国际油气投资仲裁损害赔偿估值方法探析  

The valuation method and practice of international oil and gas investment arbitration damages

作　　者：王海平[1] WANG Haiping(PetroChina Foreign Cooperation Administration Department)

机构地区：[1]中国石油天然气股份有限公司对外合作经理部

出　　处：《国际石油经济》2019年第10期85-91,共7页International Petroleum Economics

摘　　要：石油天然气行业的国际仲裁案件通常都是投资者与国家之间的争端。国际投资仲裁涉及投资者的损害赔偿问题,损害赔偿的估值是其中最核心的问题。虽然国际上的一些专业组织出版了油气开采行业的估值标准和指南,但是最合适的估值方法要根据资产的特性和情境来确定,要考虑公平市场价值的基本驱动因素。国际投资仲裁损害赔偿有3种主要估值方法:折现现金流法(收入法)、市场法(比较法)和成本法,其中折现现金流法是最常使用的方法。当仲裁庭认为折现现金流法的假设条件过于不确定和主观因素太强时,会要求使用其他方法作为补充。由于市场法的局限性,当事双方和仲裁庭很少依靠市场法作为主要方法来确立资产的公平市场价值。投资者和资源国都需要了解国际仲裁赔偿的估值机制。International arbitration cases in the oil and gas industry are usually disputes between investors and countries. International investment arbitration involves investors’ compensation for damages and the valuation of compensation for damages is the most important issue. Although a number of international professional organizations have published valuation standards and guidelines for the oil and gas industry, the most appropriate valuation methods should be based on the characteristics and context of the assets and the basic drivers of fair market value should be taken into account. There are three such main valuation methods for international investment arbitration damages as discounted cash flow method(income method), market method(comparison method) and cost method. Discounted cash flow method is the most commonly used method and the tribunal will require the use of other methods as a supplement when the assumptions of the discounted cash flow method are too uncertain and subjective. Due to the limitation of market method, the parties and the arbitration tribunal seldom rely on market law as the main method to establish the fair market value of assets. Both investors and resource countries need understand the valuation mechanism of international arbitration compensation.

关 键 词：石油天然气 投资仲裁 损害赔偿 估值 折现现金流法 市场法 成本法 

分 类 号：D92[政治法律—法学]