With the spreading of the coronavirus (COVID-19), donations from all sectors of society are also increasing, of which enterprises are undoubtedly the main donators. Why do profit-seeking firms still engage in philanthropy during the COVID-19 pandemic? Based on the panel data of China's A-share listed companies from 2014 to 2020, this paper empirically tests the relationship between philanthropy pressure and enterprise financial performance from the perspective of organizational fields. The result shows that the philanthropy pressure from the region enhances enterprise performance, and the level of legal region environment can negatively moderate this relationship. The philanthropy pressure from the industry can improve the enterprise performance, and the enterprise visibility will positively moderate this relationship.