This paper,using the data of 2007—2010 Ashare companies, analyzes the impact of financial crisis and ownership concentration on listed companies cash dividend policies.The empirical results indicate that，during financial crisis，listed companies tend to miss cach dividend and reduce the level of cash payout to cope with income uncertainty in the future.Contrary to listed companies with lower ownership concentration，financial crisis strengthens the preference for cash payout of listed companies with high ownership concentration，i.e.during financial crisis，listed companies with high ownership concentration may pay more cash dividend to satisfy large shareholders cash need.The results of this paper provide reference for supervision on listed companies paying out cash dividend.