With announcements of the controlling shareholders’ equity pledge issued by China’ s A-share listed companies as research object, on the basis of the study of the equity pledge behavior of the controlling shareholders from the perspective of pledged funds flows during the period from 2007 to 2012，the results show: when the controlling shareholders invest the equity pledged funds on themselves or third-party, pledged ratio is higher than the funds flowing to the pledged listed companies, namely the controlling shareholders tend to provide equity pledge guarantees for themselves or third-party; when the controlling shareholders invest the equity pledged funds on themselves or third-party, the corporate performance is significantly lower than the funds flowing to the pledged listed companies.