論主權財富基金司法管轄豁免的範圍及標準

On the Scope and Standards of Jurisdictional Immunities of Sovereign Wealth Funds

作為帶有主權背景的投資者，主權財富基金司法管轄豁免的範圍與判斷標準均難以準確界定。當前國際實踐表明，主權財富基金的司法管轄豁免範圍有逐漸限縮之趨勢，但豁免範圍的急劇限縮可能會帶來更多的負效應。同時，就主權財富基金是否享有司法管轄豁免權的判斷而言，存在不同標準並呈現出不一致的狀況。基於國家主權的保護、司法的一致性以及投資環境的營造等現實因素，主權財富基金的司法管轄豁免範圍不宜過窄，以獲得更多主權國家的支持。主權財富基金司法管轄豁免的標準包括主體標準與行為標準，兩者均有待完善和統一，從而營造出更為公平的競爭環境。

As an investor with a sovereign background, the scope and standards of sovereign wealth funds jurisdictional immunities are difficult to accurately define. The scope of jurisdictional immunities of sovereign wealth funds tends to be gradually curtailed, but the sharp curtailment of the immunity scope may have more negative effects. There are different standards for judging whether sovereign wealth funds enjoy jurisdictional immunity, showing an inconsistent state. Based on the realistic factors such as the protection of state sovereignty, the consistency of judicature and the creation of investment environment, the jurisdictional immunities of sovereign wealth funds under international law should not be too narrow, so as to obtain the support of more sovereign states. The standards of sovereign wealth funds' jurisdictional immunities include the standards of the main body and the standards of conduct. Both of them need to be perfected and need to be uniformed to create a fair competitive environment.