This study aims to determine the effect of the debt policy, profitability and dividend policy either partially or simultaneously to the investment opportunity set. The population in this study are all manufacturing companies listed in Indonesia Stock Exchange in 2011-2014. Mechanical sample selection is done by using purposive sampling method, and acquired 18 manufacturing companies as research samples. The data used are secondary data obtained from the financial statements www.idx.co.id . The analytical method used is the classic assumption test, test hypotheses and multiple linear regression analysis. The Results of this study indicate that in partial debt policy proxied by debt to equity ratio does not significantly influence the investment as opportunity set. Profitability as measured by return on assets significantly influence the investment opportunity set. While profitability as measured by gross profit margins had no effect significantly to the investment opportunity set. and the dividend policy is proxied by dividend yield significantly influence the investment opportunity set. simultaneously debt to equity ratio, return on assets, gross profit margins and dividend yield significant effect on investment as opportunity set. the ability of independent variables in explaining the dependent variable variation of 58.5%, while the remaining 41.5% is explained by other independent variables outside the model study.