」、「籌措營運資金」為最滿意之前三項，而以「股票價格」之 滿意度最低。最後，由多元回歸分析指出，「改善財務績效」因素是決定整體滿意度高低之 關鍵因素。

　　　　　The expectancy disconfirmation model was applied to measure satisfaction on the performances of management change during processes of initial Public Offerings for Over-The-Counter (below to abbreviate "OTC") company. This paper intended to examine satisfaction levels of the management toward business management performances after stock listed on OTC, to identify latent factors in 25 attributes for measuring performances of management change, and also to find the major key factor influencing on overall satisfaction. The Focus-group interview was adopted to construct 25 measuring attributes, and the single key informant was adopted to collect data. This study found that the management of OTC companies revealed positive attitude toward overall satisfaction levels. The attitudes that received the most satisfaction levels were " to promote reputation of company", "to improve image of company" and "to collect funds", but the one that received the least satisfaction levels was "stock price." Finally, the major key factor determining overall satisfaction was identified as "to improve financial performances."