投资者—国家仲裁机制中“投资”概念的界定及中国的选择

投资者-国家仲裁机制中"投资"概念的界定大致有3种模式,即以资产为基础的模式、以企业为基础的模式以及混合模式。在适用这些模式的基础上,仲裁裁决解释了缔约国采用多种技术手段限制"投资"内涵的效力:与东道国的国内法相一致的规定仅指投资的有效性;缔约国领土境内的投资并不要求所有交易过程在缔约国境内完成;直接或间接、拥有或控制资产的表述可以保护小股东和间接持股股东的利益。中国现已兼具投资国和东道国的地位,有必要升级原有的以资产为基础的"投资"概念界定模式为混合模式,并相应地调整国际投资协定中"投资"的限制性解释。

The Definition of Investment in Investor-State Arbitration Mechanism and China’s Choices

There are three models to define investment in the investor-state arbitration mechanism,which include asset-based model,enterprise-based model and hybrid-based model.Based on applying these models,the arbitral awards explain technical ways used by contracting parties to limit the meaning of investment,such as,the expression of assets in accordance with the domestic law refers only to the validity of the investment;investments in the territory of the contracting parties do not require all transactions to be completed in the territory of the contracting parties.The expression of assets directly or indirectly,owned or controlled would protect benefit of minor shareholders and indirect shareholders.China is the top destination of foreign investors and one of the world largest investors.It is necessary for China to upgrade the existing asset-based model to hybrid-based model of defining investment and adjust the restrictive interpretations of investment in international investment agreements accordingly.