国际投资仲裁制度所面临的“合法性危机”与仲裁庭在条约解释方面存在的问题密切相关。问题的解决需要实体和程序两方面的努力:实体方面,既要考虑条约解释方法在仲裁实践中的正确适用,还应当允许和鼓励缔约国通过有权解释的方式进一步丰富和确定投资条约内容;程序方面,可以要求仲裁庭重视先案仲裁裁决以保证一致性,也可以考虑设立上诉机制对裁决在条约解释方面的错误进行事后纠正。而从更长远的角度看,设立一个投资领域的多边机制势在必行。 The “crisis of legitimacy” faced by the international investment arbitration system is closely related to the arbitration tribunal’s existing problems in treaty interpretation. The solution to the problem requires both substantive and procedural efforts: in substance, it is necessary to consider the correct application of the treaty interpretation method in arbitration practice and allow and encourage the State party to further enrich and determine the content of the investment treaty through an entitled interpretation. Procedures On the other hand, the arbitral tribunal may be required to attach importance to the precedent arbitration award in order to ensure its consistency. An appeal mechanism may also be set up to make an ex post facto correction of the award’s interpretation of the treaty. In the longer term, it is imperative to establish a multilateral mechanism for investment.