This paper selects Chinese listed companies from 2010 to 2022 as samples to study the influence of no actual controller on financialization of entity enterprises and its mechanism from the perspective of control structure. The empirical results show that the control structure without actual controllers play a significant role in promoting the financialization of the entity enterprises. At the same time, considering the two main motivations of corporate financialization, saving motivation and speculative motivation, the study finds that people without actual control are more inclined to promote speculative financialization. In addition, the intermediary effect model verified that noactual controller promotes the financialization of enterprises by reducing the quality of internal control and intensifying financial constraints. Further, a separate study on the sample of companies with actual controller changed to no actual controller found that after the company changed to no actual controller, there are more financialization behaviors of financial asset investment and financial channel profit. Moreover, the promotion effect of no actual controller on corporate financialization is more significant in the samples with low proportion of institutional investors. This conclusion provides a new way of thinking for the research on the factors affecting the financialization of Chinese enterprises and the motivation of financialization, and provides policy inspiration for improving corporate governance and effectively preventing excessive financialization of enterprises.