国际投资仲裁第三方资助的风险规制与中国应对

Risk Regulation of Third-Party Funding in International Investment Arbitration and China’s Response

摘要: 第三方资助为国际投资仲裁中的投资者提供了融资便利，也引发了利益冲突、费用失衡、程序控制与规则碎片化等风险，冲击仲裁的公正性与可预期性。国际社会已通过信息披露、费用担保与费用分配、仲裁员行为约束等路径逐步展开规制。中国在第三方资助领域尚无专门立法，司法实践已先行认可其合法性。本文在梳理国际规制趋势的基础上，从明确法律地位、构建披露规则、推动行业自治与国际合作、提升企业应对能力四个层面提出中国因应方案。

Abstract: Third-party funding provides financing convenience for investors in international investment arbitration, but it also raises risks such as conflicts of interest, fee imbalances, procedural controls, and fragmented rules, undermining the fairness and predictability of arbitration. The international community has gradually implemented regulation through information disclosure, fee guarantees and allocation, and arbitrator conduct constraints. China has no dedicated legislation in the field of third-party funding, and judicial practice has already recognized its legitimacy. Based on an overview of international regulatory trends, this paper proposes China’s response plans from four aspects: clarifying legal status, establishing disclosure rules, promoting industry autonomy and international cooperation, and enhancing enterprises’ response capabilities.