Bond/debenture is a kind of financial contract, which is a certificate of creditor's rights and debts issued to investors when the government, financial institutions and industrial and commercial enterprises directly borrow money from the society to raise funds, and at the same time promises to pay interest at a certain interest rate and repay the principal according to the agreed terms. The essence of a bond is a certificate of debt, which has legal effect. There is a creditor-debtor relationship between bond buyers or investors and issuers. Bond issuers are debtors and investors (bond buyers) are creditors.
Stock is a certificate of ownership issued by a joint-stock company, and it is a kind of valuable securities issued by a joint-stock company to all kinds of shareholders as a shareholding certificate to obtain dividends and bonuses. Each share represents the shareholder's ownership of the basic unit of the enterprise. Behind every stock is a listed company. At the same time, every listed company will issue shares.