(1) Different degrees of freedom:
Because of compliance, listed companies do not have the freedom of non-listed companies. Some companies don't want to go public because they don't want to disclose their finances, some things don't want to be seen by others, and they don't want to be told what to do when making decisions. For example, Huawei, Laoganma, Wahaha, these famous enterprises are not listed. Non-listed companies have high natural freedom, so company decision-makers don't need to be restricted too much.
(2) Different credit:
Generally speaking, the credit of listed companies is better and it is easier to obtain credit in the market. It is easy for listed companies to obtain the second and third listing financing, because if your stock has a ready-made market and is actively traded, investors will have more confidence in your stock.
(3) Different ways to motivate employees:
Attract and motivate managers, technicians and employees, mainly through the stock option plan. The stocks of listed companies are more attractive to employees. Because the company's stock has a circulation market, shareholders can recover venture capital, and venture capital has an exit channel. Non-listed companies motivate employees through positions and funds.
Baidu encyclopedia-listed companies
Baidu Encyclopedia-Unlisted Company