國際投資仲裁中「投資」定義的張力和影響

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

對「投資」定義是國際投資仲裁實現管轄的基礎，但其欠缺國際條約或國際習慣明確且一致的定義，因此仲裁庭在管轄中必須對此進行解釋。自Fedax案與Salini案以來，仲裁庭運用多種方法解釋投資，體現了投資定義擴張化趨釋。投資定義擴張一方面反映了促進投資自由與保護私人財產的客觀要求，但另一方面也產生負面影響，如對東道國外資管制造成衝擊，便利外國投資者濫用投資仲裁乃至影響國際投資法治基礎。中國作為接納外資的傳統大國與新興投資大國，其對內經濟管轄與對外投資利益等權益也會因「投資」擴張鋒芒而受損。有鑑於此，有必要對國際仲裁實踐中日益擴張的投資定義實現合理限制，從而實現東道國與投資者的共贏並維護中國在國際投資仲裁中的利益。The definition of 'investment'is the jurisdietional basis for international investment arbitration (IIA). However, due to the deficiency of an explicit and consistent definition in international treaties and cus-tomary 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 inves-tors to abuse IIAs and thus undermining the foundation of rule of law in international investment law. For Chi-na, 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.