Microsoft Office 2016: The Complete Guide (2015)
HOW TO SET THE FOUNDATION ADDRESS FOR THE HYPERLINKS IN A WORKBOOK
By default, unspecified paths to hyperlink destination files are in relation to the location of the active workbook. Use the following procedure when you want to set a different default path. Each time that you create a hyperlink to a file in that location, you have to specify only the file name, not the path, in the Insert Hyperlink dialog box.
Select File, and then choose Info.
Select the Properties arrow, and then select Advanced Properties from the list of available options.
Select the Summary tab.
A list of options will appear, go to the Hyperlink base box and insert the required path that you wish to use
You should note that if you use the address of a hyperlink in Insert Hyperlink dialog box, you can supersede the hyperlink base address.
Then select OK.