Based on principal-agent theory, this paper empirically studies the relationship between trust environment and enterprise donation from the perspective of enterprise ownership, and analyzes the changes of relationship in enterprises of different political connection. The study shows that, trust environment and enterprise donation as a whole are significantly negative correlated. Namely, the improvement of institution has restrained the executive opportunism behavior and the agency problem of donation has been alleviated.But after distinguishing the nature of big shareholder, the above phenomenon only occurs in state-owned holding enterprise. After the introduction of the adjustment variable-political connection, political connection has weakened the influence of the trust on the donation, and intensified the agency problem, but this phenomenon is mainly reflected in the non-state holding enterprises. The further study also shows the reason why the non-state holding enterprise is willing to bear more serious agency problem of donation, the intention is to achieve the purpose of obtaining government subsidies by political connection, and the phenomenon does not occur in the state-owned holding enterprises under the same conditions.