The pledge of the controlling shareholder’s equity will affect the business activities of the enterprise while financing for the enterprise. Based on 2013—2018 A-share non-financial violations of listed companies as research samples,we study the influence of controlling shareholders’share pledge on enterprise’s default risk. It is found that there is a nonlinear relationship between the share pledge of the controlling shareholder and the risk of default. Specifically, there is a U-shaped relationship between share pledge and default probability. It is to say that share pledge will first reduce the risk of default,and further increasing share pledge, which will increase the risk of default after the proportion of pledge reaches a certain threshold. Further research shows that when the risk of control transfer and the level of corporate governance is high, there is a non-linear relationship between the pledge of controlling shareholders’equity and the risk of corporate default.