The impact of political connections on TMTs compensation contracts may be completely different from the angle of government or enterprise. In view of this, by using the data of Chinas A share Listed companies in manufacturing from 2008 to 2011, we selected government subsidies and political identity as proxy variables of political connections of government and enterprise angle, this is the first research to compare the different impacts of different political connections on TMTs compensation contracts. Empirical studies show that: although both government and enterprise angle of political connections can significantly improve TMTs compensation, political connections based on enterprise would undermine TMTS pay performance sensitivity, and political connections based on government are able to improve TMTs pay performance sensitivity. After a further comparative study based on property rights, we find that the enhancing effect of political connections from enterprise angle on TMTs pay performance sensitivity are more obvious in private enterprises, and the weakening effect of political connections from government angle on TMTs pay performance sensitivity are more obvious in SOEs.