Taking A-share private listed companies in Shenzhen and Shanghai from 2014 to 2019 as samples, this paper investigates the impact of controlling shareholders' equity pledge on corporate financial risk. The results show that the controlling shareholders' equity pledge increases the financial risk which is affected by the equity pledge rate. When the controlling shareholder's equity pledge rate is high, the effect of equity pledge on corporate financial risk will be more significant. Further research shows that equity checks and balances weaken the effect of equity pledge on increasing corporate financial risks. And the positive relationship between equity pledge and corporate financial risk will be more significant in companies where the same person acts as the chairman and general manager.