The full disclosure of financial information help the investor, the creditor and the others in dicision making process. A voluntary disclosure can ceduce investor doubts to information risk so that the cost of capital is low. This research examine the effect of voluntary disclosure to the cost of capital through information asymmetry like intervening variable.
The population of research is manufacturing indonesia stock exchange (BEI) in 2011-2015. Using prosesive sampling method ware obtained 140 populations from indonesia stock exchange like a data source. This research use SPSS 16.0 program by moderating regression method to process data.
The result of research show that voluntary dislosure have negative and insignificant effect to capital expenditure while information asymmetry have positive and significant effect to capital expenditure whereas a voluntary disclosure have negative and significant effect to capital expenditure through information asymmetry.

Keyword: Voluntary Disclosure, Information Asymmetry, Cost of Capital.