Reexamination on the Hypothec from the Viewpoint of Foreclosure Cost Analysis

我们建立了博弈论模型，从丧失抵押品赎回权成本的角度来分析这一假设。我们的模型是基于非合作议价模型，即鲁宾斯坦议价博弈。鲁宾斯坦模型是由《美国法律与经济学家》在80年代对各种抵押贷款止赎制度的效率进行分析后提出的。为了使这个模型更加现实，我们将现行法律下的议价过程分为三个阶段；（一）止赎请求到期日以后的议付；（二）止赎过程中的议付；（三）判决以后的议付。90年代以来，由于经济的起伏，日本房地产金融法律发生了重大变化。为了适应经济活动的需要，20世纪20年代确立的“价值权利理论”对传统的物权假设理论进行了大幅度的修正，甚至被彻底抛弃。最高法院对日本民法典中几乎所有重要的假设条款进行了判例法的修改，并创造了新的方法。然而，这些司法措施不足以应对当前的严峻形势，迫切需要立法行动。在此基础上，我们尝试从法学和经济学的角度来分析JCC第395条的立法命题。根据正交易成本条件下的科斯定理，这一规定应当废除，但可以对短期承租人给予一定的救济或补偿。

We developed the game-theoretical model to analyze the hypothec from the viewpoint of foreclosure cost. Our model is based on the non-cooperative bargaining model, which is known as Rubinstein Bargaining Game. Rubinstein model was refined by American Law and Economist who had analyzed the efficiency of various mortgage foreclosure systems in the 80's. To make this model more realistic, we classified the bargaining processes under existing law into three phases ; (1) the negotiation after the due date before the foreclosure claim, (2) the negotiation in the foreclosure process, (3) the negotiation after the adjudication.In the 90's, Japanese real estate finance law suffered serious changes because of the economic up and down. The traditional theory on the hypothec, which had been established as "Value right theory" in the 20's, was considerably revised or completely abandoned to catch up with the needs of the economic activities. The Supreme Count changed the case law and created the new approach in regard of almost all the important hypothec provisions of Japanese Civil Code (JCC hereafter). These judicial measures are, however, insufficient to cope with critic situation and the legislative action is desperately needed today.We , then, tried to analyze the legislative proposition about the article 395 JCC from the viewpoint of Law and Economics. According to the Coase theorem under positive transaction cost, this provision should be abolished but some remedies or compensation can be given to the short term lessee.