利用实物期权方法分析了信息不对称的委托代理框架下企业资产剥离决策.研究了委托人和代理人之间的信息不对称对执行资产剥离期权的影响,得到了最优激励合同并进行了算例分析.研究显示,与对称信息情况下相比,不对称信息使得执行资产剥离期权的资产临界价值降低,并且给委托人带来包括支付信息租金和效率损失等两方面损失. The real option method is used to analyze the decision of divestiture of firm assets under the asymmetric information entrusted agency framework.It studies the influence of information asymmetry between principal and agent on the execution of divestment option and obtains the optimal incentive contract Case studies show that asymmetric information reduces the critical value of assets that exercise the divestment option compared to symmetric information, and results in losses to both parties, including rents paid for information and loss of efficiency.