As a result of Chinese special system, the ownership structure of listed companies and corporate governance structure have many unreasonable places.Just as the shares in large shareholders company is higher, some even more than 50%, through a series of means, such as investing for other enter prises, these major shareholders of listed companies may use their own absolute control to embezzle or occupy the funds of listed company, "empty" the listed company.However, in this situation, on the supervision of listed companies is relatively lagging behind.The result is that the regulator always found the abnormal status when the capital of listed company has been a huge hole which is already irreparable.Therefore, how to control shareholders or actual controllers misappropriate the funds, protect the in terests of listed company and medium and small in vestors has became a focus of all parties.In this pa per, based on the identification of key points, we put forward three criteria to identify the abnormal capital flow.By case study of the abnormal capital flow of listed company investment, the results shown that our approach is viable.