Physical problems also have boundary conditions. In the case of waves, we usually want a well-defined flux of energy or current or whatnot going to or coming from the boundary of the region, or infinity. The wave function you gave diverges as $z \to \infty$ so it might not be physically realistic. Placed inside a box, you might want to demand that no energy or current flow through the walls of the box, which is probably not satisfiable using your example. The equations for these fluxes are given by conservation laws, Noether currents.
A note on terminology, an equation is something that equates, and therefore has an equal sign in it. A wave equation usualy contains operators that act on functions, and so can be satisfied by a wave function.