國家安全審查制度投資者權利保護之研究——評析中國大陸《外國投資法（徵求意見稿）》

Foreign Investors’ Protection in National Security Review: A Critical Assessment on China's Draft Foreign Investment Law

在經濟全球化時代，為防止外資行為對本國企業造成威脅，各國相繼建立起對外國投資行為之「國家安全審查程序」，作為外資進入本國市場的門檻。中國大陸亦於2015年1月19日公佈之《中華人民共和國外國投資法（草案徵求意見稿）》，正式納入國家安全審查制度以保衛其國家安全。在此制度下，對於外國投資者權益保護之設置更顯得重要，亦將影響該國甚至世界整體之經貿發展，為此經濟合作暨發展組織於2009年發布《投資接受國與國家安全相關投資政策指南》列舉出4項原則，以做為各國在國家安全審查法規建置上之指引，本文將針對該政策指南之具體內涵進行分析，並以中國大陸所建構之國家安全審查制度為重心進行探討，指出其在事前協商程序、審查機構之監督及投資者救濟權保障上所存在之缺陷。再者，由於美國、日本對於投資者權益保障程序之設置最具代表性，故本文將以此二國做比較法上之探討，期能提供中國大陸未來在制度設計上改善之方向，為外資創造有利的投資環境。

With the coming of economic globalization, a wide array of foreign investments poses a menace to domestic industry and even national security. As a result, national security reviews of foreign investments which aim to prevent this serious situation grow more prevalent. Following this trend, Mainland China also releases a draft version of Foreign Investment Law and a related Explanatory Note on January 19, 2015 to include national security reviews in it. This legislation on national security review also raises public awareness on the protection of foreign investors as it may deter them from investing in China’s market. In order to solve this problem, Organization for Economic Co-operation and Development (OECD) adopted the Guidelines for recipient country investment policies relating to national security in 2009 which provided recommendations for the design and implementation of the policies that seek to protect their national security with the smallest possible impact on investment flows. This article will introduce the four core values in the 2009 guideline and examine the problems in China’s new regulations of national security review. These problems may include the effectiveness of the appointment with the department in charge of foreign investment before investors applying for national security review, the lack of supervision on the Joint Committee for national security review as well as the difficulties of judicial remedy. Given that the USA and Japan has its unique investors' protection policy which may provide useful advice to the legislation of national security review in China, this article will discuss in depth the investors’ protection regulation in the process of national security review in these two countries. It will concludes with some suggestions on the revise of the national security review in China.