ABSTRACT As international economic globalization increasingly pushing, International investment is more vigorous growth, and the investment activities between countries tend to frequent and generalization. At present, most of the countries around the world gradually signed the BITs, which mostly contain the umbrella clause, in order to promote, accelerate and protect the development of international investment. However, due to the provisions of the special historical background and the macro-economic environment, and based on the respective interests, the host state and the invest state who are the parties of the BITs generated the different views on the understanding of the terms, Moreover, the terms of the content described fuzzy and not explicit, makes the arbitral tribunal appeared the different verdict. So, it is much important and necessary to find the root of the dispute to different decision and search for the appropriate interpretation of the umbrella clause. This article is attempting to study ICSID arbitral cases, analyse the different attitudes towards the debatable views seeking outthe deeper issues in dispute, and find a way to give the interpretation of the umbrella clause being logical analysis and useful explanation. According to this logic thinking, this article's view system is as follows: The first part, as the beginning for an summary, the main content is reviewing the historical development process of the umbrella clause, presenting the particularity of the umbrella clause owing to the international macro-economic environment. And then, it will analyse the diference of the typical expression about umbrella clause in BITS. The second part, through the analysis of the ICSID's verdict about umbrella clause, it’ll come to the main controversial points of the interpretation of umbrella clause. From this, it’ll synthetically state and compare the three different interpretation method: broad interpretation and narrow interpretation. The third part, be based on the analysis of cases, this section comprehensively analyses and compares the controversial points which is involved in cases on the principal of law. After that, it will clearly indicate the theoretical premise, legal effect, legal status and the representative of rights. The forth part, this section will deeply analyse the contesting parties’ rights. Behind the three subjects’ rights, it will find that it exists game during economic sovereignty," diplomatic protection" and the Principle of Autonomy of Will, which implies the conflict between public rights and private rights. The fifth part, at last, in order to balance the conflict of public and private rights, we must'clear the standpoint of the terms’ interpretation which it should be; In order to pursue the benefit of right remedy, substantial justice, and procedure, we must pursue the values of law which the interpretation of terms should be. Finally, through the logical thinking, hope that we would find a useful and valuable standard to appropriately interpret the umbrella clause. The sixth part, it is the concluding section. It summarizes the main contents, also displays the thought and the logical system. Key Words:Umbrella Clause, Bilateral Investment Treaty, ICSID, International investment Arbitration

中文摘要 随著國際經濟的全球化日益推進，國際投資領域也更是随之蓬勃發展壮大，國家之間的投資活動趨於頻繁和普遍化。目前，全球多数國家逐漸通過相互簽訂雙邊投資協定的方式來促進、加快和保護國際投資的發展，雙邊投資協定中大多包含有保護傘條款這一内容。然而，由於該條款產生的特殊歷史背景和宏觀經濟環境，作爲雙邊投资協定的當事雙方--東道國與投資國，基於各自的權益立場在對該條款的認知上產生了迴異的觀點，由此雙方產生不少爭端。而且，該條款的内容描述模糊且不具體明確，使得在 ICSID 仲裁庭受審相關的實踐案例中，各個仲裁庭也出現了天壤之別的裁决結果。因此，亟待找到争端得以不同裁決的根源，爲保護傘條款探尋到適當的解釋方法顯得尤爲总重要和迫切。 本文試圖從 ICSID 仲裁實踐案例分析出發，辨析各方持不同裁决態度的争議觀點，探尋出争議的深層問题，由此找到一條能夠給予保護傘條款適當解釋的邏輯分析思路和可具參考價值的解釋途徑。根據此邏輯思路，本文的論述觀點體系如下: 第一部分，作爲開篇的概述，主要内容是在於回顧保護傘條款產生發展的歷史過程，呈現出該條款在因產生時所處國際宏觀經濟環境而具有的特殊性。然後，對各國 BIT 中對保護傘條款的典型表述進行差異分析。 第二部分，通過對 ICSID 對於保護傘條款爭端仲裁案件的裁決分析，得出典型案例中對於保護傘條款解釋的主要争議焦點所在。由此，綜合地呈現出封該條款分別持有擴大解釋觀點、縮小解释觀點這二大不同的解釋意見，進而對此二種解釋意見進行差異比较。 第三部分，在案例分析的基礎之上，此部分主要在於對案例中涉及到的條款適用之争議點進行法理上的剖析比較。繼而，對保護傘條款的解釋適用提出所應當首先明確的理論前提，明確條款的效力位階、法律地位以及權益代表。 第四部分，對條款解釋爭議雙方的權益進行深層分析。從東道國，投資國以及投資者這三大權益代表主體出發，看到其背後的經濟主權、“外交保護”以及意思自治原則之間的博弈，從中得出其所暗含的公權與私權的衝突。 第五部分，本部分最後從平衡公私權益的角度出發，明確條款解释的應有之立場；從權利救濟、實體公正乃至訴訟程式的效益追求，探討條款解释的應有之法的價值取向。由此，期望能爲保護傘條款探尋到適常的解释方法提供可具参考的判別標準。 第六部分，爲全文的結語部分。本部分將對本文的内容行概括總結，同時，展現本文的行文思路以及邏輯體系。 關鍵字：保護傘條款，雙邊投資協定，ICSID，國際投資仲裁