A new non-unique Θ-inverse of non-square polynomial matrices is presented in this paper. It is shown that the above inverse specializes to the unique Moore-Penrose one under several specific assumptions. Due to the existence of some degrees of freedom, the Θ-inverse outperforms the Moore-Penrose inverse in various inverse-related problems covering the multivariable control theory. In many scenarios the former inverse can stabilize a closed-loop plant being unstable by application of the Moore-Penrose formula. Practical and theoretical simulation examples confirm the correctness of the proposed method.