Abstract: Using the data of China’s A-share private listed companies，we study the influence political connection makes on risk-taking level. The evidences show that the risk-taking level of private companies with political connection is significantly lower than that of private companies without political connection，and that risk-taking level falls while political connection becomes closer. This study not only deepens our cognition to the economic results of political connection of private companies，but also has implications for speeding up the process of marketization and transforming government functions.

摘要： 本文以我国 A 股民营上市公司为研究对象，研究了政治关联以及政治关联层级对民营上市公司风险承担水平的影响；研究发现： 政治关联降低了民营上市公司风险承担水平， 且政治关联层级越高，民营上市公司风险承担水平越低； 本文的研究深化了对民企业政治关联所带来的经济后果的认识，同时对加快市场化进程和转变政府职能具有一定的启示意义。