中文摘要：

本文以我国2002—2006年上市民营企业的数据为样本，实证分析了政治关联与企业经营绩效的关系。在控制了政治关联与企业经营绩效存在的内生性关系后。研究发现民营企业的政治关联程度越高，企业的经营效率越差；实际控制者的政治关联程度越高，企业的经营效率也越差。进一步的研究发现，制度环境的不同对政治关联与企业经营绩效之间的关系产生不同影响．随着政府干预程度的减弱和法律保护程度的提高，企业的政治关联程度对于经营绩效的负面影响也在减轻。

英文摘要：

Using a sample of Chinese private enterprises that went public between 2002 and 2006, this paper empirically analyzes the relationship between political connection and firm performance. After controlling the endogenous issue of political connection and firm performance, we discovered that the higher rate of the political connection of the private enterprises, the worse performance it will be. Moreover, the higher degree of political connection the enterpriser possesses, the worse firm performance it will lead. Further study discovered that different institutional situations affect the relation of political connection and firm performance differently. With the weakening government interference and a strengthening legal protection, the negative impact of firm political connection on its performance has been lightened.