The paper takes enterprise’s donation as key point and makes an empirical test on whether SOEs donation plays a leading role or not to offer effective foundation for the representative valuation of SOEs donation. In the research, the donation that SOEs donate more than private enterprises serves as a docking of demonstration donation. Through the analysis of improvement of philanthropic environment and social learning, the paper finds that SOEs donation plays a leading role, in other words, when SOEs donate more than private enterprises, the phenomenon that private enterprises donate less tends to decrease and it is more profound for those private enterprises which size is small and philanthropic experience is little. Further examination reveals that the lower SOEs’ monopoly is and the lighter policy burdens is, the more the leading role of SOEs donation is weakened when thinking about the difference within private enterprises’ identification and attribution to SOEs donation. Further evidence indicates that using private enterprises donation as a reference, private enterprises can avoid blindness of donation and increase its value effect. The paper throws light for deepening the understanding of leading role and its policy assessment of SOEs more donation.