| Information and communciation technology play an important role in economic growth.It is generally believed that the development of information and communication technology will support the economic development,but the "productivity paradox" has cast a layer of fog on the relationship between the two.Therefore,through the measurement of ICT capital stock in Shandong Province and its cities,this paper obtains ICT productive capital stock and ICT net capital stock from 2003 to 2017,and uses panel data regression to analyze ICT productive capital stock and GDP in Shandong Province and its cities from 2010 to 2017.The results show that the overall economic structure of Shandong Province can not support ICT investment driven by growth rate,but can adapt to ICT investment driven by value-added.Because the existing economic structure can not support excessive investment,but will cause waste of resources and reduce productivity,so the way to increase investment should meet a certain balance.To a certain extent,this explains the "productivity paradox".In addition,some areas with better economic development,such as Qingdao,Yantai and Weihai,can support ICT investment driven by growth rate;some ordinary cities can adapt to value-added-driven ICT investment,but can not adapt to growth-driven investment;some areas can not adapt to the value-added-driven ICT investment,if they want to catch the "free ride" of the digital economy,they need to adjust the economic structure urgently.In this way,we can divide different regions into three categories and give them different policy guidance.What's more,there are still some deficiencies and improvements in this paper:first of all,owing to the availability of imformation,the period is short and the sample capacity is small;secondly,there is no specific analysis of the economic structure;third,qualitative analysis is made on the mode of investment increase,but no quantitative analysis is made;fourth,if the investor is irrational,it may result in misjudgement. |
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