Hi,
Which version of Excel are you using?
Have you changed the file path where the linked documents are saved?
If we manually modify a problematic link, will it work correctly then?
Please also check the following setting of your Excel. Click File > Options > Advanced, scroll to the General section, then, click the Web Options button. Make sure the check box before "Update links on save" is not checked under Files
tab.
In addition, we may consider to use VBA code to refresh/update your hyperlinks to see if it will make any difference. Since we are not the best resource for coding, you can post coding related question in the following forum:
https://social.msdn.microsoft.com/Forums/office/en-US/home?forum=exceldev
Thanks for your understanding and support.
Regards,
Steve Fan
TechNet Community Support