In recent years, financial development has gradually detached itself from its driving role in the real economy. Some real enterprises have withdrawn from their main business and invested a lot of capital used for industrial development into high return financial industries, leading to a trend of “financial melting” in the investment structure of real enterprises. Based on the data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2008 to 2022,a study was conducted on the relationship between controlling shareholder equity pledge and corporate financialization. It was found that the higher the proportion of controlling shareholder equity pledge,the higher the degree of corporate financialization. Mechanism testing shows that equity pledge affects the degree of corporate financialization by acting on the cost of debt capital,and the higher the analyst’s attention,the lower the significance of controlling shareholder equity pledge in corporate financialization.