A framework of the venture capital (VC) process, encompassing the (1) pre-investment phase, (2) management phase, (3) exit phase, and the interrelationships between them was developed into a cycle using the exit phase in a feedback loop. The review of 166 articles from top-tier, Grade 4, journals suggests that most prominent Entrepreneurial & Management (E&M) literature assesses the VC operating environment, and the managerial expertise and skills of both VC firms and entrepreneurs independently. Finance Literature, however, centers its independent analysis on contracts, risk, returns and VC governance. A network analysis follows comparing E&M and Finance literature VC research agendas by country, author, institution, and journal. Finally, the manuscript identifies trends and future areas for VC cycle research by comparing and exploring the current state and progress of the VC cycle in Entrepreneurial literature.

中文翻译：

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风险投资反馈周期：批判性审查和未来方向

风险投资（VC）流程的框架，包括（1）投资前阶段，（2）管理阶段，（3）退出阶段，它们之间的相互关系被开发成一个循环，在反馈中使用退出阶段环形。对来自顶级 4 级期刊的 166 篇文章的审查表明，大多数著名的创业与管理 (E&M) 文献都独立评估了 VC 的运营环境，以及 VC 公司和企业家的管理专业知识和技能。然而，金融文献将其独立分析集中在合同、风险、回报和风险投资治理上。接下来进行网络分析，按国家、作者、机构和期刊比较 E&M 和金融文献 VC 研究议程。最后，