This paper uses the data of A-share listed companies from 2012 to 2021 to explore and analyze the impact and role of equity pledge of controlling shareholders on investment efficiency.Studies show that the pledge of equity of controlling share-holders will reduce the investment efficiency of enterprises.The mechanism test shows that equity pledge will make enterprise in-vestment inefficient by increasing corporate risk taking.Further research shows that the intermediary effect of corporate risk-tak-ing takes effect only when the degree of economic policy uncertainty is high.This paper deepens and expands the research on the effect of equity pledge on investment efficiency from the perspective of enterprise risk taking.At the same time,it provides cer-tain theoretical support and reference for restricting the post-pledge behavior of enterprises and improving the investment efficien-cy of enterprises.
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