国际投资仲裁不仅是一种投资者与国家之间的投资争端解决机制,还是涉及仲裁庭在全球行政空间行使权力的一种全球治理形式。在为针对外国投资者的国家行为确定标准时,例如根据公平与公正待遇原则界定什么是不当行政行为或什么是违反正当程序时,仲裁庭确立的标准可能影响到被申请国和其他国家今后的行为,并很可能会影响到其他案件中仲裁庭的裁决。在解决投资者和国家之间的投资争端时,仲裁庭还作为一国具体行为的审查机构,其运用比例分析或者其他的公法审查方法来应对投资者保护、国家环境以及经济政策选择在公共利益上难以平衡的情况。在这些方面,国际投资仲裁构成了全球治理结构的一部分,并为构建和塑造新兴的全球行政法律机构提供了帮助。但同时,仲裁庭的这一监管活动也引起了强烈的批评,这些批评不仅针对具体的裁决,而且还针对仲裁庭作出裁决的权力合法性本身。本文认为通过仲裁庭对新兴的全球行政法原则的运用,上述问题可以(至少是部分地)得到解决。 International investment arbitration is not only an investment dispute settlement mechanism between investors and countries, but also a form of global governance involving the exercise of power by arbitration tribunals in the global administrative space. The criteria established by the arbitral tribunal may affect the future conduct of the respondent State and other States when establishing the criteria for State actions against foreign investors, for example on the basis of the principle of fair and equitable treatment, what constitutes an improper administrative act or what constitutes a violation of due process And is likely to affect arbitral tribunals’ rulings in other cases. In settling investment disputes between investors and countries, the arbitral tribunal also acts as a review body for a country’s specific conduct, applying proportional analysis or other public-law censorship to deal with investor protection, the national environment, and the choice of economic policy in the public interest On the balance of the situation. In these areas, international investment arbitration forms part of the global governance structure and has helped to shape and shape emerging global administrative and legal institutions. At the same time, however, this regulatory activity by the arbitral tribunal has also caused strong criticism, not only on specific awards but also on the legitimacy of the power of the arbitral tribunal’s ruling. This paper argues that the above problems can be solved (at least in part) through the arbitration tribunal’s application of the emerging principles of global administrative law.