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Proposal IThe value of the company is determined by its assets and by the investment opportunities it may have. On the contrary, it is not determined by its financing, which are debt and Capital. This theory was approved considering arguments in a market of purchase at a low price, and then sold in another market at a higher price. It tells us that in a world without taxes and without bankruptcy costs, the value of a company is independent of its capital structure, it means that under these ideal conditions, the value of the company has been the same, whether financed by debt, own capital or by the combination of both.The value of the company results from the risk of its assets, not from how the assets are financed $($Formero$,$ R$.2008).$Proposition IIThis theory states that the growth of shares will be increasing according to the increase in debts. In this theory we see that corporate taxes present and it emerges that in the presence of taxes, the value of the company increases as the proportion of the debt grows.The cost of equity is a growing function of indebtedness and the effect of the greater profit for shareholders that results from obtaining funds with lower cost, through indebtedness, is canceled in the higher return required by the market compared to the indebtedness that is assumed $($Formero$,$ R$.2008).$In conclusion, these theories show us a theoretical basis so that we can understand how the capital structure of a company can be affected, considering tax factors and bankruptcy costs.