Based on China’s specific institutional environment,under the unified analytical framework with the combination of political connections theory and capital structure theory,this paper investigates the impact of political connections on capi⁃tal structure and dynamic adjustment speed of private firms as well as the impact of institutional environment on conduction ef⁃fect from two dimensions:static and dynamic. We find that political connections can relax financing constraints,and this ef⁃fect is more significant in the regions with slower marketization process and when the central banks tight monetary policy. But the impact of political connections on adjustment speed of capital structure is two-fold. On the one hand,political connec⁃tions can accelerate the dynamic adjustment of capital structure due to relaxing the financing constraints and reducing the fric⁃tion of dynamic adjustment. On the other hand,political connections can hinder the dynamic adjustment behavior of capital structure because SBC anticipation of political connections may lead to weaken the motivation of the dynamics adjustment of capital structure. Therefore,the study has a certain theoretical and practical value to thoroughly clarify the conduction mecha⁃nism and the effect of political connections.%文章立足于我国特定的制度环境，在政治关联理论与资本结构理论相融合的理论分析框架下，从静态和动态两个维度探讨了政治关联会如何影响民营企业的资本结构及其动态调整速度，以及制度环境对此传导效应的影响。检验发现：政治关联有利于缓解融资约束，且此效应在货币政策趋紧阶段或市场化进程较慢的地区表现更突出。但政治关联对资本结构调整速度的影响具有两面性：一方面，政治关联带来的融资优势会减小资本结构的调整摩擦，进而加快其调整速度；但另一方面，政治关联后的预算软约束预期也可能导致企业优化资本结构的动力减弱，从而阻碍了资本结构的动态调整行为。该文对于透彻厘清政治关联的传导机理和影响效果具有一定的理论意义和实践价值。
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