論主權財富基金投資爭議之仲裁容許性

對近十餘年來逐漸引起國際間注意的主權財富基金（Sovereign Wealth Fund，SWF）的投資活動所衍生的相關議題，本文選擇就投資爭議之仲裁容許性問題加以探討。本文先就可搜尋到的對近十餘年來的全球主要SWF的存在實態加以爬梳，發現不論於定義上、成立依據、設立目的、管理模式與透明度等面向上，均呈現多樣化的形態；然而由於SWF的特殊背景、投資傾向與其投資行為所引動的反於傳統的全球資金流向，引起包含先進國家在內的被投資國的廣泛疑慮，紛紛採取針對式的或隱晦的管制措施。部分SWF乃作出正面回應，藉由自發性的形成並宣示遵守2008年所公布的「一般公認準則與實務」（又稱「聖地牙哥準則」），以試圖建立互信基礎。本文復又藉由綜整專業研究機構所公開的對於全球SWF長期透明度變化的研究結果，得知目前其透明度是呈現逐年緩升的趨勢，因此「聖地牙哥準則」似乎已對SWF的發展動向起到了漸進且正面的影響作用。　　在臺灣自身SWF議題的發展脈絡中，臺灣社會向來難以就SWF存否的利弊權衡達成共識。直到2016年，政黨輪替後的新政府為求振興經濟、提升民間投資信心，提出以成立類主權財富基金與國家級投資公司的構想。其中產業創新轉型基金已於2016年7月由國家發展基金匡列新臺幣1000億元設立；國家級投資公司則正在籌備設立。自其目前設立的資本結構與設定目標觀之，似乎以後者較為符合原先所提出類主權財富基金的設想，前者則更趨近於目前對於SWF的主流理解。政府若有意在臺灣發展健全的SWF制度，應從制度設計到個案實踐妥善訂定行為準則並落實在其後的投資決定；在具體作法上，已經存在的SWF國際發展經驗，尤其是透明度與課責性的確保等，都可以作為借鏡。　　於爭議事件涉及公法性質時，將包含我國在內的各國立法例、實務見解與相關公約對仲裁容許性之有無的態度進行比對後可以發現，各判斷要素間於概念上固然可分，然而於各國立法例或實務具體操作上，卻時有出現相互作用的情形。若回歸各爭議事件的本質加以觀察，此種現象之存在實係因立法者或法院認為於該事件中有不可忽視的公益考量，從而有否定其仲裁容許性之結論；故各因素間的公約數，即在於各皆具備公益要素。最終的觀察重點，仍在於一國之立法者與法院，是否確實依照該國國情，就事件牽涉該國公益維護之必要作出妥適的衡量，以判定事件仲裁容許性之有無。在不過度有害於國際貿易與仲裁制度發展的前提下，尚可被解釋為各國得以自由形成的空間。　　由於目前全球SWF的多樣性與正處於多元行為模式整合階段，及爭議事件涉及公法性質之仲裁容許性判斷於各國立法與實務上仍存在歧見，處理SWF投資爭議之仲裁容許性議題時，必須面對SWF多元實態與仲裁牽涉國家公益時之困境的多重複雜性。單以基金自身特性、或爭議性質為立論基礎所得出的結論，都將因不夠全面而面臨其有所偏頗的指摘，並進而欠缺說服力。本文主張SWF投資爭議之仲裁容許性之有無，不宜以單一標準作為判斷時的決定性因素，並歸結出基金獨立程度、基金訊息揭露程度、基金承擔風險能力、投資標的性質－具公益性或單純商業交易、投資標的具體風險、基金個案投資行為與其向來投資策略之符合程度、投資標的總金額與時間因素，與仲裁庭的公信力與其判斷之穩定性等視乎SWF母國或地主國的不同立場共七點或六點的評估依據，試圖建立立足於承認各國設置SWF所賦予的任務與特性、與考量爭議事件所牽涉的公益性質與利害衡量等具體因素之上的綜合性多元指標，以供各國立法者或法院得出貼近SWF自身情況與法治文化、並能充分回應仲裁庭是否具備足夠民主正當性之質疑的判斷結論。　　本文並於最後依臺灣現狀提出策略方向上的看法，因以往臺灣社會對SWF的存立與運作還不具備普遍信心，建議於我國SWF運作漸趨成熟後，再允許其於仲裁容許性上有更寬廣的自決空間。

關鍵字

主權財富基金；仲裁容許性；聖地牙哥準則；紐約公約；國際商務仲裁模範法；民主正當性；跨國憲政主義

並列摘要

Among the arguments arose from sovereign wealth funds’ activities, this thesis chooses to focus on the reflection of the arbitrability of their investment disputes. After reviewing their very existence, we could easily discover that there are wide diversities on their definition, legal basis, purpose, management mode and transparency. By spontaneously following the Generally Accepted Principles and Practices (GAPP), also known as the Santiago Principles, some members of sovereign wealth fund community are ceaselessly trying to establish mutual confidence among them and host states, thus host states might gradually be willing to consider to lift their hostile regulations. Furthermore, through the observation of the transparency of sovereign wealth fund, it appears that GAPP might have a positive effect on the bigger picture. In Taiwan, the issue about should we embrace the concept of sovereign wealth fund or not, is always highly controversial. In July 2016, National Development Fund has established a NT100 billion Industrial Innovation and Transformation Fund. According to National Development Council press release, its goal is to stimulate private sector investments, promote innovation and transformation, create job opportunities, and reinvigorate Taiwan’s economy. Along with private sector investors, this fund will invest in merger and acquisition, spin-off, and business transformation plans. From its purpose and behavior pattern, this thesis believes this fund is quite similar to the mainstream understanding of sovereign wealth fund. Along with the national-level investment company which is about to be established, their investment activities shall be able to provide us with lots of research materials in the foreseeable future. After reviewing and analyzing relevant international conventions, legislations, opinions of courts and authoritative scholars, we may find that when it comes to the political and sovereign capacity of a state, public interest is the core concept of the legal grounds for contesting the arbitrability. Without prejudice to the development of international trade and arbitration system, legislator and court may have broad decision-making space. Owing to the diversity of the existence of sovereign wealth fund and the unsettled arguments over the arbitrability of public interest cases, this thesis argues that the issue about the arbitrability of sovereign wealth funds’ investment disputes shall not be determined through any single standard. Furthermore, in order to reach a full-scale conclusion, this thesis intends to propose a multivariate index with seven or six evaluation bases. Through flexibly applying this index, legislator and court may make a proper decision on when the arbitral tribunal will be able to meet the need for democratic legitimacy without losing the benefit of establishing this institution at the same time. Back to the current situation in Taiwan, owing to the society has a deep distrust of this institution, the author suggests that we should not allow the fund to have broader decision-making space as regards the arbitrability until the system is mature.

並列關鍵字

sovereign wealth fund ； arbitrability ； Santiago Principles ； New York Convention ； UNCITRAL Model Law ； democratic legitimacy ； transnational constitutionalism

參考文獻

陳怡秀（2014）。《政府控制企業於國際投資法及投資仲裁中所涉之法律問題》，國立臺灣大學法律學研究所碩士論文。

林金榮（2004）。〈證券終止上市之公權力性質及其仲裁容許性爭議之研究─最高法院九十一年臺上字第二三六七號判決評釋〉，《律師雜誌》，297期，頁 48-61。

蔡學儀（2012）。〈各國主權基金的運作與管理〉，《全球政治評論》，37期，頁 135-158。

蔡學儀（2011）。〈中國主權基金的發展與影響〉，《真理財經學報》，24期，頁 39-66。

范世平（2011）。〈中國大陸主權財富基金發展與影響的政治經濟分析〉，《中國大陸研究》，54卷3期，頁107-143。

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論主權財富基金投資爭議之仲裁容許性

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