美國次貸風暴發生後，現代國家的新興投資工具－以中東亞洲國家為首的國家主權基金（SWF）大舉進入美國市場以間接投資方式，收購美國重要金融機構之股份，此舉引發歐美為主的地主國大為關注，擔憂國家主權基金收購背後的政治性動機。鑒於國家主權基金由國家百分百所持有，因而具有國家主權性質。其基金內部的管理人員與政府官員具有裙帶關係；投資訊息與治理架構透明度不足，令國家主權基金在國際投資法制下的定位，乃至於管制架構，皆有待討論釐清。
「國家主權基金現象」被認為是對歐美長期主導國際投資市場的反動力量，過往扮演資本輸出國的已開發國家，角色反轉成為了資本接受國，形成了一股新的「國家資本主義」。而SWF的組織型態，因應各國的政治國情而有所不同，以三種模式呈現：國家資產池型、公法人型和私法人公司型。此三種不同型態的SWF將會影響其國際投資法制下的主體定位，主權豁免的適用，乃至於ICSID底下的聲請人當事人適格。
本文首先針對管制派所持加強管制之立場，檢視美國的FINSA法制對於外資投資的審查，誠然，訂立外資審查法規與程序，屬於一國的固有權限，惟國家以嚴格的單方行為管制國際投資，容易導致國際投資社會形成貿易保護主義，增加投資成本，降低國際資本流動的效率。且一國以單方行為作為管制SWF亦非無所界限，本文提出國際OECD宣言雖不具有法律強制性，但其所規範的綱領，則得以做為內國行政規制的界限。
進一步，從國際投資實踐以觀，SWF具有長期性投資人之特性，具有守法的動機，以俾長期與地主國於貿易上相互合作。本文以雙邊投保協議(BIT)為框架，討論對於SWF之投資保護。討論SWF是否是雙邊投保協議上的投資人。有無最惠國待遇原則、國民待遇原則和公平與公正待遇條款之適用；地主國的規制行為是否會構成間接徵收。而地主國是否可援引國家重大安全例外為抗辯。藉由諸等討論，將SWF投資帶向國際投資法制。

After the result of the Mortgage Crisis, many developing countries' investment vehicles,"Sovereign Wealth Fund" (SWF), mostly from the Middle East and Asia, enter US markets through indirect investment, purchasing the stocks of long-established financial institutions. The SWF Phenomenon that the developed countries have transformed from capital-exporting countries to capital importing countries is recognized as a provocation to the European and US dominated international investment market. This newly-formed State Capitalism has led to European and U.S host state's concerns that there could be some political strategy behind SWF's acquisitions. SWFs are 100 % controlled by their state governments. Due to SWF’s sovereign nature, the close relationship with governments’ lack of transparency for investment information, unsound governance structure, SWF's legal position within international investment law and their suitable legal structure remain to be a topic of discussion.

As for the legal structure of SWF varying from state to state, they can be categorized as three types: 1) a pool of State's assets 2) an entity with pubic legal personality 3) an entity with private legal personality. The three types of SWF influences the status of SWF under international investment law, the application of state immunity, and the standing resorts to International Centre for Settlement of the Investment Disputes (ICSID).

This paper demonstrates the position of governing SWF investment, in reviewing how The Foreign Investment and National Security Act 2007 (FINSA) of US applies to foreign investment. Indeed, it is a state's inherent privilege to legislate regulation regarding foreign investment. Nvertheless, facilitating strict unilateral acts may lead to trade protectionism of international investment, increase the cost of investment, and decrease the efficiency of international capital flows. Furthermore, it is not generally acceptable to regulate SWF investment through unilateral acts. This paper proposes that even though of The OECD Declaration and Santiago Principle don't not having legal binding force, it can served as the boundaries of domestic regulations of the host state.
Given SWF’s practice, SWF has been a longterm investor and willing to obey host-state’s regulation, since SWF has a strong motivation to corporate with host states commercially. This paper concludes that Bilateral Investment Treaty (BIT) can serve as a framework to discuss investment protection to SWF.

Considering the application of BIT to SWF Investment, following issues shall be developed: Whether SWF benefits from those investment protection clauses－ National Treatment, Most-Favored-Nation Treatment, Fair and Equitable Standard and Indirect Expropriation clauses against host state depends on the definition of " investor " and " investment "in the relative BIT . On the contrary, from the standpoint of host states, how to invoke Essential Security Exception Clause to legalize its actions. Furthermore, whether SWF may act as claimant in ICSID arbitration will be analyzed in depth in this article.

摘要 ii
Abstract iv
謝誌 vi
目錄 vii
圖目錄 x
表目錄 xi
第壹章、緒論 1
第一節、研究動機與背景 1
第二節、研究客體之界定 3
第一目、SWF之定義 3
第二目、與外匯存底之區別 4
第三目、與國營企業之區別 5
第四目、組織架構 6
第五目、成因 7
第六目、目的 8
第七目、投資特性 9
第八目、治理結構 10
第三節、文獻回顧 10
第四節、研究問題之提出 12
第五節、研究方法與研究限制 13
第六節、研究範圍與論文架構 14
第貳章、國家主權基金投資概述 16
第一節、全球國家主權基金現況分析 16
第二節、新加坡國家主權基金運作模型分析 20
(一) 法律地位與資本來源 21
(二) 和子公司之間的關係 23
(三) 公司治理 23
(四) 與政府之間的關係 24
(五) 透明度排行 24
(六) 與社會福利制度的連結 26
(七) 淡馬錫歷年投資組合與股東年報酬率 26
(八) 淡馬錫盈餘獲利 27
第三節、國家主權基金投資糾紛案件分析—以淡馬錫SWF為例 29
第一目、美林集團案 29
第二目、臣那越集團收購案 30
第三目、印尼電信公司案 31
第四節、小結：國家主權基金投資管制所應思索的基本問題 31
第參章、國家主權基金之定位與現行投資審查規範框架 33
第一節、國家主權基金之法律定位與國家責任之歸屬 33
第二節、內國法規範架構－以美國法為討論核心 34
第一目、FINSA審查程序 34
第二目、國會監督與司法審查 39
第三目、美國其他外資審議法規 40
第四目、對FINSA之評析 41
第五目、FINSA與SWF主權豁免 43
第六目、以內國法作為國家主權基金投資主要管制架構之評析 47
第三節、國際法規範架構 48
第一目、OECD與聖地牙哥宣言 48
第二目、WTO與WTO爭端解決 54
第三目、BITs、FTA 與投資仲裁 57
第肆章、國家主權基金適用雙邊投資保障協議之法律分析 60
第一節、對國家主權基金管制之反思 60
第二節、雙邊投資保障協議作為保護國家主權基金投資之法律框架 61
第三節、適用BIT之前提性要件 62
第一目、投資人 62
第二目、投資 63
第四節、地主國投資審查與BITs之市場進入 65
第一目、市場進入條款與市場進入前措施 65
第二目、市場進入條款與市場進入後措施 68
第三目、MFN、NT與FET Standard之檢驗 68
第四目、其他投資保護規範 74
第五節、地主國的重大安全例外抗辯 77
第一目、重大安全例外條款之基礎概念 78
第二目、「重大安全例外」的射程範圍 80
第三目、國家重大安全例外條款之「必要性要件」 82
第四目、重大安全例外條款必要性之審查權限 86
第五目、國際仲裁庭對重大安全例外條款審查之範疇 88
第六目、小結:國家主權基金投資與國家重大安全例外條款之適用 91
第伍章、國家主權基金投資：訴諸ICSID之可行性與法律實踐分析 94
第一節、雙邊投保協議與ICSID國際仲裁 94
第二節、國際仲裁機構之選擇 94
第三節、SWF適用ICSID公約各要件之檢討 96
第一目、國際仲裁與內國法院管轄衝突 96
第二目、訴諸仲裁之同意（Consent to Arbitration） 99
第三目、投資 100
第四目、當事人適格 101
第四節、SWF於國際投資法制之實踐分析 104
第一目、BIT的發展與SWF投資 104
第二目、SWF實際於ICSID爭端解決機制之運用情形分析 105
第陸章、結論與建議 107
第一節、研究結論 107
第一目、國家主權基金的定位 107
第二目、國內法的單方管制變相成為保護主義的施行 107
第三目、以雙邊投保協議作為SWF投資保護最適規範框架 108
第四目、SWF現象適用雙邊投保協議適用之法律討論 108
第二節、研究建議 110
第一目、由SWF三大分類出發，確立SWF議題法律爭點體系 110
第二目、SWF治理結構之建議 111
第三目、重新形塑雙邊投保協議 112
參考文獻 113

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Audit, Mathias,Is the Erecting of Barriers against Sovereign Wealth Funds Compatible with International Investment Law? 10 J. WORLD INV. & TRADE 617 (2009).
Baker, Larry C., Sovereign Investing in Times of Crisis: Global Regulation of Sovereign Wealth Funds, State Owned Enterprises and the Chinese Experience, 19 TRANSNAT’L L. & CONTEMP. PROBS. 3 (2009).
Bean,Bruce W.,Attack of the Sovereign Wealth Funds: Defending the Republic from the Threat of Sovereign Wealth Funds? 18 MICH.ST.INT'LL.REV. 66(2009).
Blyschak, Paul M.,State Consent, Investor Interests and Future of Investment Arbitration: Reanalyzing the Jurisdiction of Investor-State Tribunals in Hard Cases, 9 ASPER REV. INT'L BUS. & TRADE L. 99 (2009).
Broches, Aron,The Convention on the Settlement of Investment Disputes: Some Observations on Jurisdiction, 5 COLUM. J. TRANSNAT’L L. 263 (1966).
Bu, Qingxiu,China’s Sovereign Wealth Funds: Problem or Panacea, 11 J. WORLD INV. & TRADE 849(2010).
Burke-White, William W. &von Staden, Andreas,Investment Protection in Extraordinary Times: The Interpretation and Application of Non-Precluded Measures Provisions in Bilateral Investment Treaties, 48 VA. J. INT'L L. 307, 325 (2008).
Chaisse, Julien,Assessing the Relevance of Multilateral Trade Law to Sovereign Investments: Sovereign Wealth Funds "Investors" under the General Agreement on Trade in Services, INT’L REV. L. 2015:swf.9.
Chalamish, Efraim, Global Investment Regulation and Sovereign Funds, 13 THEORETICAL INQUIRIES IN L. 645 (2012).
Chen,Sonia Yeashou,Positioning Sovereign Wealth Funds as Claimants in Investor-State Arbitration, 6 CONTEMP. ASIA ARB. J. 299 (2013).
Chesterman, Simon,The Turn to Ethics: Disinvestment from Multinational Corporations for Human Rights Violations - The Case of Norway's Sovereign Wealth Fund, 23 AM. U INT’L L. REV. 577(2008).
Clark,Gordon L. & Monk, Ashby H. B.,Sovereign Wealth Funds: Form and Function in the 21st Century, 140.2010 NOTA DI LAVORO 1 (2010).
Crawford, James, Peel, Jacqueline & Olleson, Simon, The ILC's Articles on Responsibility of States for Internationally Wrongful Acts: Completion of the Second Reading, 12 EUR. J. INT’L L. 963 (2001).
Dekastros, Michail, Portfolio Investment: Reconceptualising the Notion of Investment under the ICSID Convention, 14 J. WORLD INV. & TRADE 286 (2013).
DiMascio,Nicholas & Pauwelyn, Joost,Non-Discrimination in Trade and Investment Treaties: World Apart or Two Sides of the Same Coin? 102 AM. J. INT’L L. 48 (2008).
Dixson,Adam D.& Monk, Ashby H. B.,Rethinking the Sovereign in Sovereign Wealth Funds, 37TRANSACTION INST. BRITISH GEOGRAPHERS 104 (2012).
Dolzer, Rudolf,The European Approach to BITs, 24 ICSID REV. 368 (2009).
Epstein,Richard A. & Rose, Amanda M., The Regulation of Sovereign Wealth Funds: The Virtues of Going Slow, 76 CHI. L. REW. 111 (2009).
Etlinger, Daniel,Sovereign Wealth Fund Liability: Private Investors Left Out in the Cold, 18 U. MIAMI BUS. L. REV. 59 (2010).
Gavioli, Maira Goes de Moraes,National Security or Xenophobia: The Impact of the Foreign Investment and National Security Act ("FINSA") in Foreign Investment in the U.S., 2 WILLIAM MITCHELL L. RAZA J. 2 (2011).
Ghahramani, Salar,Sovereign Wealth Funds, Transnational Law, and the New Paradigms of International Financial Relations, 8 YALE J. INT’L A. 52 (2013).
Gibson, Catherine H.,Beyond Self-Judgment: Exceptions Clauses in US BITs, 38 FORDHAM INT’L L.J.1 (2015).
Gilson, Ronald J.& Milhaupt, Curtis J.,Sovereign Wealth Funds and Corporate Government: A Minimalist Response to the New Mercantilism, 60 STAN L. REV. 1345 (2008).
Hatton, Kyle & Pistor, Katharina, Maximizing Autonomy in the Shadow of Great Powers: The Political Economy of Sovereign Wealth Funds, 50 COLUM. J. TRANSNAT’L L. 1 (2012)
Keenan,Patrick J.,Sovereign Wealth Fund and Social Arrears: Should Debts to Citizen be Treated Differently than Debts to Other Creditors? 49 VA. J. INT’L. L. 431 (2009)
Kimmitt, Robert M.,Public Footprints in Private Markets: Sovereign Wealth Funds and the World Economy, 87 FOREIGN AFF.119 (2008).
Lee, Yvonne C. L.,A Reversal of Neo-Colonialism: The Pitfalls and Prospects of Sovereign Wealth Funds, 40 GEO. J. INT’L. 1103 (2009).
Lee, Yvonne C. L.,The Governance of Contemporary Sovereign Wealth Funds, 6 HASTINGS BUS. L. J.197 (2010).
Lindberg,Seth Robert,Note, Sovereign wealth Fund Regulation in the E.U. And U.S.: A Call For Workable And Uniform Sovereign Wealth Fund Review Within The E.U., 37 SYRACUSE J. INT'L L. & COM. 95 (2009)
Lippincott, Meg,Depoliticizing Sovereign Wealth Funds Through International Arbitration, 13 CHI. J. INT’L L. 649 (2012-2013).
Lyons, Gerard,State Capitalism: The Rise of Sovereign Wealth Funds, 14 LAW & BUS. REV. AM. 1 (2008).
Meester,Bart De,International Legal Aspects of Sovereign Wealth Funds: Reconciling International Economic Law and the Law of State Immunities with a New Role of the State, 20 EUR. BUS. L. RER. 779 (2009).
Moon, William J.,Essential Security Interests in International Investment Agreements, 15 J. INT’L ECON. L. 481 (2012).
Moses, Margaret,Arbitration/Litigation Interface: The European Debate, 35 NW. J. INT'L L. & BUS. 1 (2014).
Muchlinski, Peter,'Caveat Investor'? The Relevance of the Conduct of the Investor under the Fair and Equitable Treatment Standard, 55 INT'L & COMP. L.Q. 527 (2006).
Nafziger,James A. R.,The General Admission of Aliens under International Law, 77 AM. J. INT’L. 804 (1983).
Pauwels,Alexandre H.,A Justified Defiance Towards Sovereign Wealth Funds?: A Tentative Defense Manual for the Wary Host State, 16 U.C. DAVIS BUS. L.J. 103 (2015).
Plotkin, Mark,David Fagan & Adam Smith, Steering the Deal Through, INDIA BUS.L.J. 31 (Sept. 2009).
Rivas, José A.,ICSID Treaty Counterclaims: Case Law and Treaty Evolution, TRANSNAT'L L. DISP. MANAGEMENT 779 (2015).
Schreuer, Christoph,Calvo’s Grandchildren The Return of Local Remedies in Investment Arbitration, 4 LAW & PRACTICE INT’L CTS. & TRIBUNALS 1 (2005).
Slawotsky,Joel,SovereignWealthFunds and Jurisdiction under the FSIA, 11 U. PA. J. BUS. L. 967 (2009).
Tejera,Victorino J.,The U.S. Law Regime of Sovereign Immunity and the Sovereign Wealth Funds, 25 U. MIAMI BUS. L. REV. 1 (2016).
Thomas,Naveen,Regulating Sovereign Wealth Funds Through Contract, 24 DUKE J. COMP. & INT’L L. 459 (2014)
Tobin, Jennifer& Rose-Ackerman, Susan,When BITs Have Some Bite: The Political-Economic Environment for Bilateral Investment Treaties, 6 REV. INT’L ORGAN. 1 (2011).
Whitsitt, Elizabeth,Application of MFN Clauses to the Dispute Settlement Provisions of BITs: an Updated Assessment of the Jurisprudence since Wintershall, 2 J. ARB. MEDIATION21 (2011-2012).
英文論文集
Adinolfi, Giovanna,SWFs and State immunity: Overcoming the Contradiction, in RESEARCH HANDBOOK ON SOVEREIGN WEALTH FUNDS AND INTERNATIONAL INVESTMENT LAW223 (Fabio Bassan eds., 2015).
Barbieri, Michele,Sovereign Wealth Funds as Protected Investors under BITs and the Safeguard of the National Security of Host States, in GENERAL INTERESTS OF HOST STATES IN INTERNATIONAL INVESTMENT LAW 130 (Giorgio Sacerdoti ed., 2014).
Bassan,Fabio, Sovereign Wealth Funds: A Definition and Classification, in RESEARCH HANDBOOK ON SOVEREIGN WEALTH FUNDS AND INTERNATIONAL INVESTMENT LAW 41 (Fabio Bassan eds., 2015).
Burgstaller, Markus,Sovereign Wealth Funds and International Investment Law, EVOLUTION IN INVESTMENT TREATY LAW AND ARBITRATION 163 (Chester Brown and Kate Miles eds., 2011).
Gelpern,Anna,Reconciling Sovereignty, Accountability, and Transparency in Sovereign Wealth Funds,in SOVEREIGN WEALTH FUNDS AND LONG-TERM INVESTING 205 (Patrick Bolton, Frederic Samama & Joseph E. Stiglitz eds., 2011).
Griffith-Jones, Stephany&Antonio, Jose,The Rationale for Sovereign Wealth Funds: a Developing Country Perspective, inSOVEREIGN WEALTH FUNDS AND LONG-TERM INVESTING 66(Patrick Bolton, Frederic Samama & Joseph E. Stiglitz eds., 2011).
Orr, Adrian,The Value of Transparencyin SOVEREIGN WEALTH FUNDS AND LONG-TERM INVESTING 212(Patrick Bolton, Frederic Samama & Joseph E. Stiglitz eds., 2011).
Ortino,Federico, Non-Discriminatory Treatment on Investment Disputes, HUMAN RIGHTS IN INTERNATIONAL INVESTMENT LAW AND ARBITRATION 344 (Pierre-Marie Dupoy, Francesco Francioni & Ernst-Ulrich eds., 2008).
Rose, Paul,The Foreign Investment and National SecurityAct of 2007: An Assessment of its Impact on Sovereign Wealth Funds and State-Owned Enterprises, in RESEARCH HANDBOOK ON SOVEREIGN WEALTH FUNDS AND INTERNATIONAL INVESTMENT LAW 145 (Fabio Bassan eds., 2015).
Stiglitz, Joseph E.,Sovereign Wealth Funds-Distinguishing Aspects and Opportunities, in SOVEREIGN WEALTH FUNDS AND LONG-TERM INVESTING 26 (Patrick Bolton, Frederic Samama & Joseph E. Stiglitz eds., 2011).
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Whitsitt, Elizabeth& Weiler, Todd,Sovereign Wealth Funds and Bilateral Investment Treaties’ NewModels: Issues, New Trends and State Practice, inRESEARCH HANDBOOK ON SOVEREIGN WEALTH FUNDS AND INTERNATIONAL INVESTMENT LAW273 (Fabio Bassan eds., 2015).
英文研討會論文
Nolan,Michael D.,Roundtable on States and State-Controlled Entities as Claimants in International Investment Arbitration Report, in VALE COLUMBIA CENTER ON SUSTAINABLE INTERNATIONAL INVESTMENT 1 (2010) (Date: March 19, 2010Location: Columbia University, New York).
ICSID仲裁庭與其他國際法庭案例
ADF Group Inc. v United States, ICSID Case No. ARB(AF)/00/1, Award (Jan. 9, 2003) at para. 157.
Antonine Goetz and others v. Republic of Burundi ICSID Case No.ARB95/3, Award,10 February 1999, 121.
Azurix Corp. v. The Argentine Republic ICSID Case No. ARB/01/12, Award, 316-23 (July 14, 2006).
Biwater Gauff v. United Republic of Tanazania, ICSID Case No ARB/05/22(Award,24 July 2008)
CMS Gas Transmission Company v. The Republic of Argentina, ICSID Case No. ARB/01/8, Award, ¶ 319-330 (May 12, 2005).
Continental Casualty Company v. Argentine Republic ICSID Case No. ARB/03/9, Award, 257-62 (Sept. 5, 2008).
Emilio Agustín Maffezini v. The Kingdom of Spain, ICSID Case No. ARB/97/7.
Gabčikovo-Nagymaros Project, Hungary v Slovakia, Judgment, Merits, 1997 I.C.J. G.L. No. 92, para. 51 (Jan. 1997)
International Thunderbid Corporation v Mexico, UNCITRAL, Award (Jan. 26, 2006) at para. 183.
LG & E Energy Corp. v Argentine Republic, ICSID Case No. Arb/02/1, Decision on Liability, ¶ 206-231 (Oct. 3, 2006).
Marvin Feldman v The United Mexican States, ICSID Case NO. ARB(AF)/99/1, Final Award (Dec. 16, 2002) [Feldman]).
MCI v. Republic of Ecuador, ICSID Case No ARB/03/06 (Award, 31 July 2007).
Metalclad Corporation v. The United Mexican State, ICSID Case No. ARB (AF)/97/1, Award, 99 (Aug. 30, 2000).
Methanex Corp. v. United States, Final Award of the Tribunal on Jurisdiction andMerits, 44 I.L.M. 1345, pt.IV, ch. D, para. 7 (NAFTA Ch. 11 Arb. Trib. 2005).
Occidental Exploration and Production Company v The Republic of Ecuador, LCIA No. UN 3467, Final Award (July 1, 2004).
Parkerings-Compagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Award,11 September 2007, 290.
Republic of Nicaragua v. The United States of America, Merits, 1986 I.C.J. Rep. 14, para. 179 (1986).
Saluka Investments BV (The Netherlands) v. The Czech Republic, UNCITRAL, Award, 17 March 2006, 307.
SD Myers v. Canada, UNCITRAL, First Partial Award (Nov. 13, 2000) at para. 254 [SD Myers].
Sempra Energy Int’l v. Argentina, No. ARB/02/016（ICSID Sept. 28, 2007）（Sempra I）.
Sempra Energy Int’l v. Argentina, No. ARB/02/016（ICSID ad hoc annulment Committee June 29, 2010).
Siemens v Argentina, ICSID Case No.ARB/02/8, Award (Feb. 6, 2007) at para. 321.
Tecnicas Medioambientales Tecmed, S.A.v. United Mexican States, ICSID Case No. ARB(AF)/00/2, Award, 152-74 (May 29, 2003).
United Parcel Service of America II v. Government of Canada, Award on Merit, ICSID Case No. UNCT/02/1, ¶¶173-81 (May 24, 2007).
Waste Management, Inc. v. United Mexican States, ICSID Case No. ARB (AF)/00/3, Award, 159 (Apr. 30, 2004).
美國法庭案例
Atlantica Holdings, Inc. v. Sovereign Wealth Fund Samruk–Kazyna JSC, 2 F.Supp.3d 550, 555 (S.D.N.Y. 2014).
De Sanchez v. Banco Central de Nicaragua, 770 F.2d 1385, 1393 (1985).
OBB Personenverkehr AG v. Sachs, 577 U. S.___, 1 (2015).
Republic of Argentina v. Weltover, Inc., 504 U.S. 607, 618 (1992).
Samantar v. Yousuf, 560 U.S. 305, 313(2010).
Saudi Arabia v. Nelson, 507 U.S. 349, 359-60 (1993).
國際條約、法條、準則或官方釋義
2012 United States Model Bilateral Investment Treaty.
28 U.S. CODE §§ 1605, 1605A.
31 C.F.R § 800.302(d)(1)(2008).
Agreement Between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Barbados for the Promotion and Protection of Investments, Barb.-U.K., art. 2(1), Apr. 7, 1993, T.S. No. 54.
Agreement on Trade-Related Investment Measures, Apr. 15, 1994, Marrakesh Agreement Establishing the World Trade Organization, Annex 1A, 1868 U.N.T.S. 186.
Bilateral Investment Treaty between France and Singapore (1976).
Bilateral Investment Treaty between UAE and France (1995).
Bilateral Investment Treaty between UK and Sri Lanka (1980).
Bilateral Investment Treaty between Qatar and France (1996).
Convention on the Settlement of Investment Disputes between States and Nationals of Other States, opened for signature Mar. 18, 1965, 17 U.S.T. 1270, T.I.A.S. No. 6090, 575 U.N.T.S. 159(1965).
G.A. Res. 59/38, United Nations Convention on Jurisdictional Immunities of States and Their Property (Dec. 2, 2004), http://www.refworld.org/docid/4280737b4.html.
North American Free Trade Agreement (entering into force on January 1, 1994, revised on May 18, 2017).
Rules Governing the Additional Facility for the Administration of Proceedings by the Secretariat of the International Centre for Settlement of Investment Disputes, 1 ICSID Rep. 213 (2003).
Section 721 of the Defense Production Act of 1950, 50 U.S.C. App. 2170.
Treaty Concerning the Reciprocal Encouragement and Protection of Investment, U.S.-Arg., Nov. 14, 1991, 31 I.L.M. 124, art. XI.
United States of America-Uruguay Bilateral Investment Treaty (2006).
UNCITRAL Model Law on International Commercial Arbitration (1985).

國際／區域組織文件、報告
Avendaño, Rolando & Santiso, Javier, Are Sovereign Wealth Funds Investments Politically Biased? A Comparison with Mutual Fund? OECD, DEV/DOC(2009)08 (2009).
BEHRENDT, SVEN, SOVEREIGN WEALTH FUNDS AND THE SANTIAGO PRINCIPLES: WHERE DO THEY STAND? 15 (2010), http://carnegieendowment.org/files/santiago_principles.pdf.
CONGRESS REPORT, THE COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES (CFIUS) (Apr. 6, 2017), https://fas.org/sgp/crs/natsec/RL33388.pdf.
Do Sovereign Wealth Funds Make the U.S. Economy Stronger or Pose National Security Risks?: Hearing Before the J. Economic Comm.: Hearing before the Joint Economic Committee Congress of the United States One Hundred Tenth Congress Second Session, 110th Cong. (2008).
INTERNATIONAL WORKING GROUP OF SOVERIGN WEALTH FUNDS, SOVERIGN WEALTH FUNDS GENERALLY ACCEPTED PRINCIPLES AND PRACTICES “SANTIAGO PRINCIPLES” (Oct. 2008).
OECD, "INDIRECT EXPROPRIATION" AND THE "RIGHT TO REGULATE" IN INTERNATIONAL INVESTMENT LAW, http://dx.doi.org/10.1787/780155872321.
OECD INVESTMENT DIVISION, GUIDELINES FOR RECIPIENT COUNTRY INVESTMENT POLICIES RELATING TO NATIONAL SECURITY-RECOMMENDATION ADOPTED BY THE OECD COUNCIL ON 25 MAY 2009 3-4, https://www.oecd.org/investment/investment-policy/43384486.pdf
United Nations Conference on Trade and Development, World Investment Report 2016: Investor Nationality: Policy Challenges, UNCTAD/WIR/2016 at 101 (2016).
U.S. DEPARTMENT OF THE TREASURY, ANNUAL REPORT TO CONGRESS FOR CY 2014 22 (2016).
U.S. DEPARTMENT OF THE TREASURY, CFIUS REFORM: THE FOREIGN INVESTMENT & NATIONAL SECURITY ACT OF 2007 (FINSA) (2008).
英文報告
Fromm, David G., Regime Changer? Sovereign Wealth Funds and the International Investment System (Apr. 2012) (unpublished LLM paper Fletcher School of Law and Diplomacy, Tufts University) (on file with the Fletcher School of Law and Diplomacy, Tufts University), http://fletcher.tufts.edu/~/media/Fletcher/Microsites/swfi/pdfs/2012/Fromm%20Paper_FINAL.pdf
Kalter, Eliot, Sovereign Wealth Fund Investment Trends 4, http://fletcher.tufts.edu/~/media/Fletcher/Microsites/SovereigNET/Kalter_SWF%20Investment%20Trends.pdf (Jan. 2016) (unpublished manuscript) (on file with the website of Tufts University).
KERN, STEFFEN, SOVEREIGN WEALTH FUNDS: STATE INVESTEMNTS ON THE RISE (Sept. 10, 2007), http://www.dbresearch.de/PROD/DBR_INTERNET_DE-PROD/PROD0000000000215270.pdf.

英文報導
Fitzgerald, Patrick,Abu Dhabi Fund Sued by Madoff Trustee, WALL ST. J., Aug. 12, 2011.
GIC’s Investment in Linx Shows Confidence in Brazil Economy, BLOOMBERG BUS. WK., Mar. 12, 2014.
Rozanov, Andrew,Who Holds the Wealth of Nations?STATE STREET GLOBAL ADVISORS (Aug. 2005).
Shaffer, Leslie,China's Sovereign Wealth Fund Wants to Help Trump Revamp US Infrastructure, CNBC BUSINESS (Jan. 16, 2017, 10:20 AM), http://www.cnbc.com/2017/01/16/chinas-sovereign-wealth-fund-wants-to-help-trump-revamp-us-infrastructure.html.
Temasek: The Model for China's Sovereign Wealth Fund?BLOOMBERG BUSINESSWEEK GLOBAL ECONOMICS (July 30. 2008),https://www.bloomberg.com/news/articles/2008-07-30/temasek-the-model-for-chinas-sovereign-wealth-fund-businessweek-business-news-stock-market-and-financial-advice.
Thirlwell, Mark,Sovereign Wealth Funds and the WTO, THE INTERPRETER (Jan. 25, 2008), https://www.lowyinstitute.org/the-interpreter/sovereign-wealth-funds-and-wto; ARVIND SUBRAMANIAN & AADITYA MATTOO, CURRENCY UNDERVALUATION AND SOVEREIGN WEALTH FUNDS: A NEW ROLE FOR THE WORLD TRADE ORGANIZATION - WORKING PAPER 142 (2008),https://www.cgdev.org/sites/default/files/15501_file_Subramanian.pdf.
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TEMASEK HOLDINGS (PRIVATE) LIMITED, FRENQUENTLY ASKED QUESTIONS OF TEMASEK HOLDINGS: KPPU INVESTIGATION, http://www.temasek.com.sg/Documents/userfiles/files/kppu_QandA_09may.pdf (last visited June 10, 2017).
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Treasury Reaches Agreement on Principles for Sovereign Wealth Fund Investment with Singapore and Abu Dhabi, PRESS CENTER OF U.S. DEPARTMENT OF THE TREASURY, http://www.treasury.gov/press-center/press-releases/Pages/hp881.aspx (last visited July 7, 2017).
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