This research aims to test whether dividend policy gives positive signal or negative signal to change of company value. The research was conducted at basic industry and chemical company which listed in Indonesia Stoc Exchange period 2006-2015. Variable used in this research is dividend policy in proxy with DPR, and Value Company which in proxy with Tobin's Q. The research method used descriptive and verification methods. Sampling using purposive sampling. The sample size is 10 companies for 10 years with 100 observation data. Statistical analysis used linear regression analysis of panel data. Based on the test results obtained that the dividend policy has a positive effect on the value of the company. The dividend policy provides positive information to investors. Thus the results of the study prove that the dividend policy in the company's basic industrial sectors and chemistry in accordance with dividend signaling theory.