Taking A share listed companies in Shanghai and Shenzhen stock exchanges in 2020 as samples, this paper discusses the impact of corporate donations on stock price after major public health emergency. This paper intends to find out whether the effect of donation is significantly different due to enterprise heterogeneity from three dimensions of the nature of the company(property right nature, industry nature), internal characteristics (internal control quality, information disclosure quality), as well as external environment (product market competition, the severity of the epidemic in the region).The empirical results show that in the context of major public health emergency, corporate donation has a significant positive impact on stock price, and further research reveals that this relationship is affected by enterprise heterogeneity. Specifically, state owned enterprises, enterprises in industries severely affected by the epidemic, enterprises with low quality of internal control, enterprises with low quality of information disclosure, enterprises in areas severely affected by the epidemic, and enterprises with high level of competition in the product market have no significant effect on the elevation of stock price.