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投资定义是国际投资条约的重要内容,也是ICSID仲裁庭确定管辖权的关键。实践中,仲裁庭对投资的解释可以分为客观主义和主观主义两种路径,二者在具体适用中也尚存诸多争议。新近的Phoenix案和MHS案作为ICSID仲裁庭讨论投资定义的典型案例,反映出一些新的特点和趋势,包括仲裁庭强调《ICSID公约》的基础性作用,逐步放弃对“Salini标准”的过分依赖,扩张客观主义标准的同时重拾主观主义标准,以及重视BIT的规定等等。这种新趋势对各国商签投资条约特别是其定义条款颇具启迪意义。
The definition of investment is an important part of an international investment treaty and is also the key to determining the jurisdiction of the ICSID tribunal. In practice, the arbitration tribunal’s explanation of investment can be divided into two kinds: objectivism and subjectivism, and there are still many controversies in the concrete application of the two. The recent Phoenix case and the MHS case, as typical examples of ICSID arbitration tribunals discussing investment definitions, reflect some new features and trends, including the arbitral tribunal’s emphasis on the fundamental role of the ICSID Convention and the gradual abandonment of the “Salini Standard” Over-reliance, the expansion of the standard of objectivism at the same time regain subjectivism standards, as well as the emphasis on the provisions of the BIT and so on. This new trend is quite enlightening for all countries to sign investment treaties, especially their definition clauses.