First, this article begins form the meaning, function and the legal character of share exchange legal system, not only to discuss the necessity to introduce it into our legal system, but also analyzes the legal meaning of §156 VI in the new amendment Corporation Law in Taiwan. Second, it analyzes same and different factors of practice between share exchange and corporate division. Then, for the purpose of building up our fundamental structure, and for the consultation of introducing share exchange legal system in the future, this article also form the view of comparative law method to exam questions in basic process, legal effect of share exchange, and the protection of minority shareholders and creditors. Finally, when introducing share exchange legal system, this article form the view of legislation policy indicates that the necessity to alleviate the cost of business reorganization activity in a reasonable scope. In addition, it is necessary to introduce short-form share exchange, short-form corporate division, short form merger and short-form business transferring to cope with the equity design of legal system. Besides, according to share exchange legal system in the Corporate Merger and Acquisition Law, the invalid process of old stocks of target company are not present, and the measure of stipulating share exchange’s rate for strengthening the fair trade are not adopted. Moreover, to avoid making legal relation more complex, this article also suggests we should build up general rules of the nullity of sharehoders’ meeting regarding to corporate consolidation, share exchange and corporate divisions, etc.