近年来，中国医疗器械行业发展迅速，但仅有少数公司能够生产高端医疗器械，而且只有50多家上市公司。随着全球医疗器械行业竞争激烈，新型医疗器械研发不断增速，并购市场也越来越火热，2017年全球医疗器械收购总额达到了2016年的两倍。为了进一步扩大和加强中国医疗器械行业，我们必须在高端医疗器械领域取得突破。 发展高端医疗器械要么通过大量的投资和长时间的不断研发，要么通过并购现有技术先进的企业，而无论哪种方式都需要大量的资金。目前，融资难是中国企业近几年遇到的共同问题。那么定向增发能否使医疗器械行业获取资金成功进入高端医疗器械领域成为我国医疗器械行业发展所不容忽视的问题，本文将通过对 LF医疗股份有限公司2017年实施定向增发并购 BS公司进入高端医疗器械领域的案例进行研究，通过财务视角来探究此次定向增发的合理性以及财务绩效和股东权益的变化。 本文选取LF医疗股份有限公司作为案例，通过文献研究法和案例分析法等方法对LF医疗股份有限公司的定向增发进行研究。首先介绍了国内外上市公司定向增发的相关理论和研究成果。其次，通过对定向增发的动机、价格、业绩承诺、交易方式及股权变动情况等对案例进行概述。然后，以优序融资和财务绩效等理论为基础，对此次定向增发案例进行分析， 其中通过政策环境、市场环境以及定价的可行性对此次定向增发的可行性进行分析；通过与可比公司乐普医疗的财务绩效指标进行对比分析，利用盈利能力，偿付能力，运营能力和增长能力等指标评价公司的财务状况和经营业绩;通过对定向增发后股东权益变化进行分析，从侧面对企业盈利能力、经营状况以及公司治理情况进行判断。最后，得出此次定向增发合理的结论及建议。 经过对案例的分析得出：LF医疗股份有限公司为完成此次交易选择定向增发融资是合理的，定向增发的定价是可行的，募集资金进行的并购交易使企业规模显著提高。通过财务绩效分析和股东权益分析证明LF医疗的盈利能力显著提高，竞争力不断增强，为其他医疗器械上市公司提供了很好的参考价值。建议医疗器械行业的上市公司采取符合自身特点的方案进行定向增发融资，并且根据相关政策管理和使用所募集的资金。

In recent years, China's medical device industry has developed rapidly, but only a few companies are able to produce high-end medical devices, and there are only more than 50 listed companies. With the fierce competition in the global medical device industry, the development of new medical devices continues to grow. Thus, the merger and acquisition market is getting hotter. In 2017, the total global medical device purchases reached twice that of 2016. In order to further expand and strengthen China's medical device industry, we must make breakthroughs in the field of high-end medical devices. The development of high-end medical devices requires a large amount of investment and long-term research and development or the acquisition of state-of-the-art enterprises, whichever requires a large amount of funds. At present, financing difficulties are a common problem encountered by Chinese companies in recent years. Then, whether the private placement can make the medical device industry obtain funds and go into the high-end medical device field successfully has become a problem that cannot be ignored in the development of China's medical device industry. This paper will study the case of LF Medical Co., Ltd.'s implementation of the private placement in order to merger BS company in the field of high-end medical devices in 2017, and explore the rationality of this private placement and the changes in financial performance and shareholders' equity from financial perspective. This paper selects LF Medical Co., Ltd. as a case study, and researches the private placement of LF Medical Co., Ltd. through literature research and case analysis. Firstly, it introduces the relevant theories and research results of listed companies’ private placement at home and abroad. Then, based on the theory of priority financing and financial performance, this case is analyzed. The feasibility of private placement is analyzed through the policy environment, market environment and pricing feasibility. Compared with Lepu Medical's financial performance indicators, this thesis evaluates the company's financial status and operating results by using the indicators of profitability, solvency, operational capability and growth ability. Through analyzing the changes in shareholders' equity after the private placement, the profitability, business status and corporate governance of the company are evaluated from the side. Finally, it is reasonable to draw conclusions and suggestions for this private placement. After analyzing the case, it is reasonable for LF Medical Co., Ltd. to choose the private placement financing for the completion of the transaction. The pricing of private placement is feasible .The merger and acquisition transaction by raising funds makes the scale of the enterprise significantly increased. Through financial performance analysis and shareholder equity analysis, it is proved that the profitability and competitiveness of LF Medical have been significantly improved, which provides a good reference for other medical device listed companies. It is recommended that listed companies in the medical device industry should adopt a scheme that suits their own characteristics for private placement financing and then manage and use the funds raised according to relevant policies.