Global supply chains and intangible assets in the automotive and aeronautical industries

The relocating of transnational corporations (TNCs) high-generating value activities at the upper (design, development, branding and intellectual property) and lower (marketing, maintenance and post-sales services) ends of their global supply chains (GSCs) and the amazing rise of intangible assets (IA) in their stock value operate in interaction. The paper documents the deep transformations in major French automotive and aeronautical TNCs strategies in particular in the management of their R&D in relation with the appeal of IA for financial investors. It thus highlights a further dimension of the relation between finance and production to the ones more commonly addressed by the literature on financialisation.