3D printing, sometimes known as additive manufacturing or digital direct manufacturing, is an innovative manufacturing technology that has gained notoriety recently. However, despite the promising potential and popularity of the technology, there is not yet evidence of the shareholder value implications of firms’ commitments to 3D printing. In this paper, we assess the effects on shareholder wealth of 3D printing-related announcements for publicly traded firms from 2011 to 2017. We find that the stock market places significantly positive value on announcements associated with rapid prototyping or ad hoc customization applications, while the reaction to announcements related to the use of 3D printing technology for mass production was far less enthusiastic. For firms faced with the decision of whether to implement 3D printing in their manufacturing processes, our findings suggest that the market greatly values 3D printing in several important contexts, but the technology is not a universal panacea.

3D打印（有时称为增材制造或数字直接制造）是一种创新的制造技术，最近已声名狼藉。然而，尽管该技术具有广阔的发展潜力和潜力，但尚无证据表明公司对3D打印的承诺会给股东带来价值。在本文中，我们评估了2011年至2017年上市公司3D打印相关公告对股东财富的影响。我们发现，股票市场对与快速原型制作或临时定制应用程序相关的公告具有显着的正价值，而对于使用3D打印技术进行批量生产的公告的反应远没有那么热烈。