Inhaltsangabe:Introduction:Today operating companies are exposed to a whole series of influence factors. The globalization and deregulation of capital markets, the end of capital and exchange controls, new challenges on the information technology sector, more liquid securities markets, new trends with regard to investment decisions especially for institutional investors represent only some of these factors. The competition around investment capital moves more to the foreground. As a consequence of this fact is mentioned that the orientation is specified at the shareholders. Thus a focusing is carried out on the profit of the shareholders. With other words a culture of shareholder value has developed.A special meaning befits the corporate value with regard to the shareholder value. The corporate value represents the result of the investments of the shareholders. Therefore the effort to increase the corporate value is mirrored by the claims of the shareholders. In the recent years the term Value Based Management as synonymous has become noted for a whole series of approaches to increase the corporate value. Value Based Management focuses the view on the tools, which are necessary to produce performance and value. It means that everything, every process and every part of a company has to be oriented in creating value.This diploma thesis therefore will analyze how corporate value can be created, which activities are necessary and how it can be measured. Furthermore it will be represented how this process can be embedded in an integral approach.Therefore in Chapter 2 will be explained main aspects of the Value Based Management. In connection with this, special attention is given to the components of value. The meaning and problems of the intangible assets shall particularly be stressed in section 2.1.2. A general analysis of the process of value creation follows it in section 2.1.3.A further aspect of Value Based Management is the measurement of the results of the company?s activities. Therefore a bundle of different measures can be used. As examples for this shall be mentioned the Cash Flow Return On Investment (CFROI), the Economic Profit (EP), the Added Value (VA) or the Economic Value Added (EVA?).The CFROI approach was developed by the Boston Consulting Group. The internal rate of return of an investment can be expressed with the CFROI.The Economic Profit is a development of the McKinsey&Company, Inc. and is explained by Copeland, []