In order to rectify financial “chaos” such as regulatory arbitrage, idle arbitrage and related arbitrage among financial institutions, regulators have introduced a series of measures since 2015 to urge banks to return their off balance sheet assets to the balance sheets and transfer their non standard assets business. In this paper, the series of non standard regulatory policy is regarded as a quasi natural experiment. Taking 2015 as the starting year of non standard regulatory, we use Propensity Score Matching and Difference in Differences Model(PSM DID）to analyze the influence of the non standard asset regulatory on the financing difficulties of private enterprises, and whether there is a different influence on different private enterprises with different profit ability and different orienting strategy. The results show that the non standard asset regulatory has increased the financing difficulties of private enterprises to a certain extent, and the impact on the financing difficulties of different profitability and different strategies has a heterogeneity, that is, the lower the cash level of net profit is, the more aggressive the strategy the private enterprises adopt, the stronger the impact of the non standard regulatory is. At the same time, the results of this paper show that there is an inverted U shaped non linear relationship between private enterprise financing quantity and non standard asset business of commercial banks. The inspiration is that when making a policy of macro economic adjustment, the policy makers should predict the negative impact brought by the supervision policy in order to avoid the conflict effect between the application of policy instruments.