On Perfection Of China's Enterprises Reforming The Legal System

Reorganization, by nature, refers to the rebuild regime under the doctrines of bankruptcy law which aims at maintaining the existence and survival of debtors who are desperately involved in debt crisis and restoring their management and debt repayment eligibility. The establishment of reorganization system can not only optimize resource allocation but also select the superior and eliminate the inferior in its real sense, which is pivotal in constructing our socialist market economy and building a harmonious society. The stipulation and practice of new Enterprise Bankruptcy Law declares the official establishment of enterprise reorganization system in China.Legal systems don't exist for the sake of existence on the ground that their final mission and value lies in the solution of problems. Owing to this, we should learn from foreign systems which are experienced in addressing similar reorganization problems, analyze our own national conditions and further better our enterprise reorganization system.Taking a historical and comparative approach, this paper elaborates the fundamental principles and theories of reorganization system and develops an analysis about the necessity and feasibility of bettering our enterprise reorganization system. In addition, this paper emphatically makes an examination and evaluation of reorganization systems of both the United States and Japan, and finally puts forward some tentative suggestions of bettering our enterprise reorganization system from the aspects of both legislative patterns and real systems.