What do you understand by a Reference type and value type ?

Reference Type:

Reference types are allocated on the managed CLR heap, just like object types.
A data type that is stored as a reference to the value's location.

Value Type:

Value types are allocated on the stack just like primitive types in VBScript, VB6 and C/C++.
Value types are not instantiated using new go out of scope when the function they are defined within returns.
Value types in the CLR are defined as types that derive from system.valueType.