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Abstract: From the perspective of shadow banking in non-financial enterprises, this paper utilizes the data of non-financial A-share listed companies from 2016 and 2022 to empirically investigate the impact of the registration-based IPO system reform of the STAR market on shadow banking activities of non-financial enterprises. The paper finds that the registration-based IPO system reform generates a learning effect and a catfish effect, improving the information disclosure quality of peer companies and intensifying intra-industry competition, thereby curbing shadow banking activities among peer companies. Further analysis reveals that the governance effect of the registration-based IPO system reform on the shadow banking activities of peer companies is more pronounced in contexts with lower marketization levels and lower media attention. The analysis of economic consequences shows that the registration-based IPO system reform curbs shadow banking activities among peer companies and effectively reduces the operation risks of peer companies, thus promoting the high-quality development of enterprises. The research findings provide empirical evidence for managing the risks of shadow banking in non-financial enterprises and evaluating the risk governance effects of the registration-based IPO system reform.