以往探討資本移動管制與沖銷干預措施的理論文獻，大多以傳Mundell（1963）和Fleming（1962）的流量分析法作為分析架構，而忽略資產存量與資本流量之間的互動關係，為彌補上述缺失，本文採用Branson, Halttunen & Masson（1977）的資產選擇模型為基礎,先建立一個涵蓋資本管制、外匯干預與沖銷措施的理論模型，並設定對外國債券存量的需求作管制，進而以共積分析法對台灣地區1985：9－1989：11－1995：7這兩段期間的樣本資料，從事外匯干預，以及匯率、外國債券持有量等變數的長期均衡關係之實證研究。結果發現：

1、由理論分析可知，國內信用與本國債券發行量的增加，會使匯率上升；至於對外國債券持有量的影響，則與資本管制係數的大小有關，而言些變數間理論上所隱含的長期均衡關係在共積實證分析中可以得到印證。

2、以往採用資產選擇模型從事沖銷干預措施分析的文獻，由於未考慮資本管制措施的影響，其推導的結論即是本文模型中資本管制係數等於一的情形，故僅是本文的一個特例。

3、在從事資本管制措施的效果分析時，我們發現政府在公開市場的沖銷程度和對匯率的干預幅度，以及各市場的經濟結構參數值之相對大小，是決定資本管制措施影響各內生變數波動幅度及方向的關鍵因素。

4、實證結果顯示，央行降低資本管制，會增強國內信用擴張對匯率和外國債率持有量的影響力，以及削弱本國債券供給變動的影響力。

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