This study aims to measure and analyze the effects of profitability, firm size, growth, asset structure and non debt tax shield to the capital structure and the impact to firm value of food and beverage companies in Indonesia Stock Exchange 2011-2016. Sampling by Purposive sampling so obtained sample of 10 companies. The result of data analysis using a two-stage regression analysis showed profitability have negative and significant effect to capital structure, firm size, growth, and non debt tax shield negatively and insignificant effect on capital stucture, asset structure have positive and insignificant effect to capital structure, profitability, firm size, asset structure and capital structure have positive and significant effect on firm value, growth and non debt tax shield have positive effect not significant to firm value. Meanwhile, the result of the sobel test indicates that capital structure test can mediate the relationship betwenn profitability to firm value, but capital structure test can not mediate the relationship between firm size, growth, assets structure, non debt tax shield to firm value.