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针对《物权法》对抵押合同登记不作要求的新制度变化,利用博弈论分析抵押人在不登记抵押合同情况下的重复抵押道德风险,揭示抵押人的道德风险增加交易费用、提高均衡市场价格、减少抵押权人收益水平。与不登记抵押合同的情况相比,登记抵押合同可以有效防范抵押人的道德风险,维护交易安全,增加社会福利。文中指出抵押合同能成功登记必须满足抵押合同缔约者的参与约束,政府应该提供低额的抵押合同登记费,以实现社会福利最大化。
Aiming at the new institutional change that Property Law does not require registration of mortgage contract, this paper uses game theory to analyze the moral hazard of repeated mortgage of mortgagor without registering the mortgage contract, reveals the moral hazard of mortgagor, increases the transaction cost, increases the equilibrium market price and reduces The mortgagee income level. Compared with the case of not registering the mortgage contract, the registration of the mortgage contract can effectively prevent the moral hazard of the mortgagor, safeguard the transaction security and increase the social welfare. The article points out that the successful registration of the mortgage contract must meet the contractual constraints of contractors, and the government should provide a low registration fee for the mortgage contract in order to maximize the social welfare.