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This study aims to test influence the independent variables Debt Policy proxied by Debt to Equity Ratio (DER) and profitability is proxied Return On Equity (ROE) of the variable value of the company proxy Price to Book Value (PBV) with a dividend policy that proxy Dividend pa y out ratio (DPR) as moderation variable . Technical analysis uses panel data regression with a common effect, fixed effect, and random effect on registered manufacturing companies and publish financial statements on the Indonesia Stock Exchange for the period 2011-2017. The purposive sampling method and data are processed using e-views version 8.0 software. Test results Chow and Hausman test, regression model corresponding to fa c tors know the factors that influence the value of the company PBV dividend policy as moderation proxied by the DPR. The results of data processing show that debt policy (DER) has a negative effect on firm value (PBV), and profitability (ROE) has a positive effect on firm value (PBV). But the company value is simultaneously influenced by all independent variables. Furthermore, dividend policy is able to moderate the capital structure relationship (DER) and profitability (ROE) on company value (PBV).