一战期间列强忙于欧战,加之纱贵花贱,天津棉纺织业获得快速发展,1920年代初天津华商六大纱厂相继建成,然而纱业萧条却接踵而至,各纱厂虽然调整振作试图走出困境,但是却越陷越深,延至1930年代均归于失败.通过梳理裕元纱厂负债经营的过程,不难得知其得利先分,举债扩张,运营中流动资金不足,动辄则仰给于借款,为企业发展埋下病根;公积金、折旧提取不足,造成固定设备不能及时更新,产品结构老化,以至于产品积压,资金周转过慢,债息愈来愈重,企业不堪重负最终解散.这一时期天津其他华商纱厂情况大体类似.以往对于纱业经营危机的研究,多强调企业经营内外环境的恶化,尤其日方纱商的挤压是造成经营衰败的原因.实际上,天津棉纺织业自身经营的内在缺陷即资产负债率过高是导致其衰败的主要原因.%During the First World War ,the foreign powers were engaged in the war in Europe .During that period ,the cot-ton textile industry in Tianjin achieved rapid development .In the early 1920s,the six major Chinese spinning mills in Tianjin were established .However ,the yarn industry experienced a slowdown and the mills tried to adjust by closing operations .This recessionary period grew deeper and deeper ,and it lasted until the 1930 s.By sorting out the Yuyuan mill ' s debt management process,it became obvious that its weak profitability was due to debt expansion ,insufficient liquidity in operations ,and exces-sive borrowing which all contributed to the lack of development of the enterprise .In addition,insufficient collection of fixed re-serves,depreciation,fixed aging equipment,product backlog,slow capital turnover,increasing debt interest expense also over-whelmed this company and they eventually disbanded .Other Chinese enterprises in Tianjin had a similar experience .In the past,studies on the operational crisis of the textile industry concluded that increased competition hurt Chinese companies ' profitability,especially with the emergence of the Japanese textile industry .Lastly,but most importantly ,it was the companies ' high debt-to-equity ratio that was a key contributor to their downfall .
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