Restraining non-financial state-owned enterprises from carrying out shadow banking business, promoting real enterprises from virtual to real, and promoting the development of real economy are the internal requirements of national audit under the new situation. In this paper, non-financial state-owned listed enterprises and their subsidiaries from 2008 to 2018 are selected as research samples, and the multiple-difference model is used to verify the inhibitory effect of national audit on non-financial state-owned enterprises' shadow banking business. Moreover, it focuses on verifying the inhibition effect of national audit on non-financial state-owned enterprises' shadow banking business through continuous supervision, announcement of audit results and improvement of enterprise information disclosure quality. At the same time, in the further study, the national audit has a more significant inhibitory effect on the shadow banking business in the non-financial state-owned enterprises with stronger internal control and financing constraints, as well as the “child strong and mother weak” type. The audit coordination mechanism has a pronounced inhibitory effect on the shadow banking business of non-financial state-owned enterprises.