This paper investigates how investors' forward-looking information concerns affect corporate risk-taking. Based on the earnings communication conferences of listed firms from 2005 to 2022, we use textual analysis and machine learning to construct investors' forward-looking information concern indicators and then carry out empirical tests. We find that investors' forward-looking information concerns significantly reduces the level of risk-taking of firms, supporting the market pressure hypothesis. Further analysis indicates that investors' concerns about firms’ future uncertainty and risk are important mechanism for market pressure, and the effect of forward-looking information concerns on corporate risk-taking varies with the textual characteristics of investors' questions. Heterogeneity analysis reveals that the aforementioned relationship is more prominent in non-state-owned enterprises, enterprises with high financing constraints, and enterprises with high analyst coverage. Examining specific behaviors of corporate risk-taking, we found that forward-looking information concerns make firms’ liquidity management behavior and investment behavior more conservative. The findings in this paper enriches the relevant researches on investors’ behavior and forward-looking information, and also provides some enlightenment for regulators to improve capital market and for developing new quality productive forces.