中文摘要：

以民营企业在职消费为例，考察政治关联如何影响隐性激励及企业价值。研究发现，相对于无政治联系的民营企业，有政治联系的民营企业在职消费更低；民营企业的在职消费对企业价值具有负面影响，而政治联系削弱了在职消费对民营企业价值的负面影响。总体来看，民营企业的政治联系有助于节约企业的交易成本与减少政府的利益侵占，从而提升了企业价值。

英文摘要：

This paper takes the perks of private firms as the sample, and examines the effect of political connections on implicit incentives and the firm value. The results find that the perks of private firms with political connections are lower compared to those without political connections, that the perks are negatively related to the firm value of private firms, and that political connections alleviate the negative relationship between them. In general, political connections benefit improving the firm value of private firms through saving transaction cost and decreasing benefit expropriation from the government.