超额配售选择权俗称绿鞋期权,是股票发行过程中的一种价格稳定机制,但其与传统的看涨期权有着显著差异。作为安定操作的一种措施,该制度在起到稳定股价的同时却在发行者与投资者之间造成利益分配的明显不公。因此有必要重新认识该制度的概念及运行机理并对其存在的缺陷加以防范和改进。 Over-allotment option, commonly known as green shoe options, is a price stability mechanism in the process of stock issuance, but it has significant differences from traditional call options. As a measure to stabilize operations, the system, while acting as a stabilizing stock price, creates a clear injustice in the distribution of benefits between the issuer and the investor. Therefore, it is necessary to re-understand the concept and operating mechanism of the system and to prevent and improve its existing defects.