【正文】 uctivity statistics.　　 More recent work has found that IT investment is a substantial contributor to firm productivity, productivity growth and stock market valuation in a sample that contains a wide range of industries. Brynjolfsson and Hitt (1994,1996) and Lichtenberg (1995) found that IT investment had a positive and statistically significant contribution to firm output . Brynjolfsson and Yang (1997) found that the market valuation of IT capital was several times that of ordinary capital. Brynjolfsson and Hitt also found a strong relationship between IT and productivity growth and taht this relationship grows stronger as longer time periods are considered. Collectively ,these studies suggest that there is no productivity paradox, at least when the analysis is performed across industries using firmlevel data. The differences between these results and earlier studies is probably due to the use of data taht was recent , more prehensice ,and more disaggregated (firm level rather than industry or economy level). 　　Most previous sutdies have considered the effects of technology across firms in multiple industries, although a few studies have considered the role of technology in specifically in the banking industry. Steiner and Teixiera surveyed the banking industry and argued that while large investments in technology clearly had value,little of this value was being captured by the banks themselves。s financial services management consulting division. However, not all the stories are negative. New IT systems are playing a vital role in reshaping the delivery of financial services. For example, new putertelephony integration(CTI) technologies are transforming call center operations in financial institutions. By investing in technology, more and more institutions are moving operations from highcost branch operations to the telephone channel,where the cost per transaction is onetenth the cost of a teller interaction. This IT investment not only reduces the cost of serving existing customers, but also extends the reach of the institution beyond its traditional geographic boundaries.　　In this paper, we utilize detailed case studies of six retail banks to investigate several interrelated questions:　　 processes do banks utilize to evaluate and manage IT investments?　　 well do actual practices align with theoretical arguments about how IT investments should 　　　 be managed? 　　 impact does that management of IT investments have on performance?How Financial Firms Decide on Technology(Part Two) For the first question, we develop a structured framework for cataloging IT investment practices and then populate this framework using a bination of surveys and semistructured interviews. We then pare the results of this exercise with a synthesis of the literature on IT decision making to understanding how practices vary across firms and the extent to which this is consistent with best practices as described in previous literature. Finally, we will pare these processes to internal and external performance metrics to better understand which sets of practices appear to be most effective.　　To make these parisons concrete, we examine both the general decision process as well as the specific processes used for two recent IT investment decisions :the adoption of puterbased home banking (PC banking), and the development of the corporate web site. These decisions were chosen because they were recent and are related but provide some contrast。 some firms have very high investments but are poor performers, while otheres invest less but appear to be much more successful. Brynjolfsson and Hitt found that as much as half the returns to IT investment are due to firm specific factors.　　One potentially important driver of differences in IT value, and of firm performance more broadly, is likely to be the decision and management peocessed for IT investments. Horror stories of bad IT investment decisions abound. Consider the example of the new strategic banking system(SBS) at Banc One(American Banker 1997). Banc One Corp. and Electronic Data Systems Corp. agreed last year to end their joint development of this retail banking system after spending an estimated $175 million on it. As stated in the American Banker article, SBSwas just so overwhelming and so plete that by the time they were getting to market, it was going to take too long to install the whole thing, said Alan Riegler, principal in Ernst amp。 banks versus saving amp。本文注重解答以下的問(wèn)題： 　??？ 　　　　，理論和實(shí)際操作的結(jié)合如何？ 　　　??？ Introduction　　Information technology(IT) is increasingly critical to the operations of financial services firms. Today banks spend as much as 15% of noninterest expense on information technology. It is estimated that the industry will spend at least $ billion on IT in 1998, and financial institutions collectively account for the majority of IT investment in the . economy. In additon to being a large ponent of the cost structure, information technology has a strong influence on financial firms operatons and strategy. Few financial products and services exist that do not utilize puters at some point in the delivery process, and a firms39。其決定的因素有以下一些其中的一個(gè)因素就是對(duì)投資的決定和管理。 the typical bank spends as much as 15% of nonintereste expenses on IT. A persistent fin