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在全球利率普遍上行的背景下，多家发达经济体中央银行相继出现经营亏损，提升中央银行财务实力已成为维护金融稳定的重要保障。本文梳理了美联储、欧洲中央银行、瑞士国家银行、加拿大银行、英格兰银行等在量化宽松政策实施后所面临的账面亏损、净利息收入转负与汇兑损失等问题；结合日本银行的特殊情形，发现其虽未出现亏损，但同样面临资产久期错配与负债成本上升的财务挑战。随后，对各国通过资本补充、递延资产处理与利润留存调整等机制维持运转的经验与局限进行了提炼。对中国人民银行资产负债表的评估表明，资本金规模偏小、外汇资产占比过高、政策性结构工具压缩利差收入、会计核算仍以历史成本为主等问题，可能削弱其财务韧性。因此，可通过完善资本补充与风险准备机制、推进公允价值计量与信息披露、重构以国债质押为核心的基础货币投放机制、增强审慎管理能力等路径，强化中国人民银行财务实力。
Abstract：Global interest rates are rising, and several central banks in developed economies have experienced operating losses.Enhancing central bank financial strength has become an important safeguard for financial stability.This study reviews the issues faced by the Federal Reserve, the European Central Bank, the Swiss National Bank, the Bank of Canada, and the Bank of England after the implementation of quantitative easing policies, including book losses, negative net interest income, and foreign exchange losses.Although the Bank of Japan has not experienced losses, it faces financial challenges, including an asset-liability maturity mismatch and a high cost of liabilities.Subsequently, this study summarizes different countries' methods of maintaining operations, including capital replenishment, deferred assets, and retained earnings, as well as their limitations.The evaluation of the People's Bank of China's balance sheet indicates that issues such as a small capital base, a high proportion of foreign exchange assets, low interest spread income induced by structural policy instruments, and accounting based on the historical cost principle could weaken its financial resilience.Therefore, the financial strength of the People's Bank of China can be enhanced by improving capital replenishment and risk reserves, promoting fair value measurement and information disclosure, restructuring the currency issuance mechanism centered on pledging treasury bonds, and strengthening prudent management skills.
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(1)12家联邦储备银行应向财政部支付的毛利润760.31亿美元减去实际向财政部汇缴的净收益594.46亿美元。
(2)净亏损1143亿美元+股东支付利息14.87亿美元+向财政部汇缴的利润6.7亿美元。
(3)瑞士国家银行相关数据来自:1.瑞士国家银行2022财年财报,链接https://www.snb.ch/en/publications/communication/press-releases/2023/pre_20230306;2.瑞士国家银行2023财年财报,链接:https://www.snb.ch/en/publications/communication/press-releases/2024/pre_20240304。
(4)数据存在小数点进位误差。
(5)数据来源:1.英格兰银行2022-2023财年财报,链接:https://www.bankofengland.co.uk/-/media/boe/files/annual-report/2023/boe-2023.pdf;2.英格兰银行2021-2022财年财报,链接:https://www.bankofengland.co.uk/-/media/boe/files/annual-report/2022/boe-2022.pdf5。
(6)数据来源:1.日本银行2022-2023财年财报,链接:https://www.boj.or.jp/en/about/account/zai2305a.pdf;2.日本银行2021-2022财年财报,链接:https://www.boj.or.jp/en/about/account/zai2205a.pdf。
(7)所有者权益也被称为净资产。国家资本是国家拨付和经国家批准历年结转的由中国人民银行占用的资金,即中国人民银行的资本金。利润上缴涉及总准备金和未分配利润,其中总准备金是中国人民银行按财政部核定的比例从实现利润中提取的有特定用途的专项准备资金,未分配利润是中国人民银行实现但尚未分配的利润。固定基金则是中国人民银行购建固定资产所占用的资金余额。
(8)根据中国人民银行2014年和2024年资产负债表测算,详见https://www.pbc.gov.cn/eportal/fileDir/defaultCurSite/resource/cms/2015/07/2014s04.htm以及https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/2025111416404019802.pdf
(9)根据中国人民2021年及2024年资产负债表数据测算,分别对应https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/2025110510261421680.pdf和https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/2025111416404019802.pdf
(10)数据来源:https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/2025111416404019802.pdf
(11)根据人民银行官方数据测算,数据来源为https://www.pbc.gov.cn/diaochatongjisi/attachDir/2025/11/202511141 6404019802.pdf
基本信息:
中图分类号:F832.31;F830.42
引用信息:
[1]汪洋,邱愉,马嘉程,等.增强中央银行财务实力：国际经验与中国探索[J].金融经济学研究,2026,41(01):167-184.
基金信息:
国家社会科学基金哲学社会科学领军人才项目(22VRC018);国家社会科学基金重大项目(21ZDA045)