Abstract: During the recent years, as the international investment disputes have been changed from former “politicaldisputes” into present “regulatory disputes' in the nature, the international arbitration has substituted the tradi-tional diplomatic protection for resolution of international investment disputes. An obvious trend is the internation-al tribunals' bias in favor of foreign investors and infringement upon the power and interests of host countries. Thetradition theory of North-South conflict has been out-of-date, and the existing theories of “commercial arbitration”and “domestic public law” have failed to explain the trend to some degrees too, so we need introduce a wide- di-mension theory, the “global governance', theory, to cover the trend.

Key words: International Investment Disputes, International Arbitration, The North-South Conflict, Global Governance

摘要： 晚近国际投资争端的性质已由以往的“政治性争端”转变为现行的“管理性争端”，相应地，国际投资争端的传统外交保护解决方式也已为国际仲裁方式所取代，而且国际投资争端仲裁实践出现了明显的偏袒外国投资者，损害东道国权益之倾向。就此，已难以用传统的“南北矛盾”理论框定，而现有的“商事仲裁”理论和“国内公法”理论则存在着不同程度的缺失，需要引入一种视野更为宽广的“全球治理”理论予以弥补。

关键词: 国际投资争端, 国际仲裁, 南北矛盾, 全球治理