Taking family enterprises from 2009 to 2013 as samples, this paper studies not only the impact on earnings management brought by the separation degree of two rights of family enterprises, but also the regulating effect of political connection on the relationship between the separation degree of two rights of family enterprises and earnings management. The study finds that: the greater the separation degree of two rights is, the poorer the earnings quality of family enterprises becomes and the higher the earnings management level is; political connection plays a negative role in regulating the relationship between the separation degree of two rights of family enterprises and earnings management, and enterprises with political connection will present higher earnings quality on the condition that the impact of separation degree of two rights on earnings management becomes poorer.