Definition 

定义

 

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.

绿鞋期权又称超额配售权，是首次公开募股（IPO）中一项包销协议中的条款，以授予承销商权利，如果对证券发行的需求高于预期，则可以向投资者出售比发行人最初计划更多的股份。

 

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).

超额配售权被称为绿鞋期权，因为1919年的绿鞋制造公司（现为Wolverine World Wide，Inc.（WWW）的一部分）是第一家发行此类期权的人。由于绿鞋期权的承销商可以增加供应并消除价格波动，也是美国证券交易委员会（SEC）准许的唯一一种价格稳定方式。

 

KEY TAKEAWAYS

关键要点

 

·A greenshoe option is an over-allotment option in the context of an IPO.

在首次公开募股（IPO）中，绿鞋期权即超额配售权。

·A greenshoe option was first used by the Green Shoe Manufacturing Company (now part of Wolverine World Wide, Inc.)

  绿鞋制造公司（现在是Wolverine World Wide，Inc.的一部分）首先使用了绿鞋期权。

·Greenshoe options typically allow underwriters to sell up to 15% more shares than the original issue amount.

  绿鞋期权通常允许承销商出售比原始发行量多15％的股份。

·Greenshoe options provide price stability and liquidity.

  绿鞋期权提供了价格稳定性和流动性。

·Greenshoe options provide buying power to cover short positions if prices fall, without the risk of having to buy shares if the price rises.

  如果价格下跌，绿鞋期权可以提供购买空头头寸的购买力，而如果价格上涨，则免去了购买股票的风险。

 

Practical Workings of Greenshoe Options

实际运作

 

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.

绿鞋期权通常允许承销商在首次公开募股后的30天内，比发行人设定的原始数量多售出多达15％的股票（如果需求条件允许的话）。 例如，如果公司指示承销商出售2亿股，则承销商可以通过行使绿鞋期权发行额外的3000万股（2亿股x 15％）。 由于承销商根据占首次公开发行股票的百分比收取佣金，因此他们更期望将其扩大到最大。发行公司在首次公开募股前向美国证券交易委员会提交的招股说明书详细说明了与该期权有关的实际百分比和条件。

 

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.

承销商使用绿鞋期权的方式有两种。 首先，如果首次公开募股成功并且股价飙升，承销商将行使期权，以预定价格从公司购买额外的股票，然后以盈利的方式向客户发行这些股票。 相反，如果价格开始下跌，他们会从市场而不是公司回购股票以弥补空头头寸，从而保证股票稳定价格。

 

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.

在某些情况下，某些发行人不愿意在其承销协议中包含绿鞋期权。例如，发行人想以固定的金额为特定项目提供资金并且不需要额外资本。

 

Real Life Example of Greenshoe Options

真实案例

 

A well-known example of a greenshoe option at work occurred in the Facebook Inc. (FB) IPO of 2012.

2012年 ，Facebook Inc.（FB）首次公开募股，即一个著名的绿鞋期权工作实例。

 

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）牵头的承销团与FB达成协议，以每股38美元的价格购买4.21亿股股票，扣除1.1％的承销费。但是，该集团向客户出售了至少4.84亿股股票，比初始分配高出15％，创造了6,300万股的空头头寸。

 

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的股票在上市后不久就超过了38美元的发行价，承销团就会行使绿鞋期权，以38美元的价格从Facebook手中购买6300万股股票，以弥补他们的空头头寸，避免在市场上以更高的价格回购股票。

 

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，由于Facebook的股价在开盘后不久就跌破了IPO价格，承销团没有在38美元或38美元左右行使绿鞋期权，以稳定股价，抵御更大幅度的下跌。

 

英文来源：https://www.investopedia.com/terms/g/greenshoe.asp

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