Firm-level results, reduced form

	(1)	(2)	(3)	(4)	(5)	(6)
	f.delta_NRG_win	f.delta_废水治理设施数套_win	f.delta_废气治理设施数套_win	delta_VIN_win	delta_Mix_ndrc_win	ctfp_acf2_ty
delta_ZFD_ein_win_L3L1	-0.006	-0.002	0.023*	-0.004	-0.003
	(0.007)	(0.004)	(0.013)	(0.011)	(0.007)
delta_ZFD_ein_win_L2L1	0.006	0.003	0.004	-0.014	0.007
	(0.007)	(0.004)	(0.018)	(0.011)	(0.007)
delta_ZFD_ein_win_L1L1	0.023*	-0.006	0.033*	-0.030**	-0.001	0.044
	(0.013)	(0.006)	(0.019)	(0.012)	(0.007)	(0.031)
delta_ZFD_ein_win_L0L1	0.008	0.004	0.008	-0.000	0.013	0.044*
	(0.006)	(0.005)	(0.015)	(0.009)	(0.009)	(0.023)
delta_ZFD_ein_win_F1L1	-0.001	0.001	-0.011	0.017*	-0.008
	(0.007)	(0.006)	(0.013)	(0.010)	(0.007)
delta_ZFD_ein_win_F2L1	-0.001	0.010**	0.002	-0.002	-0.002
	(0.005)	(0.005)	(0.010)	(0.007)	(0.007)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.063	0.032	0.042	0.231	0.036	0.585
Num_of_Obs	9235.000	29418.000	10590.000	10642.000	31291.000	13190.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.