The large stock dividends was highly welcomed by the capital market, so it was often used by some listed companies to attract investors as well as to achieve their own interests.In this paper, we adopted the perspective of controlling shareholder’s share pledge to reveal the motivation behind the large stock dividends.The results show that after controlling the other self-interest motivations of the controlling shareholders, listed companies tend to be more likely to make large stock dividends decisions if the controlling shareholders have share pledge.Second, the more the number of share pledge the controlling shareholders have, the more likely the listed company would to make large stock dividends.Further research indicates that under the same situation of the equity pledge, the company with a falling stock price would more likely to launch large stock dividends.This paper further explains the motivation behind the large stock dividends, and provides the empirical evidence for regulators’latest decisions which strengthened the supervision and the inquiry of the large stock dividends.