Abstract: The operation management and reorganization efficiency of the debtor during bankruptcy reorganization period are the key factors to determine the success or failure of the debtor′s bankruptcy reorganization.China′s bankruptcy law provides two models during the period: the administrator management and the debtor′s self management. While in judicial practice, the former model is frequently-used, and the latter model is less applicable.The paper analyzes the legal attributes of self-management debtor as the desperate company′s control party in reorganization. In addition, based on the experience of USA, Germany and Japan, it fully discusses the application scope, objection procedure and social & economic conditions of the debtor′s self management system. At last, it analyzes the history of China′s legislative transplantation and its shortcomings in judicial practice,and puts forward some suggestions on improving the debtor′s self-management system of bankruptcy reorganization in China.

Key words: bankruptcy reorganization, debtor′s self-management, applicability