Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 99 財務風險管理－續 (i) 財務風險因素－續 (1) 市場風險－續 價格風險 價格風險是因市場價格出現變動而引致 財務資產出現虧損的風險。本機構承受 股本證券及基金的價格風險以透過資產 分配限制不同市場，不同組合及個別股 票設定作分散投資的方法來管理此風險 及基金，在投資附設委員會已界定的成 熟市場和新興市場名單當中，新興市場 的資產分配額度只佔很少部分。投放到 主要市場的情況可參考上列的港元及外 幣計值表。本機構並不沽空股本證券。 於二零二三年六月三十日，若股票及 基金價格上升╱下跌百分之十，在其 他所有變數維持不變的情況下，本機 構於年內的盈餘將增加╱減少約港幣 十四億四千五百萬元（二零二二年為虧 損減少╱增加港幣九億八千萬元）。 本機構並無承受商品價格風險。 利率風險 利率風險是因利率變動而引致金融利率 工具的公平價值及未來現金流量減少的 風險。本機構投資於若干按固定利率發 行的債券及銀行存款，故本機構的利息 收入和營運現金流量會受市場利率波動 而變更。 本機構的利率風險主要來自債券及銀行 存款。該等銀行存款令本機構承受現金 流量利率風險。存款利率下調會導致利 息收入減少。按固定利率發行的債券令 本機構承受公平值利率風險。市場利率 上調會導致固定利率的債券價值下降。 本機構利用適當的分配按固定利率發行 的債券及銀行存款來管理其現金流量及 公平值利率風險。 37. FINANCIAL RISK MANAGEMENT – Cont’d (i) Financial risk factors – Cont’d (1) Market risk – Cont’d Price risk Price risk represents the risk that the value of investment assets will decrease as a result of falling market prices. The Group is exposed to equity and fund price risk. Equity and fund price risk is managed by diversification of investments through asset allocation limits for different markets, sectors and individual stocks. A small portion of equities are authorised to be invested in emerging markets as prescribed in the specific lists of approved developed markets and emerging markets set by the Investments Sub-Committee. The exposures to key markets are represented by the exposures to local and foreign currencies listed above. Short selling in equity securities is not allowed. At 30 June 2023, if the prices of the respective equity and fund investments had been 10% higher/lower, with all other variables held constant, the Group’s surplus for the year would have increased/decreased by approximately HK$1,445.5 million (2022: decreased/ increased loss of HK$980.0 million). The Group is not exposed to commodity price risk. Interest rate risk Interest rate risk is the risk that the value and future cash flows of interest bearing instruments will decrease as a result of change in interest rate. The Group invests in a substantial amount of fixed rate debt securities and bank deposits. The Group’s interest income and operating cash flows vary with changes in market interest rates. The Group’s interest rate risk arises primarily from debt securities and bank deposits. Bank deposits expose the Group to cash flow interest rate risk. Interest income will decrease as a result of a decrease in deposit interest rates. Fixed rate debt securities expose the Group to fair value interest rate risk. Value of fixed rate debt securities will drop when market interest rates increase. The Group manages its cash flow interest rate risk and fair value interest rate risk by maintaining an appropriate mix of fixed rate debt securities and bank deposits.
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