Focusing on micro-enterprises, the paper studies the impact of equity pledge of controlling shareholder on listed companies’ risk-taking by taking China’s A-share listed companies as a research sample. The results show that the equity pledge of controlling shareholders has a positive impact on the risk-taking level of listed companies, and this effect is more significant in the companies with lower proportion of controlling shareholders and higher degree of marketization in the region. The positive effect of equity pledge of controlling shareholders on the risk taking of listed companies will only play a role when the equity pledge ratio is high and the company has financing constraints. The improvement of risk-taking of listed companies can promote corporate value and contribute to the long-term development of the company.