Based on the social responsibility perspective of public welfare donation，this paper takes A-share listed companies from 2009 to 2016 as the research sample，and examines the effect of public welfare donations on the efficiency of operating capital management under the influence of the residual control of managerial power. The study finds that public welfare donations can promote the efficiency of operating capital management， and management power will suppress this efficiency improvement effect. Further research finds that as to the role of public welfare donations in improving the efficiency of working capital management，there exists no difference in different types of ownership，but the power of management to weaken the efficiency of public welfare donations in working capital management is more significant in state-owned enterprises. Moreover， it is found that for enterprises facing financing constraints， public welfare donations have a more significant effect on the efficiency of operating capital management， and are more susceptible to the weakening effect of management power. The results show that enterprises participating in public welfare donations and actively fulfilling higher levels of social responsibility can play an active role in improving the efficiency of corporate working capital management，while further improving corporate governance，effectively supervising and restraining management power structure could further bring good promotion of the efficiency of operating capital management.