國際投資法中補償與損害賠償之研究：以公平市場價值標準為核心

Compensation and Damages under International Investment Law: With the Focus on Fair Market Value Standard

翁立岡(Li-Kang Weng)

指導教授 ： 羅昌發

國立臺灣大學/法律學院/科際整合法律學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.00491

摘要

公平市場價值標準（Fair Market Value）是國際投資仲裁庭在認定地主國確有對投資人的投資進行徵收或其他條約違反等補償或賠償責任後，於酌定補償或損害賠償金階段，最常主張並引用的補償或賠償標準。本研究嘗試梳理FMV標準在國際投資法中涉及的法律問題；並以此出發，勾勒出補償與賠償兩體系之差異：補償（compensation）係針對外國投資人受有地主國合法徵收的損失；賠償（damages）則係針對受有地主國涉有國際法上不法責任所致之損害。對於前者，宜按投資保障條約提供即時、適當與有效之補償；對於後者，宜按Chorzow Factory或《國家對國際不法行為的責任條款草案》（Draft Articles on Responsibility of States for Internationally Wrongful Acts）所揭櫫之習慣國際法原則，給予相當於完全損害填補之賠償金。就徵收補償金之酌定，宜以條約所定，符合系爭投資或收益徵收時或前一刻之公平市場價值為標準；而就損害賠償金之酌定，則宜先判斷地主國所致損害程度就整個投資而言是否重要且長遠？若是，宜採徵收時或仲裁時系爭投資的公平市場價值孰高者為標準，計算賠償金；若否，則宜以實際投資（actual investment）或實際損害（actual loss）為標準計算賠償金。在評價方法擇定的問題上，財務及法律實務上通常採用的評價方法大致可歸類為資產基礎制、市場基礎制及收入基礎制三種。若採公平市場價值標準，因涉及整體投資或企業未來獲利的估算，評價方法宜以能充分評價企業未來獲利能力的現金流量折現法為主要評價方法；若採投資價值或實際損害標準，評價方法宜以資產基礎制為主，亦即更重視系爭措施與損害結果間因果關係的舉證。

關鍵字

國際投資法 ； 投資人-地主國仲裁 ； 投資保障協定 ； 徵收補償標準 ； 非法徵收 ； 損害賠償 ； 損失補償 ； 公平市場價值 ； 實際投資價值 ； 現金流量折現法

並列摘要

The question of what standard and amount of compensation should be payable for an investment expropriated by State has enormous effect on whether or not the investors’ loss could be properly recovered. In most Bilateral Investment Treaties (BITs), the conditions and the standard of compensation for expropriations are usually explicitly specified. As for compensation standard, Fair Market Value (FMV) is widely adopted. The International Centre for Settlement of Investment Disputes (ICSID) tribunal used to apply the standard without distinguishing the lawfulness of taking. This, however, would not only be unable to evaluate State’s wrongful act sufficiently, but also underestimate the amount of loss Investor suffered when investment value increased after the expropriation. The study tried to clarify the difference between the concept of compensation and damages under international investment law; it further explained why and how to distinguish lawful and unlawful takings, and argued that the unlawful taking, which was beyond the scope of most BITs expropriation articles, should apply the more pro-investor standard in international customary law for compensation. Besides, after discussing and analyzing various valuation methods, the study suggested Discounted Cash Flow (DCF) should be the primary method to achieve FMV.

並列關鍵字

International investment law ； Investor-State arbitration ； international investment agreement ； expropriation compensation ； unlawful expropriation ； damages ； fair market value ； investment value ； discounted cash flow

參考文獻

1. Copeland, T., Koller, T. & Murrin, J. (2004). Valuation: Measuring and Managing the value of Companies. Wiley.

2. Dolzer, R. (2012). Principles of International Investment Law. Oxford, England: Oxford.

8. Salacuse, Jeswald W. (2010). The Law of Investment Treaties. Oxford, England: Oxford.

10. Sornarajah, M. (2010). The International Law on Foreign Investment, Cambridge, England: Cambridge.

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