论裁量余地原则在国际投资仲裁中的运用

当前，国际投资仲裁体系由于过度干预国家主权，因而面临着正当性危机。欧洲人权法院判例中采用的裁量余地原则能够较好地平衡国家主权与人权保护之冲突。目前国际投资仲裁庭对国家规制行为的审查标准不一，进一步影响到投资仲裁体系的正当性问题，因此，可以引入欧洲人权法院判例中的裁量余地作为对国家规制行为的审查标准，同时辅之于比例分析，以解决投资仲裁面临的正当性危机，这将会减少对国家主权的干扰，因而在政治上更加能够容忍。

On the Application of Margin Appreciation in International Investment Arbitration

Currently, the international investment arbitration is facing legitimacy crisis due to the excessive interference with national sovereignty . The legitimacy of the investment arbitration system is now affected since the different examine standard on national regulatory behavior by the international investment arbitration tribunal. Therefore, the doctrine of margin appreciation in Europe court of human rights may be introduced as the examine standards for national regulatory behavior. At the same time with the complement of ratio analysis we may reduce the inference with national sovereignty and be more tolerable in politics so as to solve the problem of legitimacy crisis facing investment arbitration.