Investing in equity is not an easy task. People with varying levels of financial risk tolerance would demonstrate a different level of equity investment. However, investors' tendency to underestimate their financial knowledge is likely to mediate the association between financial risk tolerance and equity ownership since people tend to underestimate their knowledge and take a lower risk when the task is hard to execute. The purpose of the study is to evaluate the mediating role of underconfidence on the association between financial risk tolerance and equity ownership. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) were used to evaluate the conceptual model. The results show that it is possible to assess underconfidence using objective and subjective financial knowledge, and underconfidence has a significant mediating effect between financial risk tolerance and equity ownership. Although it is challenging to change a person’s risk tolerance, financial services professionals may help their clients by addressing underconfidence.

投资股权并非易事。具有不同程度的金融风险承受能力的人将表现出不同水平的股权投资。但是，投资者倾向于低估其财务知识的倾向可能会介导金融风险承受能力与股权之间的关联，因为人们往往会低估其知识，并且在任务难以执行时会承担较低的风险。该研究的目的是评估信心不足对金融风险承受能力与股权之间的关系的中介作用。验证性因子分析（CFA）和结构方程模型（SEM）用于评估概念模型。结果表明，可以使用客观和主观的财务知识来评估信心不足，信心不足在金融风险承受能力和股权所有权之间起着重要的中介作用。尽管改变一个人的风险承受能力具有挑战性，但金融服务专业人员可以通过解决自信不足来帮助他们的客户。