Intellectual capital has been known since the issue of the failure of traditional accounting reporting real asset values and the presence of an integrated reporting standard requiring disclosure on capital employed in the creation of corporate value. This study aims to determine the effect of intellectual capital on firm value by ownership structure as a moderating variable. Intellectual capital is measured by using a model of Value Added Intellectual Coefficient (VAIC TM ) while the value of the company is measured by using Tobin's Q. The ownership structure as a moderating variable is represented by the percentage of managerial ownership and institutional ownership. This study's population is banking companies listed in Indonesia Stock Exchange (BEI) from 2009 to 2012. Based on purposive sampling method, the sample is obtained by 27 companies. The analytical method used is multiple regression equation for overall and path analysis for testing residual moderating variables.The results of this study indicate that intellectual capital has a positive and significant effect on firm value. This study also proves that managerial ownership is moderating variable that negatively affect the relationship of intellectual capital on firm value. While institutional ownership does not moderate the effect of intellectual capital on firm value.