This paper analyzes the relation between control rights and embezzlement of funds.Conclusions can be drawn from empirical research as follows.Embezzlement of funds in private-ultimately-controlling listed companies is significantly bigger than that in state-ultimately-controlling ones.Embezzlement of funds in group-controlling listed companies is significantly bigger than that in non-group-controlling ones.Controlling shareholders' shares are significantly negative-related to embezzlement of listed companies' funds.Other big shareholders' shares are significantly negative-related to embezzlement of listed companies' funds.