Taking the data of listed companies in A-share market from 2008 to 2016 as a sample, this paper tries to examine the relationship among earnings management, strategic donation and stock price volatility. The results show that the strategic donation has weakened the stock price volatility and earnings management has contributed to the weakening effect of strategic donation on the stock price volatility. For both state-owned enterprises and non-state-owned enterprises, strategic donations has weakened the company’s stock price volatility, and the earnings management in non-state-owned enterprise is more effective in enhancing strategic donation and weakening stock price volatility. The study shows that “good” earnings management enhances the effectiveness of strategic donation in weakening the company’s stock price volatility, which is the corporate governance mechanism for long-term development. Not merely as pure management tools for private interests, it can protect the interests of multi-stakeholders.