本文為了解中國各所有權結構與政治連結對公司營運資金管理之影響，使用自2008年到2014年10,635個中國上市公司作為研究對象，利用現金轉換循環(CCC)作為主要應變數，將政治連結作為控制變數。實證研究採迴歸模型進行分析。可以發現國有企業之營運資金管理具有效率；政治連結對於家族企業以及國外法人之營運資金管理具有顯著影響，若此二企業具有政治連結，其營運資金管理效率就較差；然而發現國內法人本身的營運資金管理效率較其他所有權差，即使建立政治連結後，對企業並無顯著影響或改變。;This study investigates the effects of political connection on the working capital management in Chinese listed firms that separated from four types of ownership structures. The sample consists of 10,635 observations in China for the period from 2008 to 2014. Ordinary Least Squares analysis is used to analyze the influence of political connection on cash conversion cycle (CCC) that evaluates the efficiency of working capital in firms with different ownership structures. The empirical results indicate that SOEs have significantly negative effect on CCC, and family firms and foreign firms have significantly positive effect on CCC. These results show that family firms and foreign firms manage their working capital inefficient when they build political connection. Domestic firms have positive effect on CCC and it implies that these firms have inefficient working capital management. Even if they build the political connection, the working capital management may not be improved efficiently.