Based on social network theory and the perspective of school-enterprise resource exchange, the data of A-share listed companies from 2010 to 2017 is used to empirically test the relationship between charitable donation and innovation performance. The results show that charitable donation is beneficial to the enterprise innovation output, and this paper also finds the positive moderating effect of school-enterprise association and enterprise geographical position on enterprise donation and innovation performance. These conclusions verify that charitable donation has become one of the important means for enterprises to establish and maintain cooperative relations with universities and other scientific research institutions. The black box between charitable donation and enterprise innovation is opened, and the theoretical connotation of strategic philanthropy is enriched.