Page 101 - EdUHK Annual Report 2015-2016

THE EDUCATION UNIVERSITY OF HONG KONG 香港教育大學
(Expressed in Hong Kong dollars unless otherwise stated)(除另有說明外，所有金額以港幣為單位)
3 Financial risk and fund risk management (Continued)
3.1 Financial risk factors (Continued)
(b) Credit risk (Continued)
Accounts receivable in respect of tuition fees are receivable by due dates preset every year according to the academic calendar. The Group has a policy of withholding the issue of academic documents to students to enhance the quality of accounts receivable. The credit risk in investment balances with nancial institutions and deposits and cash at banks are limited because the counterparties are mainly banks and nancial institutions with high credit-ratings assigned by international credit-rating agencies. For banks and nancial institutions, only independently rated parties with a minimum Moody’s rating of “A” are accepted. The University has no signi cant concentration of credit risk and the risk exposure is diversi ed over a large number
of counterparties. The University has policies that limit the amount of credit exposure to any single nancial institution.
(c) Liquidity risk
The Group’s policy is to monitor current and expected liquidity requirements regularly to ensure that it maintains suf cient reserves of cash to meet its liquidity requirements in both short and longer terms.
Liquidity risk is the risk that funds will not be available to meet liabilities as and when they fall due, and it results from mismatch of assets and liabilities. The Group performs regular projected cash ow analysis to manage liquidity risk to ensure that all liabilities due and known funding requirements could be met. Prudent liquidity management also includes maintaining adequate credit facilities in the Group’s approved banks.
The table below analyses the Group’s and the University’s nancial liabilities into relevant maturity groupings based on the remaining period at the end of reporting period to the contractual maturity dates. The amounts disclosed in the table are the contractual undiscounted cash ows. Balance for accounts payable and accruals due within 12 months equal their carrying balances, as the impact of discounting is not signi cant.
3
3.1
財務風險及資金風險管理(續)
財務風險因素(續)
(乙) 信貸風險(續)
有關學費的應收賬款根據校曆表在每 年所預設的到期日前支付。本集團已 制定政策，保留有關拒絕向學生發放 學業證明文件的權利，以提升收回應 收賬款的水平。在金融機構的投資結 餘和存款與銀行現金中的信貸風險不 大，因為對口單位主要為擁有國際信 貸評級機構授予高信貸評級的銀行和 金融機構，只有經過獨立評級並最低 限度擁有穆迪「A」評級的銀行和金融 機構方可被接受。教大並無重大的信 貸風險集中，而風險承擔亦適當地分 散予多個對口方。教大有政策限制對 任何單一財務機構的信貸風險上限。
(丙) 流動資金風險
本集團有政策定期監察當時和預期的流 動資金需求，以確保本集團持有充足的 現金儲備應付其短期和長期的流動資金 需求。
流動資金風險指在負債到期支付時沒有 資金應付的風險，並來自資產與負債的 錯配。本集團定期執行現金流量預測分 析，以 管 理 流 動 資 金 風 險，確 保 可 應 付 所有到期負債和已知的資金需求。審慎 的流動資金管理亦包括在本集團核准銀 行中維持足夠的信貸融資。
下表為本集團及教大的財務負債按結算 日至合約到期日的剩餘期間的相關到期 組別分析。以下披露的數額為合約未貼 現 現 金 流 量。由 於 貼 現 的 影 響 輕 微，故 在12個月內到期的應付賬款和應計款項 相等於其賬面值。
香港教育大學 2015-2016年報
99
Notes to the Financial Statements 財務報表附註