基于高管团队风险视角，本文首次提出“制度支持—高管团队冒险倾向—公司创业”的路径作用过程，检验了行业增长这一重要行业特征在整个作用机制过程中所起到的调节作用，京津冀地区五个城市227家企业样本的实证研究结果支持了所提出的有中介的调节模型：制度支持能够显著提升公司创业，高管团队冒险倾向在其中发挥了部分中介作用，行业增长对制度支持与高管团队冒险倾向、制度支持与公司创业之间的关系以及高管团队冒险倾向的中介作用都具有显著的正向调节作用。

Based on a unique perspective of top management team risk propensity, this study proposes a process path of “institutional environment-top management team-corporate strategy”, and tests moderating role of industry growth in the whole process. Data that we collected from 227 firms in five cities in Beijing-Tianjin-Hebei region has supported most of our moderated mediator model, that is, institutional support is positively related to top management team risk propensity and corporate entrepreneurship and top management team risk propensity plays a partial mediating role in the relationship between institutional support and corporate entrepreneurship. We also find that industry growth plays a positive moderate role in the positive relationship of institutional support and top management team risk propensity, and in the positive relationship of institutional support and corporate entrepreneurship, and in mediating effort of top management team risk propensity.