近年来，国内定向增发并购重组的案件不断增多，上市公司常常采用并购现有行业技术先进、行业地位靠前的企业，来达到战略转型、寻求新的利润增长点的目的。网络安全行业属于近几年来的高科技新型行业，具备高利润、高成长性等特点，成为被并购的对象。但是，采用并购的方式往往需要大量的资金，目前，融资难又是国内企业近几年来的突出问题。那么采用定向增发获取资金并购的方式成为不可忽视的问题，本文将通过对N股份有限公司2019年实施定向增发并购网络安全Z科技有限公司的案例进行研究，通过财务视角来探究此次定向增发并购的动因以及前后财务绩效指标的变化。
本文选取N股份有限公司并购Z科技作为案例，通过文献研究法和案例分析法等方法对N股份有限公司定向增发并购Z科技进行研究。首先，介绍国内外上市公司定向增发与并购相关的理论和已有研究成果；其次，对并购双方的概况、双方行业现状以及定向增发并购方案进行介绍；然后，对此次定向增发并购案例的动因做详细分析，以及定向增发并购前后财务数据的变化做绩效分析，再进行与网络安全行业财务数据做横向对比分析；最后，得出此次定向增发并购合理的结论以及建议。
经过对案例的分析得出：N股份完成此次定向增发并购Z科技采用的方案完全符合法律法规，并具备可行性和合理性。本文通过对N股份财务数据的纵向以及横向分析，N股份在定向增发并购后的经营绩效得到了大幅提升，以及自身的财务水平和在网络安全行业中的竞争力也大幅提高。建议其他上市企业采取符合自身情况的定向增发并购方案，并且根据相关政策管理规定进行定向增发并购方案的实施。

In recent years, the rapid development of domestic private placement mergers and acquisitions, listed companies based on strategic transformation, seeking new profit growth demand, often adopt the existing advanced technology company or leading companies of the industry to complete its. Network security industry belongs to the high-tech new industry in recent years, with high profits, high growth and other characteristics, become the object of merger and acquisition. However, the way of merger and acquisition often needs a lot of capital, at present, the financing difficulty is the prominent problem of domestic enterprises in recent years. Then adopt the way of directional issue for finance mergers and acquisitions become a problem can not be ignored. This article is through the N co., LTD. In 2019 the implementation of the directional issuance m&a Z network security technology co., LTD., case study, through the financial perspective to explore the directional issuance of mergers and acquisitions and change of financial performance indicators before and after.
This paper selects N Co., LTD. 's acquisition of Z Technology as a case, and studies N Co., LTD.' s acquisition of Z Technology through the literature research method and case analysis method. Firstly, this paper introduces the theories and existing research results about private placement and M&A of listed companies domestic and overseas. Secondly, it introduces the general situation of both parties, current situation of both industries and the plan of private placement. Thirdly, the motivation of this directional add-issuance m&a case is analyzed in details. Then, through the analysis of the changes of financial performance data before and after the acquisition of private placement, and make a horizontal comparison with the financial data of the network security industry; Finally, draw the reasonable conclusion and suggestion of this directional add-issuance m&a.
Through the analysis of the case, it is concluded that the plan adopted by N Shares to complete the private placement and acquisition of Z Technology fully conforms to laws and regulations, and is feasible and reasonable. Based on vertical and horizontal analysis of N's financial data, N's business performance after private placement and acquisition has been greatly improved, as well as its financial level and competitiveness in the network security industry. It is suggested that other listed enterprises adopt the plan of directional add-issuance and merger in accordance with their own conditions, and implement the plan according to relevant policies and regulations.