摘要： 随着投资条约仲裁案件不断攀升，国际投资法以及投资条约仲裁凸显其重要性。但由于投资争议的特殊性、有关实体法的模糊或缺失、程序法的缺陷，出现了投资条约仲裁的正当性危机。实际上危机一说有夸张之嫌。经过制度化的改良，如通过增强仲裁程序透明度、允许法庭之友参与仲裁程序、合并审理、遵循先例、加强投资条约仲裁的公共功能等，投资条约仲裁制度的正当性缺失可在相当程度上得以矫正。同时，在国际投资实践中还应该细化投资条约的核心内容、限制管理国家风险、推动ADR和DPPs，以有效地防止争议发生和降低争议解决成本。

关键词: 投资条约仲裁, 正当性危机, 当性缺失

Abstract: With the increasing number of cases of investment treaty arbitration, international investment law and invest-ment treaty arbitration are becoming more and more important. However, the characteristics of investment dis-putes, the ambiguity or deficit of substantive law and the shortcomings of procedural law lead to the legitimacycrisis in investment treaty arbitration. In fact, the so called crisis is no more than an exaggeration. The legitimacygap in investment treaty arbitration may be cured to a certain extend by institutional reform, such as enhancingtransparency of the arbitral process, permitting the Amicus Curiae intervention, consolidation of cases, applica-tion of precedence and ensuring the public function of arbitration process. At the same time, it is an effective wayto prevent disputes and decrease the cost of dispute resolution by providing textual certainty in investmenttreaties, restricting and managing the risks of states, and promoting the ADR as well as DPPs．

Key words: Investment Treaty Arbitration, Legitimacy Crisis, Legitimacy Gap or Deficit