There is no lack of literature that focuses on the servitization of manufacturing enterprises, but the market performance of manufacturing enterprises may fluctuate during the servitization process, which involves the risk of enterprise operation. This paper uses the signal theory and behavior theory of firm to explain the above problems.Because servitization is likely to convey to the world market some of the signal about enterprise operation, and the signal is "good" or "bad", depend on enterprise"s context, including research and development ability of enterprises, the development of services and products, marketing strength, and the correlation of the slack of resources, etc., the context factors in the servitization risk relevance has moderate role, in this paper, through collecting the data of Chinese listed manufacturing enterprises as samples for empirical analysis, the estimated results show that the enterprise has developed by good research and development capabilities and more highly associated with the product service helps to alleviate the risk of service,However, the enhancement of marketing activities and the unabsorbed resources slack will aggravate the external concerns about the enterprise"s service-oriented strategy and thus cause greater business risks, while the absorbed resources slack have no significant moderate effect,and the above role in the sub-sector and the size of enterprises are also different.