President-elect Donald J. Trump has said he would like to create a “tax holiday” so that American companies can bring back profit that was generated overseas at a lower rate. In his view, this influx of cash will create jobs.

But corporate boards and executives may have different ideas.

They are likely to use much of the estimated $2 trillion held overseas to acquire businesses in the United States, to buy back their own stock or to pay down debt, say advisers of America’s top corporate executives.

Merger bankers “are sharpening their pencils with what types of deals those larger companies can look at,” said Marc-Anthony Hourihan, co-head of mergers and acquisitions in the Americas for the Swiss bank UBS. “I think M.&A. will be fairly high on the list.”

American corporations have kept an accumulation of earnings abroad because they would be subject to paying more taxes when they bring it home.