Private enterprises are an important force to promote the high-quality development of China's economy, however, financing unaffordable or inaccessible hinders their growth. Based on the data of private listed companies in China from 2016 to 2020, this paper empirically analyzes the impact of government intervention and banking competition on the financing constraints of private enterprises. The research finds that banking competition can alleviate the financing constraints of private enterprises through corporate financing channels, but the mitigation effect is restrained when the regional banking industry is in excessive competition or weak competition; The mitigation effect of banking competition on private enterprises' financing constraints varies with the intensity of government intervention. In areas where government intervention is too strong, the mitigation effect is not obvious. Based on this, government departments should speed up the transformation of functions and deepen the simplification of administration and decentralization of power; private enterprises should improve management and strengthen the construction of credit system; financial institutions should develop bank branches according to local conditions, ease the financing constraints of enterprises with optimal competition, and provide more support for the development of the real economy.