This research aimed to develop a theoretical approach as a mean to improve investment opportunity set. The effort done were involving capital structure, research and development, and firm size, also proposing a growth sales as an intervening variable so that to build a grand theoretical model. The population of this research was manufacture companies registered in Indonesia Stock Exchange during observation period from 2007 to 2016. Path analysis was used as a mean of analysis helped by AMOS program. The main finding was growth sales which is the mediation between the effect of debt to equity ratio to Market to Book ratio. Debt equity ratio has shown to have indirect influence on Market to Book ratio positive value through sales growth. While sales growth did not mediate the effect of size to Market to Book ratio. The result showed R&D intensity and sales growth gave positive and no significant effect on Market to Book ratio, firm size gave positive and significant effect on Market to Book ratio, while debt to equity ratio gave negative and no significant effect on Market to Book ratio. Meanwhile, debt to equity ratio gave positive and significant effect on sales growth, and size did not influence the sales growth.