可再生能源投資仲裁中的理性投資者標準研究——兼論“一帶一路”背景下對中國可再生能源投資者的啟示

Research on Rational-Investor Standard in Renewable Energy Investment Arbitration: Inspiration to Chinese Renewable Energy Investors in the Context of the the Belt and Road Initiative

理性投資者標準已經成為可再生能源跨國投資仲裁中仲裁庭對於跨國投資者的實質性要求。其設立目的主要在於限制公平公正待遇條款下合理期待適用範圍的擴張，並在此基礎上平衡東道國規制權與投資者利益。通過判例實證研究可以發現，隨著仲裁實踐的發展，理性投資者標準的內涵逐漸清晰，並形成了客觀標準與主觀標準，分別適用於投資者盡職調查的形式和對投資信息的認識。在我國著力推進“一帶一路”可再生能源投資的背景下，釐清理性投資者標準的意義在於，以仲裁實踐為指引，幫助中國投資者在“一帶一路”可再生能源投資的過程中，通過對盡職調查的完善和投資信息的認識，理性地對東道國投資環境作出有效判斷，保護自身的合法權益。

The rational-investor standard has become a substantive requirement of arbitration tribunal for multinational investors in renewable energy cross-border investment. The main purpose of its application is to limit the reasonable expectations of investors and balance the regulatory power of the host country with the interests of investors. Through empirical research, it can be found that with the development of arbitration practice, the connotation of rational investor standards has gradually become clear, and objective standards and subjective standards have been formed based on objective and subjective boundaries, respectively targeting the form of investor due diligence and the understanding of investment information. In the context of China's efforts to promote the Belt and Road renewable energy investment, the significance of clarifying the rational investor standard lies in that, guided by arbitration practice, Chinese investors can rationally construct an effective judgment on the institutional environment of the host country through the improvement of due diligence and the understanding of investment information in the process of investment in the Belt and Road renewable energy industry and can protect their legitimate rights and interests.