If we're talking about the Cinematic Universe, it's a bit fuzzy. Vibranium is supposed to store mechanical/kinetic energy, and we do see that when applicable - stopping bullets & energy weapon blasts in the First Avenger, absorbing a fall in Winter Soldier, et cetera.
However, there's also scenes where it... doesn't work like that. The most common are the multiple use of ricochets in all of the films (No vibrations = no ricochet!), but the one closest to what you're asking is from the original Avengers film, where Iron Man & Cap combo the shield to mow down several Chitauri using the shield as a deflection tool... which also wouldn't work if the vibranium was absorbing the incoming energy.