From the micro perspective of corporate earnings persistence, this paper selects the empirical data of A share listed companies in China from 2008 to 2018, and uses linear first order autoregressive model to empirically examine the relationship between shadow banking of non financial enterprises and earnings persistence. The results show that: firstly, the shadow banking of non financial enterprises significantly reduces its earnings persistence. Secondly, the shadow banking of non financial enterprises will produce “crowding out effect” on real investment and increase the uncertainty of future operation. The level of main business investment and financial risk plays a partial intermediary role between shadow banking of non financial enterprises and earnings persistence. Thirdly, good internal control, high media attention, analysts attention and high quality CPA audit can inhibit the damaging effect of shadow banking on earnings persistence of non financial enterprises. The above findings can enrich the theoretical research on shadow banking and earnings persistence of non financial enterprises.