Dissertation Submitted to
HeBei GEO University
for
The Master Degree of
Management
Study on characteristics and Risk prevention and control of IPO
Green Shoe Mechanism of listed banks
by
Dandan Zhang
Supervisor.Prof
Shuduan Bu
Associate Supervisor Yanqing Du
December 2021

摘要
随着我国证券市场的快速发展，选择科学的方法合理解决IPO过程中发现的问题
显得尤为重要。我国股票上市发行方式比较单一，目前也在不断尝试新的发行模式，
于 2001 年在 A 股市场推行绿鞋机制试点。绿鞋机制被称为“超额配售期权”，允许
发行人及其主承销商对超过四亿股的IPO使用超额配售期权。它是国际金融市场上，
比较成熟的股票发行机制。其目的是公开、合法地干预市场以及股票价格。
自二零零一年起，我国运用绿鞋机制成功上市的一共有四家银行。主承销商选择
全额或者接近全额绿鞋机制，使四家上市银行成功托市。在本文中运用了股票发行定
价理论和绿鞋机制的相关理论，还有风险转移、风险对冲以及风险规避等风险管理理
论。通过定量分析法、文献综述法、数据分析法进行分析，以及把四家上市银行作为
论证依据，分析四家上市银行运用绿鞋机制后的特征，结合以融资为目的的发行公司、
赚取佣金手续费的证券公司和获得股票投资者（包括战略投资者和中小投资者）几个
维度，分析通过绿鞋机制如何保持股价稳定。但绿鞋机制并不是万能，后文运用绿鞋
机制发行股票时发现可能出现的一系列的风险点。譬如有可能挫伤主承销商积极性；
可能达不到募集资金目的的风险；未获得超额配售选择权不可抗力的市场风险以及上
市环境不好可能导致投资人投资激情不大而产生的投资风险等。对产生的风险点进行
逐点分析，根据风险点提出对应的决策。本文通过绿鞋机制的特征及风险防控研究，
为股票上市提供参考，为以后公司IPO上市提供借鉴依据。
关键词：A股；绿鞋机制；市场；融资；IPO上市
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ABSTRACT
With the rapid development of China's securities market, it is particularly important to
choose scientific methods to reasonably solve the problems found in the IPO process.
China's stock listing and issuing method is relatively simple, but it is also constantly trying
new issuing mode. In 2001, the pilot green-shoe mechanism was implemented in a-share
market. The green-shoe scheme, known as an 'overallotment option,' allows issuers and
their lead underwriters to use overallotment options on more than 400 million IPO shares.
The aim is to intervene openly and legally in the market and in stock prices.
Since 2001, China has successfully listed a total of four banks using the green shoe
mechanism. The lead underwriters opted for full or near full greenshoe schemes to prop up
the four listed banks. In this paper, the pricing theory of stock issuance and the relevant
theory of green shoe mechanism, as well as risk transfer, risk hedging and risk aversion and
other risk management theory. Through the chart analysis, literature review method, data
analysis is analyzed, and the four listed Banks as the argument basis, analysis of the four
listed Banks after using green shoes mechanism characteristics, combined with the issue of
financing companies, a commission fee of securities companies and get the stock investors
(including strategic investors and small investors) dimensions, Analyze how to maintain
stock price stability through green shoe mechanism. However, the green shoe mechanism is
not a panacea. A series of possible risk points are found when the green shoe mechanism is
used to issue stocks. For example, it may discourage the lead underwriter; The risk that the
purpose of raising funds may not be achieved; The market risk of force majeure caused by
failure to obtain the overallotment option and the investment risk caused by the lack of
investor enthusiasm due to the bad listing environment, etc.In this paper, through the
characteristics of the green shoe mechanism and risk prevention and control research, it
provides reference for stock listing and IPO listing of companies in the future.
Key words: A shares; Green shoe mechanics; The market; Financing; IPO
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