近年来随着投资争端的大量涌现,国际投资仲裁成为争议解决的一种新方式。然而其对国家主权和公共政策的挑战,以及自身裁决的不连续性、程序不透明等问题又引发了体制的“合法性危机”。针对此美国及ICSID提出的建立投资仲裁上诉机构的设想是一种变革和反思,但目前实施的必要性还值得思考。 In recent years, with the massive emergence of investment disputes, international investment arbitration has become a new way of dispute resolution. However, its challenges to state sovereignty and public policy, as well as the discontinuity of its own ruling, the opaque procedure and so on, have triggered the “crisis of legitimacy” of the system. The idea of ​​establishing an investment arbitration appeals agency proposed by the United States and ICSID is a kind of change and reflection. However, the current necessity of implementation is still worth considering.