为了应对“金融海啸”对我国货币市场的冲击，央行于 2013 年创立了一种新型短期货币政策工具——常备借贷便利工具，并以此来作为利率走廊的上限，达到稳定市场利率目的。在此背景下，论文运用SVAR 模型来检验常备借贷便利工具对短期市场利率是否具有稳定作用。结果表明：实行常备借贷便利工具以来，我国短期市场利率水平明显降低。作为短期货币政策工具的一种，常备借贷便利工具的实施对我国探索建立利率走廊机制具有重要的现实价值。

In order to cope with the impact of "financial tsunami" on China忆s monetary market, the central bank created a new short-term monetary policy tool in 2013, the standing lending facility tool, which is used as the upper limit of the interest rate corridor to stabilize the market interest rate. In this context, the paper uses SVAR model to test whether the standing loan facility has a stable effect on the short-term market interest rate. The results show that the short-term market interest rate in China has been significantly reduced since the implementation of the frequently used loan facility. As one of the short-term monetary policy tools, the implementation of the standing lending facility has important practical value for China to explore the establishment of interest rate corridor mechanism.