Conventional theory holds that there is a positive relationship between investment risk tolerance and investment portfolio. However, people with varying levels of confidence levels would behave differently, with those having a higher level of confidence investing in more risky assets. This study analyzes the relationship between investment risk tolerance, confidence levels, and investment portfolio risk. This paper uses the level of confidence to measure the overestimation or underestimation of financial knowledge and contributes to the literature by demonstrating whether overconfidence or underconfidence of financial knowledge affects portfolio risk and whether it moderates the impact of investment risk tolerance on portfolio risk.

传统理论认为，投资风险承受能力与投资组合之间存在正相关关系。但是，具有不同置信度水平的人的行为会有所不同，而具有较高置信度水平的人将投资更多的风险资产。这项研究分析了投资风险承受能力，置信度和投资组合风险之间的关系。本文使用置信度来衡量金融知识的高估或低估，并通过证明金融知识的过度自信或信心不足影响投资组合风险以及是否减轻投资风险承受能力对投资组合风险的影响，为文献做出贡献。