企業財務困境迫使重整部門必須決定：流動性穩定、營運資金干預及資本結構調整等工作線，究竟應依序進行，抑或必須並行推進。現有文獻大多孤立探討這些領域，導致整合性執行邏輯尚未充分發展。本論文借鑒代理理論、交易成本經濟學及動態能力理論，透過結構化的概念整合，發展出一套具情境敏感性的順序邏輯。由此建立的框架結合了2×2矩陣、四套針對特定情境的行動指南，以及一套互補的營運決策樹，並沿著兩條主要軸線進行組織：現金儲備作為首要的順序安排限制，而再融資壓力則作為在外部條件下可能迫使並行執行的觸發因素。營運資金結構在每種情境中調節槓桿的可取得性，而基於資產特異性的防護措施則界定了可行性的極限。設計上刻意保留了代理理論所指的加速策略與基於交易成本的資源榨取限制之間不可調和的張力。針對德國漢莎航空（Lufthansa AG）、蒂森克虜伯（thyssenkrupp AG）及加萊里亞·卡爾施塔特·考夫霍夫（Galeria Karstadt Kaufhof）進行的啟發式壓力測試，評估了這些框架對企業重整部門及重組決策者而言的適用性、不匹配狀況及適用範圍。

Corporate distress forces turnaround offices to decide whether liquidity stabilization, work-ing-capital interventions, and capital-structure workstreams can be sequenced or must run in parallel. Existing literature has examined these domains largely in isolation, leaving an integrated execution logic underdeveloped. Drawing on Agency Theory, Transaction Cost Economics, and Dynamic Capabilities, this thesis develops a contingency-sensitive sequencing logic through a structured conceptual synthesis. The resulting framework combines a 2×2 matrix with four con-figuration-specific playbooks and a complementary operational decision tree, organized along two primary axes: cash runway as the primary sequencing constraint and refinancing pressure as the trigger that can force parallel execution under external conditionality. Working-capital structure moderates lever accessibility within each configuration, while asset-specificity-based guardrails define feasibility limits. An irreducible tension between agency-theoretic acceleration and trans-action-cost-based extraction constraints is preserved by design. Heuristic stress tests on Lufthansa AG, thyssenkrupp AG, and Galeria Karstadt Kaufhof assess fit, mismatch, and scope conditions for turnaround offices and restructuring decision-makers.

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