Based on a sample of Shanghai and Shenzhen listed companies from 2010 to 2015, the paper focuses on the interaction between the level of corporate philanthropy and the level of accrued earnings management, and the interaction between the level of corporate philanthropy and the level of real earnings management, to find out listed companies’ donations indicate companies’ high social responsibility, or it’s a tool to gain personal interests for companies or managers. The paper found that there is a positive interaction between the level of corporate philanthropy and the level of accrued earnings management, and there is a negative interaction between the level of corporate philanthropy and the level of real earnings management. It shows that Chinese enterprises donate for private purposes, and enterprises will use accrued earnings management to cover up the self-interest of donations and use donations to cover up accrued earnings management. It also shows that for the sake of cost and profit, there is a trade-off between corporate philanthropy and real earnings management. The paper also found that private enterprises, state-owned enterprises, equity dispersed enterprises and highly concentrated ownership enterprises all donate for private purposes. And the result is more obvious in private enterprises and equity dispersed enterprises.