If these hyperlinks reference Word documents (.docs), and aperhaps other
file types, you probably need something like

{ INCLUDETEXT "{ MERGEFIELD hlinkcolumn }" }

where each pair of {} is entered using ctrl-F9 and hlinkcolumn is the name
of your Excel column containing the hyperlink.

But I'm not sure that's what you're really looking for. What type of
hyperlinks are we talking about here, for one thing?

Peter Jamieson