Why can non-listed companies borrow or raise equity?

Non-listed companies can borrow money or raise equity, which is the need for companies to carry out business activities independently.

Non-listed companies can carry out debt financing or equity financing, which belongs to directional financing; Listed companies can raise debt or equity, which is a public offering in the stock market.

Compared with listed companies, non-listed companies are not unable to raise funds through creditor's rights or equity, but the financing objects and issuance methods are different.