Molten state polymerization reaction mechanisms and kinetics of telechelic polyimide–amides (PIA) were investigated. We conducted a basic study of the reactions of these functionalized systems as a function of the chemical structure of the polymer. Since reaction products very rapidly became insoluble, the study was carried out on model compounds characteristic of reactive chain ends. The data obtained were applied to the study of industrial prepolymers. Different model compounds were synthesized and studied in the temperature range of 100 to 300 °C using such physicochemical methods as HPLC, 1H and 13C NMR (liquid and solid), FTIR and DSC. We were thus able to determine a number of precise parameters characteristic of the different reactions occurring (isomerization, crosslinking, co-reactions and side reactions). The results were applied to the study of 1500 molecular weight prepolymers and preimpregnated carbon fibres.