Definition
定義
A greenshoe option is an over-allotment option. In the context of an initial public offering (IPO), it is a provision in an underwriting agreement that grants the underwriter the right to sell investors more shares than initially planned by the issuer if the demand for a security issue proves higher than expected.
綠鞋期權又稱超額配售權，是首次公開募股（IPO）中一項包銷協議中的條款，以授予承銷商權利，如果對證券發行的需求高於預期，則可以向投資者出售比發行人最初計劃更多的股份。
Basics of a Greenshoe Option
基本要素
Over-allotment options are known as greenshoe options because, in 1919, Green Shoe Manufacturing Company (now part of Wolverine World Wide, Inc. (WWW) was the first to issue this type of option. A greenshoe option provides additional price stability to a security issue because the underwriter can increase supply and smooth out price fluctuations. It is the only type of price stabilization measure permitted by the Securities and Exchange Commission (SEC).
超額配售權被稱為綠鞋期權，因為1919年的綠鞋製造公司（現為Wolverine World Wide，Inc.（WWW）的一部分）是第一家發行此類期權的人。由於綠鞋期權的承銷商可以增加供應並消除價格波動，也是美國證券交易委員會（SEC）准許的唯一一種價格穩定方式。
KEY TAKEAWAYS
關鍵要點
·A greenshoe option is an over-allotment option in the context of an IPO.
在首次公開募股（IPO）中，綠鞋期權即超額配售權。
·A greenshoe option was first used by the Green Shoe Manufacturing Company (now part of Wolverine World Wide, Inc.)
綠鞋製造公司（現在是Wolverine World Wide，Inc.的一部分）首先使用了綠鞋期權。
·Greenshoe options typically allow underwriters to sell up to 15% more shares than the original issue amount.
綠鞋期權通常允許承銷商出售比原始發行量多15％的股份。
·Greenshoe options provide price stability and liquidity.
綠鞋期權提供了價格穩定性和流動性。
·Greenshoe options provide buying power to cover short positions if prices fall, without the risk of having to buy shares if the price rises.
如果價格下跌，綠鞋期權可以提供購買空頭頭寸的購買力，而如果價格上漲，則免去了購買股票的風險。
Practical Workings of Greenshoe Options
實際運作
Greenshoe options typically allow underwriters to sell up to 15% more shares than the original amount set by the issuer for up to 30 days after the IPO if demand conditions warrant such action. For example, if a company instructs the underwriters to sell 200 million shares, the underwriters can issue if an additional 30 million shares by exercising a greenshoe option (200 million shares x 15%). Since underwriters receive their commission as a percentage of the IPO, they have the incentive to make it as large as possible. The prospectus, which the issuing company files with the SEC before the IPO, details the actual percentage and conditions related to the option.
綠鞋期權通常允許承銷商在首次公開募股後的30天內，比發行人設定的原始數量多售出多達15％的股票（如果需求條件允許的話）。 例如，如果公司指示承銷商出售2億股，則承銷商可以通過行使綠鞋期權發行額外的3000萬股（2億股x 15％）。 由於承銷商根據佔首次公開發行股票的百分比收取佣金，因此他們更期望將其擴大到最大。發行公司在首次公開募股前向美國證券交易委員會提交的招股説明書詳細説明了與該期權有關的實際百分比和條件。
Underwriters use greenshoe options in one of two ways. First, if the IPO is a success and the share price surges, the underwriters exercise the option, buy the extra stock from the company at the predetermined price, and issue those shares, at a profit, to their clients. Conversely, if the price starts to fall, they buy back the shares from the market instead of the company to cover their short position, supporting the stock to stabilize its price.
承銷商使用綠鞋期權的方式有兩種。 首先，如果首次公開募股成功並且股價飆升，承銷商將行使期權，以預定價格從公司購買額外的股票，然後以盈利的方式向客户發行這些股票。 相反，如果價格開始下跌，他們會從市場而不是公司回購股票以彌補空頭頭寸，從而保證股票穩定價格。
Some issuers prefer not to include greenshoe options in their underwriting agreements under certain circumstances, such as if the issuer wants to fund a specific project with a fixed amount and has no requirement for additional capital.
在某些情況下，某些發行人不願意在其承銷協議中包含綠鞋期權。例如，發行人想以固定的金額為特定項目提供資金並且不需要額外資本。
Real Life Example of Greenshoe Options
真實案例
A well-known example of a greenshoe option at work occurred in the Facebook Inc. (FB) IPO of 2012.
2012年 ，Facebook Inc.（FB）首次公開募股，即一個著名的綠鞋期權工作實例。
The underwriting syndicate, headed by Morgan Stanley (MS), agreed with Facebook, Inc. to purchase 421 million shares at $38 per share, less a 1.1% underwriting fee. However, the syndicate sold at least 484 million shares to clients – 15% above the initial allocation, effectively creating a short position of 63 million shares.
由摩根士丹利（MS）牽頭的承銷團與FB達成協議，以每股38美元的價格購買4.21億股股票，扣除1.1％的承銷費。但是，該集團向客户出售了至少4.84億股股票，比初始分配高出15％，創造了6,300萬股的空頭頭寸。
If Facebook shares had traded above the $38 IPO price shortly after listing, the underwriting syndicate would’ve exercised the greenshoe option to buy the 63 million shares from Facebook at $38 to cover their short position and avoid having to repurchase the shares at a higher price in the market.
如果Facebook的股票在上市後不久就超過了38美元的發行價，承銷團就會行使綠鞋期權，以38美元的價格從Facebook手中購買6300萬股股票，以彌補他們的空頭頭寸，避免在市場上以更高的價格回購股票。
However, because Facebook’s shares declined below the IPO price soon after it commenced trading, the underwriting syndicate covered their short position without exercising the greenshoe option at or around $38 to stabilize the price and defend it from steeper falls.
然而，由於Facebook的股價在開盤後不久就跌破了IPO價格，承銷團沒有在38美元或38美元左右行使綠鞋期權，以穩定股價，抵禦更大幅度的下跌。
英文來源：https://www.investopedia.com/terms/g/greenshoe.asp
（學習更多知識，可查看https://www.qidulp.com/）