2020年，突如其来的新冠肺炎疫情，对我国和世界经济社会都造成了较大冲击，我 国经济飞速发展的势头面临挑战，历来被党和国家高度重视的“三农”问题伴随着经济 增速放缓也逐步暴露出不少隐患。肩负着服务和支持“三农”金融需求责任的农商行， 如何在防控风险的前提下，进行业务创新，更好服务“三农”，并在日益严峻的市场环 境中保持稳步发展的势头，成为农商行必须面临的课题。 在经济下行的情况下，国家亟需向实体经济注入资金进行金融支持，而实体经济的 融资需求又各有不同，非标业务的优势则可以满足这种非标准化的融资需求，这就使非 标业务的再次高质量发展有了想象空间。农商行作为独立法人机构，有着决策链条短、 议事效率高的独特优势，应该重新审视非标业务的发展，抓住市场先机，提升盈利水平， 增强自身实力，更好服务三农。自2018年“资管新规”正式颁布以来，非标业务的风 险方面被大家高度关注，不少金融机构纷纷叫停非标业务，农商行也避之唯恐不及，但 是，非标业务并不是非法业务，非标业务有着与生俱来的优势：在银行服务实体经济尤 其是中小微企业的过程中产生的非标业务，能够为银行和实体经济搭建巧妙的渠道和桥 梁，并以投资形式多样、资金到账效率高、投资过程精准可控而备受投融资机构青睐。 本文将对PJ农商行的非标业务进行全面深入分析，以我国中部农业大省的PJ农商 行为例，论证PJ农商行非标业务发展的可行性，认为PJ农商行在控制风险的前提下合 规发展非标业务，可以抓住市场机会，改善全行资产负债结构，可以借此改变贫乏的盈 利渠道，同时提高农商行服务实体经济的水平和能力。运用影子银行、差异化策略、PEST 和SWOT等理论分析，结合PJ农商行的实际提出PJ农商行非标业务发展策略及实施路 径。 关键词：非标业务，农商行，金融创新 III ABSTRACT In 2020, the sudden novel coronavirus pandemic caused a great impact on my country and the world economy. The momentum of rapid economic development in my country is facing challenges. The "three rural" issues that have always been highly valued by our Party and State are accompanied by economic growth. The slowdown has gradually exposed many hidden dangers. Rural Commercial Banks are responsible for serving and supporting the financial needs of "Agriculture, Rural areas and Farmers". Under the premise of preventing and controlling risks, what Rural Commercial Banks must face is how to carry out business innovation, to better serve the "agriculture, rural areas and farmers", and to maintain a steady development momentum in the increasingly severe market environment. Under the situation of economic downturn, our country urgently needs to inject funds into the real economy for financial support, and the financing needs of the real economy are different. One of the advantages of non-standard business is that it can meet this non-standard financing needs, which makes another high-quality development of non-standard business have its imaginative room. As an independent legal entity, Rural Commercial Banks have such unique advantages as short decision-making chain and high deliberative efficiency. They should re-examine the development of non-standard business, seize market opportunities, increase profitability, strengthen their own strength, and better serve the rural areas. Since the official promulgation of 2018 “New Asset Management Regulations”, the risks of non-standard businesses have been highly concerned. Many financial institutions have halted non-standard businesses. Rural Commercial Banks have also tried to avoid these. However, non-standard business is not Illegal and has its inherent advantages. Generated in the process of banks' serving the real economy, especially small, medium and micro enterprises, non-standard business can build ingenious channels and bridges for banks and the real economy, and it is greatly favored by investment and financing institutions due to its investment diversity, high efficiency of fund receipt, and precise and controllable investment process. Based on PJ Rural Commercial Banks in the central agricultural provinces of my country, this thesis will conduct a comprehensive and in-depth analysis on PJ Rural Commercial Banks' non-standard business, demonstrate the feasibility of the development of PJ Rural Commercial Banks' non-standard business, and believe that under the premise of controlling risks, the development of their non-standard business in IV compliance with regulations can seize market opportunities and improve banks' asset-liability structure, which can change the lack of profit channels and enhance the level and ability of Rural Commercial Banks to serve the real economy. Based on the theoretical analysis of shadow banking, differentiation strategy, PEST and SWOT, and combined with the actual situation of PJ Rural Commercial Banks, the design and implementation path of their non-standard business development strategy are proposed. Keywords: Non-standard Business, Rural Commercial Banks, Financial Innovation V 目 录 摘要 ................................................................................................................................... I ABSTRACT ..................................................................................................................... III 1 绪 论 .............................................................................................................................. 1 1.1 研究背景及意义 ..................................................................................................... 1 1.1.1 研究背景 .......................................................................................................... 1 1.1.2 研究意义 .......................................................................................................... 3 1.2 研究内容 ................................................................................................................. 3 1.3 研究思路与方法 ..................................................................................................... 3 1.3.1 研究思路 .......................................................................................................... 3 1.3.2 研究方法 .......................................................................................................... 4 1.4 本文创新之处 ......................................................................................................... 5 2 文献综述 ........................................................................................................................ 7 2. 1非标业务的发展历程 ............................................................................................. 7 2.2 非标业务风险控制相关研究 ............................................................................... 11 2. 3 商业银行非标业务相关研究 .............................................................................. 13 2. 4 简要评述 .............................................................................................................. 15 3案例介绍 ....................................................................................................................... 17 3.1商业银行非标业务发展概况 ................................................................................ 17 3.1.1 非标业务主要业务模式 ................................................................................ 17 3.1.2 商业银行非标业务发展现状 ........................................................................ 19 3.2 PJ农商行基本情况 ............................................................................................... 22 3.3 PJ农商行非标业务发展状况 ............................................................................... 23 4 案例分析 ...................................................................................................................... 25 4.1 PJ农商行非标业务发展环境分析 ..................................................................... 25 VI 4.1.1 PEST分析 .................................................................................................... 25 4.1.2 SWOT分析 .................................................................................................. 28 4.2 PJ农商行非标业务存在问题 ...............................................