第四章 臺、韓與各國間之 BIT 徵收條款比較研究
第四節 徵收補償方法
國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
同。247 臺灣-泰國 BIT 第 6 條第 1 項（1996）類型也可以屬於「赫爾規 則」進行解釋。248
臺灣 -馬來西亞 BIT 第 5 條（1993）就補償標準規定如下，「…
compensation which shall be freely transferable in freely usable currencies without unreasonable delay.」，首先「不合理之延遲(without unreasonable delay
)
」意味著「迅速」（prompt）補償，其次「該補償應以可自由流 通貨幣為之，且具自由移轉性（shall be freely transferable in freely usable currencies）」意味著「有效」（effective）補償，因此雖然該協定上規 定不是正確的「迅速、充分、有效」補償文字，但該條款也可以與「赫 爾規則」相同意思進行解釋。第四節 徵收補償方法
第一項 臺、韓與 8 個國家間補償標準方法之對照
簽訂國家 條款 簽訂年度
臺灣
（Taiwan）
簽訂國家 條款 簽訂年度
韓國
(Republic of Korea)
247 Rudolf Dolzer and Magrete Stevens, supra note 88，p.109
248 M. Sornarajah，lbid，243p
‧
Such compensation shall amount to the genuine value of the investment expropriated immediately before the expropriation or before the impending expropriation became public knowledge, whichever is the earlier, shall include interest at a fair and equitable rate until the date of payment, shall be made without undue delay, be effectively realizable, and be freely transferable.
印度 第 5 條 第 2 項
（1996）
Such compensation shall amount to the fair market value of the expropriated investments
immediately before expropriation was taken or
before impending expropriation became public knowledge, whichever is the earlier, shall include interest at a fair and equitable commercial rate from the date of expropriation until the date of payment and shall be made without undue delay, be effectively realizable and be freely transferable.
…against compensation which shall be freely transferable in freely usable currencies without unreasonable delay. The value of such compensation shall expropriated which is to be determined on the day immediately before such measures become public knowledge. Any unreasonable delay in payment of compensation shall carry an appropriate interest at the normal commercial rate or as agreed upon by the respective authorities of both Parties.
馬來西亞 第 5 條 第 1 項
（1989）
Such compensation shall amount to the market value of the investment expropriated
immediately before expropriation or impending
expropriation became public knowledge, shall include interest from the date of expropriation, shall be made without delay, be effectively realizable and be freely transferable.
‧
Such compensation shall be adequate, effectively realizable, made without delay and freely transferable in freely convertible currencies.
泰國 第 5 條 第 1 條
（1989）
Such compensation shall amount to the market value of the investment nationalized or expropriated on the day the measure was taken and shall be made without delay and be effectively realizable.
越南 (Viet Nam)
第 4 條
（1993）
Such compensation shall be the value immediately before the expropriation. The compensation shall be freely convertible and transferable.
越南 第 5 條 第 1 項
（1993）
Such compensation shall amount to the market value of the investment expropriated immediately before the expropriatory action was taken or became public knowledge, whichever is earlier, shall include interest from the date of expropriation at an applicable commercial rate and shall be made without delay, be effectively realizable and be freely transferable.
‧
The compensation shall amount to the fair price of the investment expropriated immediately before expropriation or impending
expropriation became public knowledge, whichever was earlier. It shall include interest from the date of dispossession of the expropriated property until the date of payment. Interest shall be based on the average deposit rate prevailing in the national banking system of the party where the expropriation was made. Compensation shall be paid without delay, in convertible currency, and be effectively realizable and be freely transferable.
哥斯達黎加 第 5 條 第 2 項
（2002）
Such compensation shall amount to the fair market value of the expropriated investments
immediately before expropriation was taken or
before impending expropriation became public knowledge, whichever is the earlier. It shall include interest based on the applicable commercial rate from the date of dispossession of the expropriated property until the date of payment and shall be made without undue delay, be effectively realizable and be freely transferable.
‧
Compensation shall be based on the market value of the affected investments at the date immediately before the date when the measure became publicly known. If such value is difficult to set, the compensation may be determined in accordance with evaluation principles generally recognized as equitable.
薩爾瓦多 第 4 條 第 3-4 項
（2002）
Such compensation shall amount to the fair market value of the expropriated investments
immediately before expropriation became publicly
announced, shall not reflect any change in the value of the investment attributable to the public knowledge of the expropriatory action before it was made known by the authorities and shall include interest at the applicable commercial banking rate from the date of expropriation until the date of payment.
‧
The Contracting Party that adopts any such measures, shall be obliged to pay, according to its laws and regulations, a prompt, adequate and effective
compensation. The compensation shall amount the
fair market price of the investment expropriated immediately before expropriation or impending
expropriation became public knowledge, whichever was earlier. It shall include interest from the date of dispossession of the expropriated property until the date of payment. Before the expropriation, nationalization or measures having an equivalent effect takes place, the Contracting Party making the expropriation shall take into, consideration measures to make a satisfactory compensation to investors of the other Contracting Party.
瓜地馬拉 第 5 條 第 2 項
（2002）
Such compensation shall amount to the fair market value of the investment expropriated
immediately before expropriation or before
impending expropriation became public knowledge, whichever is the earlier, shall include interest at the applicable commercial rate from the date of expropriation until the date of payment and shall be made without delay, be effectively realizable and be freely transferable.
Such compensation shall amount to the market value of the investments expropriated immediately before the expropriation or before the impending expropriation became public knowledge, shall include interest at a prevalent commercial rate until the date of
奈及利亞 第 5 條 第 2 項
（1999）
Such compensation shall amount to the market value of the investment expropriated immediately before the expropriation or impending expropriation became public knowledge, shall include interest until the date of payment, at a prevailing commercial rate, and
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
payment, and shall be made without delay, and shall be effectively realizable and be freely transferable.
shall be made without delay, be effectively realizable and be freely transferable.
第二項 徵收補償方法之比較
地主國合法性徵收的最後條件即是補償。對外國人財產實行徵收時，
發達國家和發達中國家都同意補償支付之意見，不過關於徵收金額之估 價標準或補償支付方法等看法卻有很大的距離。發達國家傳統主張「迅 速、充分、有效」（prompt、adequate and effective）即，充分補償（full compensation）爲補償標準，不過有些發達中國家（如拉丁美洲國家）
主 張 ， 依 據 現 行 本 國 之 國 内 法 ， 必 須 適 用 於 適 當 補 償 （ appropriate compensation）標準來解決補償問題。其他多數雙邊投資協定採用各種 之補償標準，例如平等補償（equitable compensation）、公平補償（fair compensation）、公正和平等補償（just and equitable compensation）。249 雖然投資輸出國和投資輸入國間之區分很清楚，但今日國際慣例上，
這樣的國際慣例上補償標準之區分很模模糊糊。例如、根據 1992 年
「世界銀行之外國直接投資待遇指南」（World Bank Guidelines on the treatment of Foreign Directive Investment）第 4 條第 1-2 項250，把「適當
249 崔昇煥，同前揭文，846-848頁
250 1. A State may not expropriate or otherwise take in whole or in part a foreign private investment in its territory, or take measures which have similar effects, except where this is done in accordance with applicable legal procedures, in pursuance in good faith of a public purpose, without discrimination on the basis of nationality and against the payment of appropriate compensation.
2. Compensation for a specific investment taken by the State will, according to the details provided below, be deemed "appropriate" if it is adequate, effective and prompt.
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
補償」看作「迅速、充分、有效」的補償，依據第 3 項規定，補償以被 徵收的財產之「公平市場價格（fair market value）」為根據，在財產被 徵收之發生前或者即將被徵收而尚未為公衆所周知前，把補償看作「充 分（adequate）」251。252
最近投資有關協定（或條約）也就補償標準、補償方法之一般規定，
依發達國家所主張的補償方式加以規定，例如 1994 年「能源憲章條 約」（Energy Charter Treaty；ECT）第 13 條第 1 項（d）253即規定「地 主國家對投資者的投資財產實行徵收時必須給予『迅速、充分和有效的 補償』，該補償必須與被徵收的投資財產之公平市場價格一致」。因此
「ECT」也採用「充分（adequate）」補償，並且今日多數國際投資有關 協定採用「充分（adequate）」補償，例如 NAFTA(第 1110 條)、2004 美國 BIT 模範法（第 6 條第 2 項（b），第 3 項）、2004 加拿大 BIT 模 範法（第 13 條第 2 項）等。254
本文將透過雙邊投資協定上徵收條款中有關補償評價之規定，比較臺 灣和韓國與各國家所簽訂之雙邊投資協定，對於補償方法適用之情形。
251 3. Compensation will be deemed "adequate" if it is based on the fair market value of the taken asset as such value is determined immediately before the time at which the taking occurred or the decision to take the asset became publicly known.
252 根據世界銀行指南 ， 因爲把 「 徵收補償條件 」 看作 「 合理 （ appropriate ） 補償 」 = 「 赫爾規則 （ Hull Formula）」，把「充分（adequate）補償」看作「公平市場價格（fair market value; FMV）」，所以透過該 指南補償條款，可以推倒 「Hull Formula + FMV」公式。玉田大，同前揭文，7頁
253 (d) accompanied by the payment of prompt, adequate and effective compensation. Such compensation shall amount to the fair market value of the Investment expropriated at the time immediately before the Expropriation or impending Expropriation became known in such a way as to affect the value of the Investment (hereinafter referred to as the “Valuation Date”). Such fair market value shall at the request of the Investor be expressed in a Freely Convertible Currency on the basis of the market rate of exchange existing for that currency on the Valuation Date. Compensation shall also include interest at a commercial rate established on a market basis from the date of Expropriation until the date of payment.
254 玉田大，同前揭文，7頁
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
第一目 可適用的補償價格之比較
如前所述，根據「世界銀行之外國直接投資待遇指南（World Bank Guidelines on the treatment of Foreign Directive Investment）」第 4 條第 3 項規定，補償以被徵收的財產之「公平市場價格（fair market value）」
為根據，在財產被徵收之發生前或者即將被徵收而尚未為公衆所周知 前，把補償看作「充分（adequate）」255。最近多數雙邊投資協定也採 用公平市場價格。不過，有一些雙邊投資協定除了公平市場價格以外，
也規定「the genuine value」、「the full and genuine value」、「the real value」、「the market value」等256，而這樣的用語又應該要如何適用 呢？
在現代投資協定上所採用的各種價格，將「真正價格（the genuine value）」、「充分和真正價格（the full and genuine value）」、「現實 價格（the real value）」、「市場價格（the market value）」、「商業價 格（commercial value）」、「實際價格（actual value）」等之用語意思 都看做「公平市場價格」257，是由於會計學將「現行市場價格（current market value）」、「公平市場價格（fair market value）」、「現行價格
（current value）」、「公平價格（fair value）」、「市場價格（market value，mark-to-market）」看作同樣的意思258，而且實際仲裁判例上，因
255 在徵收條款插入「即將被徵收而尚未為公衆所周知前」之文句，因爲大衆得悉徵收事實，所以
該財產之市場價值可能會貶值，因此爲了避免以貶值的財產為補償標準規定了這樣的文句。
256 Giorgio Sacerdoti “Bilateral Treaties and Multilateral Instruments on Investment Protection”, R.C.A.D.I.,tome 269 (1997) at 399.
257 UNCTC，Bilateral Investment Treaties(New York: United Nations Publication, 1988)，56p
258 高寺貞男・草野真樹「公正価値概念の拡大―その狙いと弱み―」大阪経大論集55巻2号（2004年），251
頁
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
爲多數雙邊投資協定採用「赫爾規則和公平市場價格」，雖然用語有點 區別，但各用語也可以解釋為同樣的意思。259
這種公平市場價格（FMV）被各種價格計算方法所估價，估價方式按 具體個案或事實關係不同而改變。「世界銀行之外國直接投資待遇指 南」第 4 條第 4-6 項即規定了徵收財產之價格估價方式，其内容簡述如 下：
（1）「公平市場價格」（Fair Market value）係將指未來期待利益反 映到資產估價之估價方式，市場價格包含（接受企業之）買方將受到的
「持續經營價格」（going concern）260。如此，企業考慮持續經營價格
（going concern）有收益的情形，基於「現金流折估值法」 (Discounted cash-flow method；DCF) 261來計算。現金流折估值法係指將通貨之時間
259 Both, the relevant provision of the BIT and the general rules of international law, led the Tribunal to conclude that the Respondent had to compensate for the Fair market value of CME’s investment (despite the absence of the “Fair market value” wording in the BIT). The Tribunal’s thus equated the “fair market value” standard with the treaty formula of “just compensation [representing] the genuine value of the investment affected”. The Tribunal viewed these “concordant” concepts, scattered around more than 2200 BITs as “variations on an agreed essential theme, namely, that when a State took foreign property, full compensation must be paid.” CME Czech Republic B.V. v. Czech Republic (UNCITRAL), Final Award of 14 March 2003, para.493, 497; S Ripinsky with K Williams, Damages in International Investment Law (BIICL, 2008)
260 a “going concern” means an enterprise consisting of income-producing assets which has been in operation for a sufficient period of time to generate the data required for the calculation of future income and which could have been expected with reasonable certainty, if the taking had not occurred, to continue producing legitimate income over the course of its economic life in the general circumstances following the taking by the State;World Bank Guidelines on the Treatment of Foreign Direct Investment Ⅳ.6
261 “discounted cash flow value” means the cash receipts realistically expected from the enterprise in each future year of its economic life as reasonably projected minus that year's expected cash expenditure, after discounting this net cash flow for each year by a factor which reflects the time value of money, expected inflation, and the risk associated with such cash flow under realistic circumstances. Such discount rate may be measured by examining the
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
價格（time value of money）、預期通貨膨脹（expected inflation）及現金
價格（time value of money）、預期通貨膨脹（expected inflation）及現金