majenko:
Yes. The "outputs" of the shift register act just like your transistor - they are "off" so then are high impedance (open circuit), or "on" and connected to ground. You need power from the 5V rail to turn your transistor on, and when you turn on the output to the shift register it connects the base of your transistor to ground, turning it off.
Wouldn't this just connect the collector to the base of the transistor? How would this allow the power to flow to the emitter in of the transistor?