Abstract: The risk of enterprise cluster is one of the main issues in academic circles, but the existing researches mainly discuss the risk induced by life cycle of cluster and network lock-in. From the cluster organization characteristics and using the basic theories of information economics, this paper studies two typical cluster risks, namely "implicated" risk and "lemon market" risk, its purpose is to reveal the nature of the risk of cluster and the deprivative mechanism. The differences between this paper and the previous studies are: (1) It studies the risk mechanism of clusters formation based on the information asymmetry theory; (2)It researches the cluster risk not only from the relationship between producers and consumers, but also from the relationship between producers.