Corporate Philanthropy and innovation performance are the focuses of enterprise research in recent years. Based on resource dependence theory and information disclosure theory, the paper explores the impact of philanthropic donations on innovation performance. Through the quantitative data analysis of 319 enterprises in China, the results show that: (1) There is an obviously positive correlation between philanthropic donations and innovation performance, which will be affected by the scale of enterprises. (2) The disclosure of philanthropic information will weaken the promotion effect of philanthropic donation on innovation performance. The conclusion of the study made a useful extension of the existing philanthropic donation literature and provided a theoretical basis for the philanthropic practice of the enterprise.