This research aimed to analysis the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. Sample of this research was saturated sample and census, consisted 56 firms related the population criteria. This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had negative effect on the cash holdings, asymmetry information had negative effect on the firm value through cash holding, and cash holding had negative effect on the firm value. With leverage and effect on cash holding can not affect the firm value, due to investor risk averse, investor risk seeker, and neutral investor have their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had effect on the declining the firm value.