Unlike ordinary small and medium-sized enterprises (SMEs), 3D printing technology vendors rely on intangible technological assets and face R&D costs, uncertainty in patent valuation, and unstable cash flows from commercialization. To address the financing constraints faced by high-risk, asset-light SMEs in the 3D printing technology sector, we constructed a three-tier supply chain model consisting of a capital-constrained 3D printing technology vendor, a well-funded manufacturer, and a retailer. By embedding financing decisions into a supply chain coordination framework, we examine three financing mechanisms: intellectual property rights (IPR) pledges, internal debt, and internal equity. Our analysis reveals an inherent conflict of interest between the manufacturer (the primary fund provider) and the technology vendor (the capital demander). To mitigate this conflict, we proposed a hybrid financing structure that integrated the three mechanisms, resulting in four distinct financing modes. The results show that financing preferences are jointly affected by customization characteristics, customization cost, and financing structure. Hybrid financing can mitigate financing-preference conflicts between the technology vendor and the manufacturer by generating mutually acceptable financing regions, but its coordinating effect depends on the operating and financing environment. Monte Carlo robustness analysis further demonstrated that the feasible proportion of IPR pledges varied substantially across customization scenarios. Under low-customization conditions, a relatively higher IPR proportion remained feasible, whereas increasing customization complexity, cost pressure, and uncertainty reduced the acceptable IPR share and increased the importance of internal debt and equity financing. These findings indicated that IPR pledge financing should not be restricted by a universal threshold; instead, the appropriate proportion should be determined by technological characteristics and financing conditions.
Citation: Liurui Deng, Shaodan Li, Lingling Jiang. Hybrid financing strategies for capital-constrained 3D printing technology vendors: a game-theoretic approach to supply chain coordination[J]. Journal of Industrial and Management Optimization, 2026, 22(9): 4176-4230. doi: 10.3934/jimo.2026147
Unlike ordinary small and medium-sized enterprises (SMEs), 3D printing technology vendors rely on intangible technological assets and face R&D costs, uncertainty in patent valuation, and unstable cash flows from commercialization. To address the financing constraints faced by high-risk, asset-light SMEs in the 3D printing technology sector, we constructed a three-tier supply chain model consisting of a capital-constrained 3D printing technology vendor, a well-funded manufacturer, and a retailer. By embedding financing decisions into a supply chain coordination framework, we examine three financing mechanisms: intellectual property rights (IPR) pledges, internal debt, and internal equity. Our analysis reveals an inherent conflict of interest between the manufacturer (the primary fund provider) and the technology vendor (the capital demander). To mitigate this conflict, we proposed a hybrid financing structure that integrated the three mechanisms, resulting in four distinct financing modes. The results show that financing preferences are jointly affected by customization characteristics, customization cost, and financing structure. Hybrid financing can mitigate financing-preference conflicts between the technology vendor and the manufacturer by generating mutually acceptable financing regions, but its coordinating effect depends on the operating and financing environment. Monte Carlo robustness analysis further demonstrated that the feasible proportion of IPR pledges varied substantially across customization scenarios. Under low-customization conditions, a relatively higher IPR proportion remained feasible, whereas increasing customization complexity, cost pressure, and uncertainty reduced the acceptable IPR share and increased the importance of internal debt and equity financing. These findings indicated that IPR pledge financing should not be restricted by a universal threshold; instead, the appropriate proportion should be determined by technological characteristics and financing conditions.
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Liurui Deng, Shaodan Li, Lingling Jiang. Hybrid financing strategies for capital-constrained 3D printing technology vendors: a game-theoretic approach to supply chain coordination[J]. Journal of Industrial and Management Optimization, 2026, 22(9): 4176-4230. doi: 10.3934/jimo.2026147
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