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	-0.013	-0.022	0.017		-0.028	-0.031
	(0.017)	(0.018)	(0.023)		(0.028)	(0.028)
delta_ZFD_ein_win_L2L1	0.026*	0.028*	0.101***		-0.046**	-0.040*
	(0.013)	(0.014)	(0.020)		(0.021)	(0.021)
delta_ZFD_ein_win_L1L1	0.030**	0.041**	0.054***		-0.031	-0.021
	(0.014)	(0.016)	(0.020)		(0.024)	(0.025)
delta_ZFD_ein_win_L0L1	0.011	0.008	0.056**		-0.037	-0.040
	(0.015)	(0.016)	(0.022)		(0.025)	(0.025)
delta_ZFD_ein_win_F1L1	0.020	0.024	0.019		0.007	0.014
	(0.016)	(0.016)	(0.021)		(0.024)	(0.024)
delta_ZFD_ein_win_F2L1	0.017	0.019	0.019		-0.011	-0.009
	(0.015)	(0.015)	(0.020)		(0.026)	(0.026)
L3.instrument for firm-level foreign demand shocks type2				0.023
				(0.018)
L2.instrument for firm-level foreign demand shocks type2				-0.007
				(0.018)
L.instrument for firm-level foreign demand shocks type2				0.009
				(0.019)
instrument for firm-level foreign demand shocks type2				0.072***
				(0.018)
F.instrument for firm-level foreign demand shocks type2				0.006
				(0.018)
F2.instrument for firm-level foreign demand shocks type2				-0.009
				(0.019)
Constant	0.093***	0.131***	0.148***	0.081***	-0.020	0.013
	(0.028)	(0.029)	(0.021)	(0.027)	(0.033)	(0.034)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.046	0.047	0.048	0.107	0.049	0.050
Num_of_Obs	14281.000	14288.000	23696.000	24235.000	14253.000	14277.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.