外资征收中的补偿额估算

Damage Valuation in the Expropriation of Foreign Investment

长期以来,我国国际经济法学界重视对外资征收补偿标准的研究,却在相当程度上忽视了对征收补偿额估算问题的深入探讨。其实,征收补偿额的估算问题与征收补偿标准问题同等重要。南北国家之间就征收补偿额估算问题的争议主要表现为'账面价值'方法与'现金流量折现'方法的对立。该项争议具体涉及对'持续经营企业'的界定以及估价方法的选择问题;'现金流量折现'方法如何具体适用以及是否应对补偿额进行打折等问题。对于有关征收补偿额估算的各种问题,中国应按步骤采取相应的对策。

Over a long period of time,the standard of compensation due for taking foreign investment has been extensively discussed in Chinese legal literature,but little attention has been paid to the question of assessing damages.However,damage valuation and standard of compensation are equally important subjects in the cases of expropriation.Among various damage-measuring methods,the"Discounted Cash Flow(DCF)Method"is preferred overwhelmingly by the developed countries,and the developing countries principally put emphasis upon the"Book Value Method".The above dispute especially concerns the issues how to identify the"going concern"and find an appropriate valuation method for it,how to use the DCF Method,and whether or not to make a deductions from the compensation paid.When China involved in the cases of expropriation,we should deal with those issues one by one in proper ways.