论投资协议中的稳定条款——兼谈中国投资者的应对策略

中国投资者在海外投资中面临着诸多政治风险,订立稳定条款是防范政治风险的有效方法之一。该条款的作用体现在对相关法律制度的＂稳定＂。但学界对该条款的效力还有争议,存在肯定说、否定说和有条件肯定说三种观点,仲裁实践也对这类条款作出了不同解释。通过比较可以看出,稳定条款有效,但其效力主要是体现在为投资者进行违约索赔提供依据。中国投资者欲有效利用稳定条款防范政治风险,应注意以下问题：明确规定欲禁止事项、明确＂同意＂的形式和条款的持久效力、明确稳定条款的适用对象以及选择国际法作为合同的适用法律。

Study on the Stabilization Clause in Investment Agreements——Coping Strategies of Chinese Investors

Chinese investors have faced various political risks in foreign investment and stipulation of a stabilization clause has served as an effective method to prevent such risks.The effect of such a clause has been to ＂stabilize＂ relevant legal systems.However,there are still controversies over the validity of such a clause.In this regard,there are three main theories,Positive Theory,Negative Theory and Conditional Positive Theory.In arbitration practice,there are various explanations of such a clause.From the perspective of comparison,the stabilization clauses shall be valid,but its effect serves more as a legal ground of breach of a contract for compensation.If Chinese investors wish to prevent political risks through the stabilization clause,the following matters shall be addressed,clear stipulation of prohibited matters,clear stipulation of consent formality and continuous effectiveness of the clause,clear stipulation of the scope of such a clause and choice of international law as the law of application for the contract.