This study investigates the relationship between corporate social contribution measures and investors’ reaction under the effect of corporate governance for firms listed in China, one of the largest emerging economies in the world. Corporate social contribution is examined from an informative perspective in this study, using a financial indicator - social contribution value per share brought up by the Shanghai Stock Exchange in 2008. Data is obtained from two channels: financial information during 2007-2011 generated from CSMAR and some social accounting information manually collected from 2007-2011’s annual reports and social reports. It is predicted that investors’ reaction towards corporate social contribution becomes stronger for enterprises with high corporate governance quality. The findings of this study can provide guidance to investors on how to evaluate a firm’s social performance and encourage public enterprises to improve the transparency of their social reporting, as well as the quality of corporate governance.