As an important part of sharing economy, sharing accommodation is playing a more and more important part in satisfying consumers’ personalized needs of accommodation. Previous researches have focused on the consumers’ intention to participate in sharing accommodation, while little is known about the intention and influencing factors of hosts. Participation in sharing accommodation is a kind of risky behavior, thus, based on the dual-process model of risk decision making and information processing psychology, this article analyzed the influences of external attitude (risk attitude) and internal emotion (subjective wellbeing) on future sharing behavior and the mediating effect of social cognition (social distance) with 312 valid samples collected by questionnaire method. The results revealed that the host’s risk attitude and wellbeing were positively related to sharing behavior respectively; risk attitude was negatively related to social distance; social distance was negatively related to sharing behavior, and played a mediating role in the relationship between risk attitude and sharing behavior and the relationship between wellbeing and sharing behavior respectively. This article promotes the understanding of hosts’ participation in sharing accommodation from the perspective of risky decision making, and makes some suggestions for the host, platform and government to promote the development of sharing accommodation.