Abstract:This paper divides the net assets of a company into net operating assets (Equity) and net financial assets on the basis of Ohlson residual income model. Under the assumption that excess surplus income can only be generated from the net operating assets, the account of unearned revenue is selected as an efficient indicator reflecting a company's market position and a new model of value investing theory is built based on market position. Moreover, statistics of Chinese capital market from 2003 to 2011 are used to conduct an empirical analysis to test the adjusted theoretical model. The results show that unearned revenue would significantly affect corporations' equity value as an indicator reflecting its market position. However, an extreme value appears in its influence curve which performs as an inverted U shape. Overall, adjusted model of value investing theory built in this paper has important theoretical and practical significance in improving the development of China's capital market.

Accounting staff play a more and more important role in enterprises and the ability to handle tax related business is one of the necessary abilities of accounting staff. At present, some problems exist in system setting, content teaching, textbook construction, teaching method and so on of tax law course in institutions of higher learning. The society has proposed new subjects in higher education of tax law course in accounting major. How to cultivate application based accounting staff with solid theoretical basis and strong capacity in practical operation is an issue that needs to be urgently resolved by higher education practitioners.

Abstract-During the latest years, many fashion and innovative industrial parks were established to promote the industry, which is good resource to the related higher education. This paper took Shanghai Songjiang university town as an example, introduced the present situation of the fashion and innovative education in the university town. It elaborated that the university town was unable to share the urban resources of the fashion and innovative industry due to its remote geographical location. In addition, some suggestions were given on the fashion and innovative higher education of the university town.