This study purpose to test the effect of the debt to equity ratio (DER) and the return on equity ratio (Roe) the reaction of investors (proxy using stock returns). The population used in this study is a telecommunications company listed on the Indonesia Stock Exchange (BEI) during the period 2011-2015 as 7perusahaan. From this, a sample is taken is composed of six companies. It took a period of the 2011-2015 period, using purposive sampling method. Data analysis technique used is multiple linear regression using eviews program. From the results of tests carried out showed that debt to equity ratio is statistically significant effect negative and not on stock returns, which indicated the probability of> 0.05 is -3.314743. Unlike the return on equity ratio is statistically insignificant negative effect on stock returns