Based on the measuring of the degree of financial constraints, this paper theoretically analyzes and empirically tests the relationship of different ownership corporations financial constraints, agency costs and corporate charitable donation. The result shows that there is a positive relationship between the agent costs and charitable donations. That means the higher agency costs an enterprise has, the higher level of donation it will be. But financial constraints can play certain governance effect on the positive relationship between the agency costs and the donations. Although the private enterprises prefer to donate, financial constraints can give more constraint effect on donation caused by agency cost incurred to private enterprises.