The objective of this research is to examine The Effect of Profitability, Investment Opportunity Set and Debt to Equity Ratio on Cash Dividend Policy with Liquidity As a Moderating Variable by Manufacturing Company listed in Indonesian Stock Exchange in 2012-2016. The variable Profitability as measured by Return On Asset (ROA), Investment Opportunity Set as measured by Capital Expenditure to Book Value of Assets (CAPBVA), Leverage as measured by Debt to Equity Ratio (DER), Liquidity as measured by Current Ratio (CR) and Cash Dividend Policy as measured by Dividend Poyout Ratio (DPR). Based on Purposive Sampling technique, it got 85 companies 232 samples by Manufacturing Company listed in Indonesian Stock Exchange in 2012-2016. The method it got analysis of this research was Moderated Regression Analysis (MRA). The result of research showed Profitability has significant positive effect on Cash Dividend Policy, Investment Opportunity Set has significant negative effect on Cash Dividend Policy, Debt to Equity Ratio (DER) has not significant effect on Cash Dividend Policy, Liquidity unable to moderate the effect of Profitability and Investment Opportunity Set on Cash Dividend Policy, while Liquidity able to moderate the effect of Debt to Equity Ratio on Cash Dividend Policy. The simultaneous effect of all independent variable and a moderating variable have significant effect on Cash Dividend Policy.