We will take a look at one particular borrower: the business firm. We shall see how firms take decisions about raising finance for their short-term and long-term requirements. Firms can raise finance either by borrowing (debt) or by issuing shares. So when we are talking of shares, we have only the primary market in mind. https://www.expertsmind.com/topic/capital-and-equity-markets/debt-and-equity-as-means-of-raising-finance-92690.aspx