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新民黨 「Talk With Experts」講座 李小加先生探討金融服務如何帶動實體經濟
新民黨 「Talk With Experts」講座 李小加先生探討金融服務如何帶動實體經濟
日期︰2025 年 2 月 11 日
新民黨於2024年開拓「Talk With Experts」講座系列,邀請不同領域的專家及業界翹楚分享,早前已舉辦兩場講座,分別探討低空經濟及人工智能的發展,昨日(10日)來到第三場,很榮幸邀得港交所前行政總裁、「滴灌通」創辦人李小加先生主講,主題為「金融服務如何帶動實體經濟」;有百多名新民黨黨友及其他嘉賓出席,更踴躍向李小加先生提出不同角度的問題。
李小加先生離開港交所後,着力思考如何突破金融市場與實體經濟脫節的困境。他分析了傳統銀行融資與上市融資之間所缺乏針對中小企的金融服務產品,想出以收入為主要估值工具(RBP)的金融交易市場,在澳門成立「滴灌通澳交所」(MCEX),是全球首個收入分成產品DRO交易所。講座中,李小加先生介紹他的構思及成立期間的經驗。
他指出,目前全球資本市場未有完全與實體經濟扣連在一起,以港交所為例,每年的交易量與融資到實體經濟的比例是「400:1」,即實體經濟拿了1元走,金融市場上,投資者之間互相買賣賺那400元,根本沒有落到實體經濟。他認為全球股票市場已經接近是「賭場」,錢從投資者之間賺,「賭下一個人以更貴的價錢買」。他稱,因此他想作出改變,成立「滴灌通澳交所」,希望金融市場能與實體經濟扣連,以收入共享融資(Revenue-based financing)方式融資。
李小加先生圍繞金融服務如何重新緊扣實體經濟的現實處境和發展,講解收入共享融資(Revenue-based financing)與傳統銀行債務融資的分別,以及基於盈餘(Earnings-based)的股票市場能夠為很多中小企,特別是流通量大的企業,找到新的發展機會和融資機會,亦讓很多投資者、小股民能在新平台上進入市場,獲得紅利,捉緊市場發展。
有參加者關注為何其他國家沒有推出同類概念的產品,例如美國應該存在一定的市場。李小加先生強調中國可以作為領先者,再解釋指美國的金融市場服務深度,像銀行市場已經深度進入實體經濟,已經很多中型企業提供貸款服務,例如社區銀行等;而他提出的這個模式,適用於發展中國家,金融市場極不發達的國家。
講座中除了討論「滴灌通」外,亦有討論到加密貨幣,有參加者提到全球最大加密交易所幣安(Binance)在去年10月至11月的交易量,比全球三大主要股票市場更多,加密貨幣的交易非常蓬勃;關注李小加先生認為這能否把資金引到實體經濟。李小加先生則形容這些加密交易所是一個非常「奇葩」的存在,本來加密貨幣的原意是去中心化,本質是以算法為基礎的定價原則上的投機產品,本質上又成為了中心化,而且隨着交易量的集中,中心化愈發明顯,比傳統貨幣有過之而無不及,恰恰又缺乏透明度,更莫論監管,根本是中心化市場。
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特朗普毁掉美國價值 / Trump Has Destroyed American Values
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美國在二戰協助盟軍打敗德國、日本等軸心國,一直塑造「英雄」形象,加上戰後憑藉主導西方媒體的優勢,荷李活電影風行全球,亦透過電視劇、社交媒體等,宣揚自由、開放、英雄等「美式價值」,並以「自由民主」的旗號獲得世界贊同。然而,美國這種精心營造的拯救世界、自由開放、民主文明的形象,卻在特朗普執政下徹底粉碎。
特朗普的言行大大削弱了美國長久以來營造的軟實力和國際形象;例如他信口開河說要加拿大成為美國第51個州,又說要把加沙變為旅遊區,將巴勒斯坦人送去其他中東阿拉伯國家,簽署行政命令將「墨西哥灣」(Gulfof Mexico)改名為「美國灣」(Gulfof America),要求Google等地圖供應商跟隨更名,這些行為均違反聯合國原則,完全無視別國主權和國土疆界。
儘管美國官員稱特朗普無意進攻加拿大,但加拿大總理杜魯多認為特朗普的恐嚇是認真的,吞併加拿大的威脅確實存在。不排除他會如俄羅斯般採取「特別軍事行動」(specialmilitary operation),特朗普一方面譴責俄羅斯入侵烏克蘭,另一方面威嚇別國,與俄羅斯的「特別軍事行動」本質上有何分別呢?
特朗普簽署行政命令將「墨西哥灣」改名為「美國灣」,並要求地圖供應商跟隨更名;有意見認為這只是特朗普的第一步,改名後他極有可能進而吞併墨西哥,墨西哥無力抵抗。這與美國對台灣議題的傳統立場有很大衝擊,雖然美國表面上同意「一個中國原則」,但其實不願見到中國統一,因此經常表示反對中國用武力改變台海現狀。但如果美國可以隨便改變別國的疆界,怎可以反對中國統一?歷任美國總統努力塑造的所謂「道德高地」,將在特朗普執政下變得支離破碎。特朗普的荒謬舉動不僅讓美國的國際形象徹底崩塌,自由民主的「美式價值」亦顯得虛偽不堪。
Trump Has Destroyed American Values
The United States has long portrayed itself as a "hero"—from helping the Allies defeat Germany, Japan, and the Axis powers in World War II to leveraging its dominance in Western media. Hollywood movies, television series, and social media have spread American values of freedom, openness, and heroism worldwide, winning international support under the banner of "liberty and democracy." However, this carefully crafted image of a world-saving, free, and democratic America has been completely shattered under Donald Trump’s leadership.
Trump’s words and actions have severely weakened America’s soft power and international reputation. For example, he casually suggested that Canada should become the 51st U.S. state, proposed turning Gaza into a tourist destination by relocating Palestinians to other Arab nations, and even signed an executive order to rename the "Gulf of Mexico" as the "Gulf of America," demanding that Google and other map providers follow suit. These actions violate United Nations principles and blatantly disregard the sovereignty and territorial integrity of other nations.
Although U.S. officials claim that Trump has no intention of invading Canada, Canadian Prime Minister Justin Trudeau takes Trump’s threats seriously, believing that the possibility of annexing Canada is real. It is not impossible that Trump could launch a "special military operation" similar to Russia’s actions in Ukraine. On one hand, Trump condemns Russia's invasion of Ukraine, yet on the other, he threatens other nations—how is this any different from Russia’s so-called "special military operation"?
Trump’s executive order to rename the Gulf of Mexico as the "Gulf of America" raises concerns that this might just be the first step toward annexing Mexico—a country that lacks the military strength to resist. This move directly contradicts the United States’ long-standing stance on Taiwan. While the U.S. officially acknowledges the "One China Principle," it actively opposes China's reunification efforts, frequently warning against the use of force to alter the status quo in the Taiwan Strait. But if America itself can arbitrarily change another country's borders, how can it object to China's unification efforts? The so-called "moral high ground" that past U.S. presidents worked so hard to establish is now falling apart under Trump.
Trump’s absurd and reckless actions have not only completely destroyed America’s international reputation but have also exposed the hypocrisy of American values such as freedom and democracy. The once-glorified "American ideals" now appear hollow and deceitful under his rule.
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特朗普的新帝國主義 / Trump's New Imperialism
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很多反美人士會斥責美國為「美帝」,打着民主旗號,其實奉行帝國主義。特朗普上台後,以雷霆萬鈞之勢撕破「民主自由」的華麗外衣,赤裸裸地讓世人目睹其新帝國主義的真面目。
《經濟學人》(The Economist )最近發表一篇題為Project 1897: The imperial presidency 的文章,指特朗普在21 世紀實施19 世紀的帝國主義,並試圖擴大美式疆土主義。特朗普在就職演辭中唯一讚賞的美國總統是威廉·麥金利(William McKinley),麥金利在1897 至1901 年期間擔任美國第25 任總統,在位期間為了擴大美國疆土,兼併了夏威夷、關島、菲律賓和波多黎各。麥金利是在財閥支持下坐上總統寶座,約翰·摩根(J.P. Morgan)及約翰·洛克菲勒(John D. Rockefeller)等巨頭都是其背後支持者。此外,麥金利擅於運用關稅措施來達到目的,曾強迫國會通過法例將關稅增至近50%。這些特點都與特朗普非常相似。
特朗普上任後狂言一浪接一浪,首先指加拿大應成為美國第51 個州,說要收購格陵蘭,繼而簽署行政命令將「墨西哥灣」(Gulf of Mexico)改名為「美國灣」(Gulf of America),並要求Google 等地圖供應商跟隨更名;最近更稱加沙應由美國接管改造為度假區等等,可見他徹底無視別國主權,擴張野心展露無遺,並且將一切視作一盤生意,計劃透過擴大美國版圖,掠奪更多資源。
《經濟學人》直言不諱地形容特朗普是一個「帝國主義的總統」,批評他在21 世紀施行19 世紀美國霸權擴張年代的政策。這種赤裸裸的帝國主義行徑,與美國長期以來宣揚的「民主自由」價值觀形成強烈反差,正因如此,世人應「感謝」特朗普的所作所為,他讓世界看清帝國主義的嘴臉。
Trump's New Imperialism
Many anti-American critics denounce the United States as an "American Empire," claiming that it operates under the banner of democracy while actually practicing imperialism. After Donald Trump took office, he swiftly tore apart the glamorous façade of "democracy and freedom," blatantly exposing the true nature of his new imperialism to the world.
The Economist recently published an article titled Project 1897: The Imperial Presidency, arguing that Trump is implementing 19th-century imperialism in the 21st century while attempting to expand American territorial ambitions. During his inaugural address, the only U.S. president Trump praised was William McKinley, who served as the 25th president of the United States from 1897 to 1901. During McKinley’s tenure, he expanded U.S. territory by annexing Hawaii, Guam, the Philippines, and Puerto Rico. McKinley rose to power with the backing of corporate tycoons such as J.P. Morgan and John D. Rockefeller. Additionally, McKinley was skilled at leveraging tariffs to achieve his goals, once forcing Congress to pass legislation that raised tariffs to nearly 50%. These characteristics bear a striking resemblance to Trump’s approach.
Since taking office, Trump has made a series of bold and controversial statements. He first suggested that Canada should become the 51st U.S. state, then proposed purchasing Greenland. He later signed an executive order to rename the Gulf of Mexico as the "Gulf of America" and even demanded that mapping services like Google Maps follow suit. More recently, he suggested that Gaza should be taken over by the United States and transformed into a resort destination. These actions demonstrate his blatant disregard for other nations' sovereignty and reveal his unrestrained expansionist ambitions. Viewing everything as a business venture, Trump seemingly plans to expand U.S. territory to seize more resources.
The Economist bluntly describes Trump as an "imperialist president," criticizing him for implementing policies reminiscent of America's 19th-century expansionist era in the 21st century. This undisguised imperialism starkly contrasts with the longstanding American values of "democracy and freedom." In a sense, the world should "thank" Trump for his actions—because he has exposed the true face of imperialism for all to see.
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應鼓勵國內外製作公司來港拍攝 / Encourage Domestic and Foreign Production Companies to Film in Hong Kong
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香港電影業陷入低潮,有資深電影界人士更表示香港的電影業很難起死回生。對於目前本地電影製作較少,我認為特區政府應推出政策,大力鼓勵國內外的製作公司來港取景拍電影、電視劇、網劇等,這樣不但能宣傳香港,拍攝期間將創造一定的工作機會,一舉多得。
我舉一個著名例子,荷李活巨片《蝙蝠俠:黑夜之神》有一個經典場景正是在香港取景,蝙蝠俠在國際金融中心一躍而下的那瞬間,向全球宣傳香港的作用,勝過特區政府花費數千萬在海外賣廣告推廣。
海外電影尤其是荷李活這類大製作來港拍攝,未必整個劇組的每一員都一同跨越數千甚至上萬公里來工作,其間則需要在香港招募電影從業員,如燈光師、化妝師、臨時演員等台前幕後人員,將創造不少工作機會,紓緩從業員目前因開戲少而開工不足的情况。
據報,在新西蘭取景的《魔戒》第一季影集,拍攝製作預算約為4.65 億美元,當中新西蘭政府已補貼逾1 億美元,拍攝期間單計第一季已在當地直接或間接創造近2000 個工作機會。拍攝場地發展為旅遊景點,持續為當地帶來龐大的旅遊收益。
事實上,世界有很多地方深諳此道,不但打開方便之門,支持國外電影公司到當地拍電影,更有資助計劃,例如新西蘭政府會向製作公司補貼最高25% 的製作成本,韓國提供最高25% 補貼,法國政府提供最高30% 退稅補貼,實際資助金額視乎是否滿足當地政府條件,如冰島政府更提供最高35% 補貼,製作方要獲得最高補貼額,需滿足多項條件,例如在當地直接聘請指定人數的人員等。鄰近如澳門亦已於2023 年推出了「『澳門取景』影視拍攝資金補助計劃」,資助外地拍攝團隊在澳門拍攝的40% 支出,資助範圍更涵蓋音樂錄像、綜藝節目等。香港過去是東方荷李活,如今也不能落後太多,必須急起直追。
Encourage Domestic and Foreign Production Companies to Film in Hong Kong
Hong Kong's film industry has fallen into a slump, with some senior figures in the field expressing that it is difficult for the local industry to recover. Given the current decline in local film productions, I believe the Hong Kong Special Administrative Region (SAR) government should implement policies to strongly encourage domestic and foreign production companies to film movies, TV dramas, web series, and more in Hong Kong. This would not only promote Hong Kong but also create job opportunities during the filming process, achieving multiple benefits at once.
Let me provide a well-known example: the Hollywood blockbuster 《The Dark Knight》 featured a classic scene filmed in Hong Kong, where Batman leapt from the International Finance Centre. This moment showcased Hong Kong to the world and was more effective than the SAR government spending tens of millions on overseas advertisements to promote the city.
When overseas productions, especially large-scale Hollywood projects, come to Hong Kong to film, it is unlikely that every single member of the crew will travel thousands or even tens of thousands of kilometers to work on location. During such productions, local recruitment becomes necessary for roles such as lighting technicians, makeup artists, and extras, creating numerous job opportunities for both on-screen and behind-the-scenes workers. This could alleviate the current underemployment issue faced by industry professionals due to a lack of projects being filmed.
According to reports, the first season of 《The Lord of the Rings》 series, filmed in New Zealand, had a production budget of approximately USD 465 million. The New Zealand government subsidized over USD 100 million of this budget, and during the filming of the first season alone, it directly or indirectly created nearly 2,000 job opportunities in the area. The filming locations were later developed into tourist attractions, generating significant and ongoing tourism revenue for the region.
In fact, many places around the world understand this strategy well. They not only open their doors to support foreign film companies but also offer financial incentives. For example, the New Zealand government provides subsidies of up to 25% of production costs, South Korea offers up to 25% subsidies, and the French government provides tax rebates of up to 30%. The actual subsidy amounts depend on whether certain conditions set by the local governments are met. For example, Iceland offers subsidies of up to 35%, but to qualify for the maximum amount, production teams must meet several conditions, such as hiring a specified number of local personnel. Closer to home, Macau introduced the “Macau Filming Support Program” in 2023, which subsidizes 40% of expenses for foreign production teams filming in Macau. The scope of subsidies even includes music videos and variety shows.
Hong Kong, once known as the "Hollywood of the East," cannot afford to lag too far behind. It must act quickly to catch up.
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