In 347/6 BC,the Athenian demos published an honourific decree for the Bosporan kings Spartocus II and Paerisades I,as well as their brother Apollonius,when Athens was in deep financial difficulties due to struggles wi...In 347/6 BC,the Athenian demos published an honourific decree for the Bosporan kings Spartocus II and Paerisades I,as well as their brother Apollonius,when Athens was in deep financial difficulties due to struggles with her allies and Phillip IIl.This decree makes mention of the debt which the Athenian demos owed to the Bosporan kings.This article treats this inscription not as an honourific decree,but looks further by examining the bilateral agreement between the Athenian demos and the Bosporan kings reflected in the text.This agreement is examined with the interpretation that it is as a result of delicate communications between the author(ity)and the audience of this inscription.Therefore,this article will explore the financial and rhetoric strategies used by the Athenian demos to frame this decree in an attempt to discover how the Athenian demos dealt with the debt-issue under the mask of honours.展开更多
This study investigates the dynamic evolutionary trajectory of XCMG's capital return payment capacity through the lens of free cash flow(FCF),leveraging the company’s financial data spanning the period from 1998 ...This study investigates the dynamic evolutionary trajectory of XCMG's capital return payment capacity through the lens of free cash flow(FCF),leveraging the company’s financial data spanning the period from 1998 to 2024.By integrating free cash flow metrics with indicators of debt-servicing capability and profit quality,the research conducts a systematic analysis of the core determinants that shape the firm’s ability to meet capital return obligations.The findings reveal that both FCF1 and FCF2 of XCMG exhibit pronounced cyclical volatility;moreover,the rigid growth of interest expenses has the effect of amplifying cash flow gaps,which in turn renders the capital return payment capacity highly sensitive to external financing sources during periods of industry downturn.In light of these results,the paper puts forward a set of recommendations,including the compression of leverage ratios,the optimization of investment pacing,and the strengthening of cash recovery mechanisms,with the aim of providing empirical evidence to support the construction machinery industry in enhancing free cash flow creativity and realizing high-quality development.展开更多
文摘In 347/6 BC,the Athenian demos published an honourific decree for the Bosporan kings Spartocus II and Paerisades I,as well as their brother Apollonius,when Athens was in deep financial difficulties due to struggles with her allies and Phillip IIl.This decree makes mention of the debt which the Athenian demos owed to the Bosporan kings.This article treats this inscription not as an honourific decree,but looks further by examining the bilateral agreement between the Athenian demos and the Bosporan kings reflected in the text.This agreement is examined with the interpretation that it is as a result of delicate communications between the author(ity)and the audience of this inscription.Therefore,this article will explore the financial and rhetoric strategies used by the Athenian demos to frame this decree in an attempt to discover how the Athenian demos dealt with the debt-issue under the mask of honours.
文摘This study investigates the dynamic evolutionary trajectory of XCMG's capital return payment capacity through the lens of free cash flow(FCF),leveraging the company’s financial data spanning the period from 1998 to 2024.By integrating free cash flow metrics with indicators of debt-servicing capability and profit quality,the research conducts a systematic analysis of the core determinants that shape the firm’s ability to meet capital return obligations.The findings reveal that both FCF1 and FCF2 of XCMG exhibit pronounced cyclical volatility;moreover,the rigid growth of interest expenses has the effect of amplifying cash flow gaps,which in turn renders the capital return payment capacity highly sensitive to external financing sources during periods of industry downturn.In light of these results,the paper puts forward a set of recommendations,including the compression of leverage ratios,the optimization of investment pacing,and the strengthening of cash recovery mechanisms,with the aim of providing empirical evidence to support the construction machinery industry in enhancing free cash flow creativity and realizing high-quality development.
