Identifying the productivity of information technology (IT) investments has been a major concern of managers and researchers. Various studies have addressed this issue but have provided contradictory results. Using questionnaire survey and regression analysis, an empirical study is conducted on a sample of 100 top managers from 100firms in Taiwan. The result show both IT cost per net employee and IT cost per net sales have positive relationship with productivity but IT cost per net assets has not any relationship with productivity. Inconsistency results of this study could be one of explanations for the ”productivity paradox” of IT.