There are disclosed novel compounds, liquid crystal compositions, polymers, optically anisotropic producgs, and optical or liquid crystal elements that have large refractive index anisotropy, mix easily with other liquid crystals, have advantageous stability against light, and exhibit absorption at practically short wavelength in the ultraviolet region. The compounds are represented by the formula (1) and have a phenylacetylene structure, wherein difference ΔE in energy of HOMO of parts (1-1), (1-2) and (1-3) calculated by the method of molecular orbitals is not less than 0.3 electronvolt, and the polarizability anisotropy Δα of a molecule represented by the formula (1) calculated in the same way is not lower than 500 A.U.:P1—H (1-2)P2—H (1-3)(A1 to A4: H, F, alkyl or alkoxy group of C1 to C10 optionally substituted with F; P1, P2: structure fulfilling the conditions of HOMO energy and polarizability).