Answer: If there is change in the  capital structure can definitely this will  influence cash flows and value. On new debt company have to pay  Interest and this  payments are often deductible. We can say that debt can also cause managers to be more diligent because they must have cash available to pay on time (In total this thin will increase cash flow).and we could also say that ,debt could also simply reduce cash flow. So lastly we can say that it the company  repurchases its shares then only create value if it reduces the chance of management investing the money unwisely. When companies repurchase its undervalued shares from the market, it his transaction only transfers value from those who sold to those who did not.