Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 103 財務風險管理－續 (ii) 公平值估計 下表根據在評估公允價值的估值技術中所運 用到的輸入的層級，分析本機構於二零二三 年六月三十日按公允價值入賬的金融工具。 這些輸入按照公允價值層級歸類為三層： 級別1: 相同金融工具在活躍市場的報價 （未經調整）。 級別2: 除了第一層所包括的報價外，該資 產或負債的可觀察數據的其他輸 入，可為直接（即例如價格）或間接 （即源自價格）。 級別3: 資產和負債並非依據可觀察市場數 據的輸入（即非可觀察輸入）。 在活躍市場買賣的金融工具的公平價值根據 每個報告期末的市場報價列賬。當報價可即 時和定期從證券交易所、交易商、經紀、業 內人士、定價服務者或監管代理獲得，而該 等報價代表按公平交易基準進行的實際和常 規市場交易時，有關市場被視為活躍。本機 構持有的金融資產的市場報價為當時買方報 價。此等工具並包括在第1級別。 沒有在活躍市場買賣的金融工具（例如場外衍 生工具）的公允價值利用估值技術釐定。估 值技術儘量利用可觀察市場數據（如有），儘 量少依賴主體的特定估計。如計算金融工具 的公允價值所需的所有重要輸入為可觀察數 據，則該金融工具列入第2級別。 財務資產亦包括約港幣三十一億一千七百三十 萬元（二零二二年為港幣十四億三千八百二十 萬元）之非上市另類投資，其公平值乃根據應 佔資產淨值釐定，是不可觀察重大輸入數據。 應佔資產淨值越高，公平值便越高。 如一項或多項重大輸入並非根據可觀察市場 數據，則該金融工具列入第3級別。 37. FINANCIAL RISK MANAGEMENT – Cont’d (ii) Fair value estimation The table below analyses the Group’s financial instruments carried at fair value as at 30 June 2023 by level of inputs to valuation techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy as follows: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments. Level 2: Inputs other than quoted prices included within level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The fair values of financial instruments traded in active markets are based on quoted market prices at the end of each reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid prices. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Financial assets also include unlisted alternative investments of approximately HK$3,117.3 million (2022: HK$1,438.2 million), the fair values of which are determined based on the attributable net assets value, being significant unobservable input. The fair value increases with the increase in the attributable net assets value. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
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