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.