Abstract: The controlling shareholder′s equity pledge is a common financing method in the capital market, and its effect mechanism on the stock price crash risk of listed companies needs to be further explored.From the perspective of control right transfer, this paper takes A-share listed companies from 2009 to 2018 as research sample, constructs the model of controlling shareholder′s equity pledge influencing stock price crash risk, and introduces real earnings management as the adjusting variable to explore the influence path of controlling shareholder′s equity pledge on stock price crash risk of listed companies.It is found that there is a significantly positive correlation between controlling shareholder′s equity pledge and stock price crash risk. Real earnings management has a significantly positive moderating effect on equity pledge and the stock price crash risk, and the above two relationships are more significant when the control right does not transfer.Further research finds that the ownership concentration and governance structure of listed companies affect research mechanism. When the direct shareholding ratio of controlling shareholders is less than 50% or there is no chairman and general manager in the listed company, the impact path of equity pledge, real earnings management and stock price crash risk is more significant.

Key words: controlling shareholder′s equity pledge, real earnings management, control right transfer, stock price crash risk