How to draw text on picturebox?

I googled for "Drawing text on picturebox C#" ,but I couldnt find anything useful.Then I googled for "Drawing text on form C#" and I found some code,but it doesnt work the way I want it to work.

    private void DrawText()
    {
        Graphics grf = this.CreateGraphics();
        try
        {
            grf.Clear(Color.White);
            using (Font myFont = new Font("Arial", 14))
            {
                grf.DrawString("Hello .NET Guide!", myFont, Brushes.Green, new PointF(2, 2));
            }
        }
        finally
        {
            grf.Dispose();
        }
    }

When I call the function,the background color of the form becomes white(it's black by default).

My questions:

1:Will this work on a picturebox?

2:How to fix the problem?