As　China＇s　economy　enters　the　stage　of　high-quality　development,　the　sustainability　of　development　becomes　increasingly　important.　Therefore,　this　study　takes　air　quality　index　as　the　explanatory　variable,　the　level　of　shadow　banking　as　the　explained　variable,　and　environmental　regulation　as　the　intermediary　variable　to　empirically　study　whether　environmental　regulation　caused　by　air　pollution　will　affect　the　shadow　banking　of　non-financial　enterprises.　The　findings　suggest　that　air　pollution　is　likely　to　strengthen　environmental　regulation,　thereby　reducing　the　level　of　shadow　banking,　as　air　pollution　strengthens　environmental　regulation,　leading　to　the　reduction　of　implicit　government　guarantees,　while　enterprises　tend　to　abandon　or　minimize　reliance　on　these　guarantees　and　reduce　leverage.　The　mechanism　test　shows　that　the　ESG　performance　of　non-financial　firms　weakens　the　process　by　which　air　pollution　reduces　the　degree　of　shadow　banking　of　non-financial　firms,　while　the　short-sightedness　of　management　enhances　this　process.　Heterogeneity　analysis　shows　that　this　process　is　more　significant　under　the　effect　of　market-driven　environmental　regulation　and　in　private　enterprises　and　enterprises　in　regions　with　large　industrial　scale.　Therefore,　the　policy　implication　is　that　government　should　continue　to　strengthen　environmental　law　enforcement　in　future　supervision,　as　this　can　not　only　reduce　pollution　levels　but　also　reduce　systemic　financial　risks.　Enterprises　should　also　increase　their　sense　of　social　responsibility.