RaiseError Vs Throw : Exception Handling

RAISERROR	THROW
Version of the Sql Server in which it is introduced?
Introduced in SQL SERVER 7.0. And as per BOL,Microsoft is suggesting to start using THROW statement instead of RAISERROR in New Applications. RAISERROR can’t be used in the Sql Server 2014’s Natively compiled Stored Procedures.	Introduced in SQL SERVER 2012. THROW statement seems to be simple and easy to use than RAISERROR. THROW statement can be used in the Sql Server 2014’s Natively Compiled Stored Procedure.
Can re-throw the original exception that invoked the CATCH block?
NO. It always generates new exception and results in the loss of the original exception details. Below example demonstrates this: BEGIN TRY   DECLARE @result INT --Generate divide-by-zero error   SET @result = 55/0 END TRY BEGIN CATCH --Get the details of the error --that invoked the CATCH block  DECLARE    @ErMessage NVARCHAR(2048),    @ErSeverity INT,    @ErState INT  SELECT    @ErMessage = ERROR_MESSAGE(),    @ErSeverity = ERROR_SEVERITY(),    @ErState = ERROR_STATE()  RAISERROR (@ErMessage,              @ErSeverity,              @ErState ) END CATCH RESULT: Msg 50000, Level 16, State 1, Line 19 Divide by zero error encountered.	YES. To Re-THROW the original exception caught in the TRY Block, we can just specify the THROW statement without any parameters in the CATCH block. Below example demonstrates this: BEGIN TRY   DECLARE @result INT --Generate divide-by-zero error   SET @result = 55/0 END TRY BEGIN CATCH     THROW END CATCH RESULT: Msg 8134, Level 16, State 1, Line 4 Divide by zero error encountered. With above example it is clear that THROW statement is very simple for RE-THROWING the exception. And also it returns correct error number and line number.
Causes the statement batch to be ended?
Example: In the below example all the statement’s after RAISERROR statement are executed. BEGIN TRY  DECLARE @RESULT INT = 55/0 END TRY BEGIN CATCH  PRINT 'BEFORE RAISERROR'; --Get the details of the error --that invoked the CATCH block  DECLARE   @ErMessage NVARCHAR(2048),   @ErSeverity INT,   @ErState INT  SELECT   @ErMessage = ERROR_MESSAGE(),   @ErSeverity = ERROR_SEVERITY(),   @ErState = ERROR_STATE()  RAISERROR (@ErMessage,              @ErSeverity,              @ErState )  PRINT 'AFTER RAISERROR' END CATCH  PRINT 'AFTER CATCH' RESULT: BEFORE RAISERROR Msg 50000, Level 16, State 1, Line 19 Divide by zero error encountered. AFTER RAISERROR AFTER CATCH	Example: In the below example no PRINT statement’s after THROW statement are executed. BEGIN TRY   DECLARE @RESULT INT = 55/0    END TRY BEGIN CATCH   PRINT 'BEFORE THROW';   THROW;   PRINT 'AFTER THROW' END CATCH   PRINT 'AFTER CATCH' RESULT: BEFORE THROW Msg 8134, Level 16, State 1, Line 2 Divide by zero error encountered.
CAN SET SEVERITY LEVEL?
YES. The severity parameter specifies the severity of the exception.	NO. There is no severity parameter. The exception severity is always set to 16. (unless re-throwing in a CATCH block)
Requires preceding statement to end with semicolon (;) statement terminator?
NO.	YES. The statement before the THROW statement must be followed by the semicolon (;) statement terminator.
CAN RAISE SYSTEM ERROR MESSAGE? The SYS.MESSAGES Table will have both system-defined and user-defined messages. Message IDs less than 50000 are system messages.
YES. With RAISERROR we can raise the System Exception.	NO. With THROW we can’t raise the System Exception. But when it used in CATCH BLOCK it can Re-THROW the system exception. THROW 40655, ‘Database master cannot be restored.’, 1 RESULT: Msg 35100, Level 16, State 10, Line 1 Error number 40655 in the THROW statement is outside the valid range. Specify an error number in the valid range of 50000 to 2147483647
CAN RAISE user-defined message with message_id greater than 50000 which is not defined in SYS.MESSAGES table?
NO. If a msg_id is passed to RAISERROR, the ID must be defined in sys.messages.	YES. The error_number parameter does not have to be defined in sys.messages.