I studied this very object and we talked about some of its properties. They used the head of a man to symbolise intelligence, the wings of an eagle to signify reigning over someone/thing, the paws of a lion to symbolise strength and so on. They though that by combining these elements, they would create a hybrid to protect their ancient city. Sometimes they are depicted having five legs to give the illusion that they are walking with the 'procession' which started with a group of people walking from the main gate to the throne of the emperor to give gifts and seek guidance. So, in a way, I think it does represent all of the above. Hope I helped!
