As one of the major financing methods for the major shareholders of listed companies, the high proportion of equity pledge by its major shareholders has brought certain risks to enterprises. In this paper, the data of China's listed companies from 2014 to 2018 is taken to empirically test the effect of large shareholder’s equity pledges on enterprise investment efficiency, and further distinguish between the nature of participating pledged companies and the nature of pledged shares. The show as follows. A high proportion of large shareholders' pledges will significantly reduce the efficiency of enterprise investment. Compared with state-owned enterprises, in non-state-owned enterprises, a high proportion of equity pledges has a stronger negative correlation with enterprise investment efficiency. Compared with restricted shares, when pledged shares are outstanding shares, a high proportion of pledges makes the investment efficiency of enterprises lower.