This study aims to test the influence of investment growth in relation between equity value and earnings. Investment Growth is measured by ratio capital expenditure to book value of asset, this model is develop by Kallapur and Trombley (1999). Samples in this study all listed companies in Indonesia Stock Exchange from 2008 until 2011 which meets the sample criteria. This study use regression analysis to test the hypothesis. The result of this research shows that hypothesis is accepted and. This finding means investment growth influence the relation between equity value and earnings. The result of regression analysis shows that investment growth positively affects the relation of equity value and earnings.