国际投资仲裁中“投资”定义的张力和影响

The Stretching Force of the Definition of “Investment” in International Investment Arbitrations and Its Impact

对"投资"定义是国际投资仲裁实现管辖的基础,但其欠缺国际条约或国际习惯明确且一致的定义,因此仲裁庭在管辖中必须对此进行解释。自Fedax案与Salini案以来,仲裁庭运用多种方法解释投资,体现了投资定义扩张化趋势。投资定义扩张一方面反映了促进投资自由与保护私人财产的客观要求,但另一方面也产生负面影响,如对东道国外资管制造成冲击,便利外国投资者滥用投资仲裁乃至影响国际投资法治基础。中国作为接纳外资的传统大国与新兴投资大国,其对内经济管辖与对外投资利益等权益也会因"投资"扩张锋芒而受损。有鉴于此,有必要对国际仲裁实践中日益扩张的投资定义实现合理限制,从而实现东道国与投资者的共赢并维护中国在国际投资仲裁中的利益。

The definition of ＂investment＂ is the jurisdictional basis for international investment arbitration （IIA）. However, due to the deficiency of an explicit and consistent definition in international treaties and customary international law, tribunals have to interpret this concept. Since Fedax Case and Salini Case, tribunals have adopted various approaches to defining ＂investment＂, reflecting an expansive trend of this concept. The expansion of the definition of ＂investment＂ on the one hand reflects the request of promotion of free investment and protection of personal property, while on the other hand it has its adverse impact, such as causing negative impact on the host country＇ s regulation of foreign direct investments （ FDI）, making it easier for foreign investors to abuse IIAs and thus undermining the foundation of rule of law in international investment law. For China, a traditional FDI capital importing country and an emerging capital exporting country, its domestic economy and foreign investment interest would also be adversely affected because of the expansion of ＂investment＂. As a result, it is necessary to impose appropriate limitations on the increasingly expanding definition of ＂investment＂ in IIAs and to realize the win - win between investors and host countries and to protect China＇ s interests in the IIAs.