“公平的市场价值”是国际投资仲裁领域普遍适用的征收补偿标准。原因主要是其被认为具有客观性和充分性。但这种客观性仍然受制于资产评估师和仲裁员判断的主观性和其本身的固有缺陷,并可能使外国投资者无法获得充分的补偿。除此之外,在国际投资仲裁实践中,该标准的适用更是出现了越来越多的限制。首先,该标准的适用取决于征收的合法与否;其次,仲裁庭在适用该标准时,经常以公平原则或自由裁量权取而代之,或直接对依照市场价值的计算结果进行调整;最后,在无法计算出市场价值的情况下,仲裁庭被迫以“实际损失加利润损失”计算方法取代公平的市场价值标准。本文通过对仲裁庭在大量案件中的这种做法进行考查,得出结论认为,公平的市场价值标准不符合习惯国际法中的“完全”补偿要求;上述对该标准的限制与调整是合理的,确保了裁决的公平性。 “Fair market value ” is a generally applicable standard of compensation for compensation in the field of international investment arbitration. The main reason is that it is considered as objectivity and adequacy. However, this objectivity is still subject to subjectivity and inherent shortcomings as judged by asset assessors and arbitrators and may prevent foreign investors from obtaining adequate compensation. In addition, there are more and more restrictions on the application of this standard in the practice of international investment arbitration. First of all, the application of the standard depends on whether the collection is legal or not. Secondly, the arbitration tribunal often adopts the principle of fairness or discretion in the application of the standard or directly adjusts the calculation result according to the market value. Finally, In the case of market value, the arbitration tribunal was forced to replace the fair market value criterion with the calculation of “actual loss plus profit loss”. By examining the arbitral tribunal’s practice in a large number of cases, the article concludes that the fair market value standard does not conform to the “complete” compensation requirement of customary international law. The above restrictions and adjustments to the standard are reasonable , To ensure the fairness of the ruling.