Since 2000, the Banking Act, the Financial Institution Merger Act, the Financial Holding Company Act, the Coporation Act, the Merger and Acquisition Act, the Security Act, the Fair Trade Act and other financial relevant laws were amended and constituted, therefore the legal reform of the corporate reorganization started in order to format the complicated legal system of corporate reorganization. Meanwhile from views of legislative policy, even though the tax-relief and financial-favoured measures adopted or the competition and society control deregulated ,the public interest should be justified by the method of ecomonic efficiency analysis. Whereas the recent legislations of the cooperative reorganization always simplify the banking merger procedure, reduce the decision-making standard of shareholders' meeting, cancel or limit the appraisal right for shareholders or the indemnify Y for creditors of individual inform procedure in order to make a cost-cutting of the coporative reorganization in name of the cost-benefit analysis. The basic principle of the cooperate reorganization legal system is the balance of stakeholders' interests. So the key issue is whether the protection of minority shareholders, the indemnity of creditors and the financial market rules can be ignored. Part II will analyse the characteristics and questions of the corporate reorganization legal system from the views of the Merger and Acquisition Act, and also the recent reform of the Financial Institution Merger Act, the Financial Holding Company Act and the other relevant laws to define the policy goals of the Coporation Act. Depending on ecomonic efficiency is the policy goal of coporate reorganization legal system, Part III will discuss to the balance between stakeholders' protection and it. Part IV will examine the f1exibleapproach of corporate reorganization should be adopted by the amendment of Coporation Act. Meanwhile the concrete solution of the corporate reorganization legal system shoukd be presented in the next amendment of drafting the Corporation Act, it will attempt to provide the harmony of stakeholders' protection and ecomonic efficiency, and the balance of cost and efficiency. Part V will make a brief conclusion.