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近年来，为了壮大自身发展，不少企业集团开始发展多元化，并通过高杆杠的方式进行扩张。但随着我国经济下行压力增大，企业发展面临严峻考验，流动性不足等问题阻碍了企业的发展，也造成了一定程度上的风险传染，如何有效避免流动性风险传染成为公众普遍关心的问题。

基于此，本文以恒大集团为研究案例，对企业集团财务流动性风险传染路径及影响进行研究，并总结财务流动性风险传染一般规律。本文在梳理相关文献的基础上，首先对恒大集团的整体状况进行了梳理，发现其流动性可能存在问题。于是，本文对财务流动性风险进行了识别，发现恒大集团存在资产充足但变现力低下，负债逐年增加，且筹资结构不合理等问题。其次，受集团内部治理、宏观环境及日常活动的影响，该风险造成了一定程度的传染，本文先从三方面对其传染征兆做出阐述，然后分别从集团内外部出发，对恒大集团的财务流动性风险传染路径进行了研究。最后，从微观、中观及宏观三个层面对其财务流动性风险传染影响进行分析，并提出管控该风险进行传染的策略。通过研究得出，企业集团的财务流动性风险会首先向集团内部传染，当该风险加重时，开始向集团外部蔓延，通过经营及融资活动向行业上下游企业、金融机构及投资者进行传染，导致上下游部分企业偿债能力下降，轻则被短暂停牌，重则被破产重整。

多元化扩张和日后经营状况是财务流动性风险传染的源头，而企业集团复杂的股权结构及薄弱的内部控制是财务流动性风险扩散的关键因素。鉴于此，本文对多元化经营的企业提出以下建议：第一，审慎发展多元化战略，合理规划发展战略；第二，完善内部控制制度，规范关联交易；第三，科学融资，并约束投资行为。

In recent years, in order to strengthen their own development, many started to develop diversified enterprise group, and to expand through the way of growing poles. But along with our country economy downward pressure increase, enterprise development face a severe test, lack of liquidity problems hindered the development of the enterprise, also creates the risk of infection, to a certain extent, how to effectively avoid liquidity risk contagion has become a universal concern of all the public problems.

Based on this, this article take Evergrande group as the research case, impact on the enterprise group financial liquidity risk transmission path, and study, and summarizes financial liquidity risk contagion general rules. In this paper, on the basis of combing the literature, first of all, generalizes the overall situation of Evergrande group, found that the liquidity there may be a problem.Then, this paper deals with the financial liquidity risk identification, found Evergrande group is low enough but to liquidate assets, liabilities increased year by year, and such problems as unreasonable financing structure. Secondly, by the group internal governance, macro, the influence of the environment and the daily activity, the risk caused a certain degree of infection, this article from the three sides facing its first infection symptom, make then embarks from the group's internal and external, respectively for Evergrande group financial liquidity risk transmission path were studied. Finally, from three aspects: the micro, meso and macro analysis of its financial liquidity risk contagion effect, and put forward the control strategy of the risk for infection. Through the study, the enterprise group's financial liquidity risk will first within the group to infect, when the risks aggravating, began to spread group outside, to the industry upstream and downstream enterprises through operating and financing activities, financial institutions and investors to infect, resulting in a decline in upstream and downstream part of the enterprise debt paying ability and light are briefly suspended, or by bankruptcy reorganization.

Diversified expansion and future operating performance is the source of financial liquidity risk contagion and enterprise group complex equity structure and weak internal control is a key factor in the spread of financial liquidity risk. Of diversified enterprise in view of this, this article puts forward the following Suggestions: first, the development strategy of diversifying prudence, reasonable planning and development strategy; Second, perfect the internal control system, the standard connection transaction; Third, Scientific financing，and restrict investment behavior.