Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 97 財務風險管理 (i) 財務風險因素 本機構的活動承受著多種的財務風險﹕市 場風險（包括外匯風險、價格風險和利率風 險）、信貸風險及流動資金風險。本機構的整 體風險管理專注於控制因財務市場難以預測 的影響，並尋求儘量減低對本機構財務表現 的潛在不利影響。財務委員會負責本機構風 險管理及定期監察的風險設定。 (1) 市場風險 市場風險是因滙率、股票價格及利率等 市場變數出現變動而引致財務資產出現 虧損的風險。本機構承受的市場風險主 要來自其持有的投資基金。本機構的投 資包括股本證券、債券、另類投資及定 期存款。本機構的投資原則是以審慎的 投資保障本金及實現適當分散風險，同 時取得所需的回報及流動資金。本機構 從外委聘具規範的投資經理透過單位信 託基金及獨立投資組合管理部分投資， 也授權財務及企業管理處管理結構性存 款、定期存款及以攤銷成本列賬之債務 投資。 財務委員會委任投資附設委員會負責監 督及建議本機構的投資策略和監察投資 經理的表現。投資附設委員會對各種投 資類別訂下明確的投放額度，並定期就 最新的市場環境監察實際的投放情況。 投資附設委員會也制訂給各投資經理遵 守的投資指引及限制範圍，如股票市 場、外幣及發債者的信貸情況。投資指 引及限制明確訂出各種投資類別、工 具、外幣及股票市場的投放額度，同時 禁止從事風險達到不能接受水平的投 資。大學的財務及企業管理處和保管銀 行負責定期檢視投資指引及限制是否被 徹實遵行。 37. FINANCIAL RISK MANAGEMENT (i) Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group’s overall risk management focuses on controlling the impact arising from unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Finance Committee assumes the risk management responsibility and monitors regularly the risk exposures of the Group. (1) Market risk Market risk represents the risk that the value of financial assets will decrease as a result of movements in market variables such as foreign exchange rates, stock prices and interest rates. The Group is exposed to market risk mainly through the investment funds it holds. The Group’s investments comprise of equities, debt securities, alternative investments and time deposits. The investment principle of the Group is to invest prudently in order to preserve capital and achieve optimal risk diversification while generating the required return and liquidity. The Group employs reputable third party investment managers to manage a proportion of its investments, through unit trusts and segregated investment portfolios, and delegates the Finance and Enterprises Office of the University to manage structured and time deposits and debt investments carried at amortised cost. The Finance Committee appoints an Investments SubCommittee to oversee and advise on the Group’s investment strategy and to monitor the performance of the investment managers. The Investments SubCommittee sets specific exposure limits to different asset classes and monitors the actual exposures regularly according to the latest market conditions. The Investments Sub-Committee also formulates investment guidelines and restrictions on areas such as stock markets, foreign currencies and credit standing of issuers of debt securities for the investment managers to comply with. The investment guidelines and restrictions specify exposure limits to different asset types, instruments, foreign currencies and stock markets and prohibits investments that carry unacceptable level of risk. Compliance with the investment guidelines and restrictions are monitored on a regular basis by the custodians and the Finance and Enterprises Office of the University.
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