This study condected to analyze the effest of Leverage, Dividend Policy (Dividend PayoutRatio/ DPR), Profitability (Return On Assets to the Pay Book Value (PBV); and Investment Opportunity Set (IOS) as an intervening variable. The data used in this study was obtained from the data ICMD Manufacturing companies listed in Indonesia Stock Exchange 2010-2014. The sample selection using purosive sampling techniques and the number of samples used as many as 154 companies. Variables used in this research is the leverage, dividend policy (DPR), profitability (ROA) as an independent variable; the enterprise value (PBV) as a variable depenenden; and Investment Opportunity Set (IOS) as an intervening variable. In this study, the method used is multiple linear regression. The results of this study indicate that the variable dividend policy has no significant effect on the value of the company. Variable dividend policy does not affect the Investment Opportunity Set. Variable leverage, profitability and Investment Opportunity Set positive and significant effect on firm value. Variable leverage and profitability and significant positive effect on the Investment Opportunity Set.