Financial Report 2020

107 The University of Hong Kong 香港大學 Notes to the Consolidated Financial Statements 合併財務報表附註 (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。 於二零二零年六月三十日，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 九億六百萬元（二零一九年為 港幣八億六千三百萬元）。 本機構並無承受商品價格風 險。 38. FINANCIAL RISK MANAGEMENT – Cont’d 財務風險管理 － 續 (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 2020, 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$906 million (2019: HK$863 million). The Group is not exposed to commodity price risk. Notes to the Consolidated Financial Statements 合併財務報表附註 2020 Financial Report 二零二零財務報告 108 (i) 財務風險因素 － 續 (1) 市場風險 － 續 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。 於二零二零年六月三十日，在 其他所有變數維持不變的情況 下，若銀行存款利率上升╱下 調二十五點子，本機構於年內 的盈餘會增加╱減少約港幣 一千八百六十萬元（二零一九 年為港幣二千一百七十萬 元）。以上分析乃假設利率變 動於每個報告期末發生，並已 用於計算當日已存的銀行存 款，同時假設將於下一個報告 期間到期的固定年期投資工具 將會於到期日以新的市場利率 續期。 38. FINANCIAL RISK MANAGEMENT – Cont’d 財務風險管理 － 續 (i) Financial risk factors – Cont’d (1) Market risk – Cont’d 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. At 30 June 2020, it is estimated that a general increase/decrease of 25 basis points in bank deposit interest rate, with all other variables held constant, would have increased/decreased the Group’s surplus for the year by approximately HK$18.6 million (2019: HK$21.7 million). This analysis has been determined assuming that the change in interest rates had occurred at the end of each reporting period and had been applied to the bank deposits in existence at that date, with an assumption that fixed term instruments which expire during the next reporting period will be rolled over at the expiry of that term at the new market rate.