本研究檢視美國跨國公司在資金匯回稅會影響公司財務決策的情況下，在進行股票購回時是否能夠解釋股東與債權人之間的財富移轉效果。財富移轉與訊號傳遞理論同時存在，並對債權人有著相反的效果。財富移轉會降低債權人的財富，訊號傳遞效果則會增加債權人的財富。當考慮只由債務融資進行股票購回計畫，本研究發現，整體而言，公司同時進行股票購回計畫與債務融資時，債權人財富會遭受損失。但此時股票購回的訊號傳遞理論卻會被債務融資所帶來的效果抵銷。然而，進一步以資金匯回稅降低進行樣本區分，本研究發現在2004年資金匯回稅降低後，資金匯回稅對利害關係人的財富會有影響。

This paper examines whether the United States’ multinational companies, facing the repatriation tax burden in their financial decisions, are likely to demonstrate a wealth transfer between their bondholders and shareholders during their share repurchase programs. The wealth transfer and signaling hypotheses are not mutually exclusive though they can have opposite effects on bondholders. Wealth transfer decreases bondholders’ wealth while positive signal increases it. By considering only the repurchase programs financed by the net proceeds of debt issuing, we find evidence implying that overall, bondholders suffer losses during the combined offerings of repurchase and debt issue, while the signaling of the repurchase announcement is mitigated by the debt issue’s signal. However, a further sample segmentation provide evidence consistent with signaling before 2004 and wealth transfer during and after the 2004 tax reduction, showing that the repatriation tax has an impact on firm’s stakeholders wealth.

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