公正与公平待遇标准是东道国给予外资的绝对待遇标准。为了更好地平衡投资者的利益和主权国家管理公共事务的权力,该标准的运用必须根据案件具体情况及东道国的经济发展水平而确定。CMS案仲裁庭无论是对公正与公平待遇标准具体内涵的理解,还是对违反该标准最终补偿额的确定,都对阿根廷政府提出了过高的要求。CMS案所提出的投资者的合理期待问题在公正与公平待遇标准,以及整个国际投资法律制度中的作用值得学界给予更多的关注。 The standard of fair and equitable treatment is the absolute standard of treatment for foreign investment by the host country. In order to better balance the interests of investors and sovereign states in the management of public affairs, the application of this standard must be based on the specific circumstances of the case and the level of economic development in the host country. No matter whether the tribunal of CMS case understands the concrete connotation of the fair and equitable treatment standard or the determination of the final compensation amount in violation of the standard, the Argentine government puts forward too high demands. The role of the CMS’s reasonable expectations of investors in fair and equitable treatment standards and the entire international investment law system deserves more attention from the academic community.