The Definition of 'Investment' Revisited : Analysis Based on Recent ICSID Arbitration Practice (投资定义问题再探讨——基于ICSID仲裁新实践的分析)

English Abstract: The definition of “investment” is an important aspect of international investment treaties, and is often vital for ICSID tribunals when determining their jurisdiction. In practice, two approaches have emerged in the interpretation of “investment” by arbitration tribunals, namely objective approach and the subjective approach, which are still subject to contradictions and disputes. In this regard, some recent cases, particularly the Phoenix case and MHS case, have demonstrated some new characteristics and trends, including an emphasis on the primary role of the ICSID Convention, challenges to the “Salini test”, an expansion of the objective approach and a renewed interest in the subjective approach, and a close examination of the provisions in BITs. These new characteristics and trends bear significant implications when negotiating investment treaties especially on the investment definition provision.Chinese Abstract: 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。