With the rapid progress of global economic integration, more and more limitations appear in traditional production factors that enhance the organization performances of firms. So the firms have to seek new economic growth points and development strategies. As an effective way to share corporate social responsibility, it is significant for firm to make contributions. A research was made of the data collected from 428 firms involved in philanthropy from Shanghai securities exchange in 2008. The test based on regression analysis shows that the firm size, the assets-liabilities ratio and the educational level of manager have influence on corporate philanthropy, and the effects of three antecedent variables on corporate philanthropy are different. Corporate philanthropy has indirect influence on organization performance by transferring intangible resources into firm’s competitive advantages and the organization performances of firms are improved. Some effective policies are proposed to encourage firm to participate into philanthropy.