摘要： 国际投资协定中的“投资”是人权意义上的财产权。按照市场经济的逻辑，作为人权性质的个人财产权利需要国家予以充分、有效的保护，这是国家的基本职能之一，也是市场经济能够正常开展和有序进行的前提条件。晚近国际投资协定中的“投资”定义不断扩大，这是市场逻辑的必然结果，反映了国际投资不断发展的实践，是国际法中对外国人财产保护理念在国际投资协定中的具体体现，也体现出了国际投资法保护投资的价值取向。

关键词: 国际投资协定, 财产权, 国际投资法

Abstract: With an examination of property's meaning in human rights law and a clarification of the definition of invest-ment in International Investment Agreement （IIAs），the article claims that the “investment” in IIAs is the prop-erty in human rights law. According to the logic of market economy, private property is naturally protected ade-quately by State. It's one of State's basic duties, and it's also the precondition to normally develop and orderlyproceed for market economy ．Meanwhile, protecting foreigner's property is also within the coverage of the inter-national law. Based on this, the unceasingly expanding definition of the investment in IIAs in recent years is thereflection of expanding the scope of property in international investment practice, embodying foreign property pro-tection under International Law in IIAs and revealing the value orientation of International Investment Law to pro-tect foreign investment in IIAs.

Key words: IIAs, Property, International Investment Law