Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)	(5)	(6)
	delta_co2_ndrc	delta_co2_IPCC	delta_output	delta_export	delta_排放强度_ndrc	delta_排放强度_IPCC
delta_ZFD_ein_win_L3L1	-0.034*	-0.044**	0.091***		-0.056*	-0.059*
	(0.017)	(0.021)	(0.030)		(0.032)	(0.033)
delta_ZFD_ein_win_L2L1	-0.003	-0.007	0.156***		-0.179***	-0.166***
	(0.026)	(0.028)	(0.033)		(0.047)	(0.047)
delta_ZFD_ein_win_L1L1	0.052*	0.052*	0.028		-0.007	-0.004
	(0.027)	(0.030)	(0.033)		(0.041)	(0.042)
delta_ZFD_ein_win_L0L1	0.034	0.032	0.064**		-0.054	-0.058
	(0.023)	(0.025)	(0.031)		(0.037)	(0.038)
delta_ZFD_ein_win_F1L1	0.052**	0.060***	0.014		-0.000	0.005
	(0.022)	(0.023)	(0.027)		(0.036)	(0.036)
delta_ZFD_ein_win_F2L1	0.025	0.024	0.079***		-0.091**	-0.094**
	(0.019)	(0.020)	(0.028)		(0.037)	(0.037)
L3.instrument for firm-level foreign demand shocks				0.020
				(0.033)
L2.instrument for firm-level foreign demand shocks				-0.005
				(0.033)
L.instrument for firm-level foreign demand shocks				0.021
				(0.031)
instrument for firm-level foreign demand shocks				0.216***
				(0.034)
F.instrument for firm-level foreign demand shocks				0.039
				(0.033)
F2.instrument for firm-level foreign demand shocks				-0.066**
				(0.032)
Constant	0.093***	0.126***	0.142***	0.081***	-0.008	0.021
	(0.027)	(0.028)	(0.020)	(0.026)	(0.032)	(0.033)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.043	0.044	0.049	0.107	0.050	0.051
Num_of_Obs	15105.000	15102.000	25019.000	25613.000	15078.000	15102.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.