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Journal of Innovation Economics
De Boeck Université

I.S.B.N.sans
196 pages

p. 35 à 61
doi: en cours

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n° 2 2008/2

Discipline > Revue > Sommaire > Résumé

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Financial dimensions of transnational corporations, global value chain and technological innovation

Claude Serfati

Résumé de l'article

A basic hypthosesis of the paper is that non-financial transnational corporations can be defined as centers with industrial activities, or as “an organisational modality of finance capital”. The increase in financialisation affects the distribution and appropriation of value in the global value chain. The incredible rise in the value of their intangible assets, which adds a layer to financialisation, exerts deep impact on their innovative activities.
JEL Codes: L22, L24, L14 Keywords : multinational firms, firm organization and market structure, management of technological innovation and R&D, intellectual property rights, industrial structure and structural change.

Plan de l'article

• Introduction

• TNCs as financial holdings

— A category of their own

— Financialization of TNCs and global value chain

— Changes in distribution of value

— Increase in appropriation of value and decline in production activities

• Intangible assets: a new layer for financialization

— A loose definition…

— …but an incredible rise in their (stock) market value

— Intangible assets, as a creation of markets (and of the financial community)

— Subject to large up and down changes

• Impact on innovative activities

— Capturing more rents

— Reorientation of R&D expenditures

• Conclusion

• References

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