As the exterior environment becomes more and more complex, the Chinese stock market crashed several times in recent years, which naturally raises a question that how do firms change their cash holdings strategy to maintain liquidity in such a complicated environment. This paper investigates the effect of stock price crash risk on firm cash holdings adjusting speed by using the data of Chinese listed firms from 2009-2016. We find that firms with greater stock price crash risk change their cash holdings faster, and the positive relationship is more pronounced for firms with fewer follow-up analysts and with fewer institutional investors. Further, we analyze whether the nature of equity has an impact on such positive relationship or not, and the result Indicates that there is no significant difference in adjusting speed of cash between State Owned Enterprises (SOEs) and non-SOEs. However, we find the fact that more follow up analysts and more institutional investors can significantly reduce the cash adjusting speed of private firms, while it has no impact on SOEs.