Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)
	delta_工业总产值不变价	delta_出口不变价	delta_排放强度不变价_ndrc	delta_排放强度不变价_IPCC
delta_ZFD_ein_win_L3L1	0.118***		-0.080	-0.087*
	(0.038)		(0.050)	(0.051)
delta_ZFD_ein_win_L2L1	0.165***		-0.206***	-0.191***
	(0.036)		(0.051)	(0.051)
delta_ZFD_ein_win_L1L1	0.022		0.004	0.005
	(0.034)		(0.042)	(0.043)
delta_ZFD_ein_win_L0L1	0.059*		-0.056	-0.061
	(0.032)		(0.038)	(0.039)
delta_ZFD_ein_win_F1L1	0.006		0.008	0.015
	(0.028)		(0.037)	(0.037)
delta_ZFD_ein_win_F2L1	0.079***		-0.095**	-0.097**
	(0.029)		(0.038)	(0.038)
L3.instrument for firm-level foreign demand shocks		0.021
		(0.034)
L2.instrument for firm-level foreign demand shocks		0.001
		(0.034)
L.instrument for firm-level foreign demand shocks		0.018
		(0.031)
instrument for firm-level foreign demand shocks		0.219***
		(0.034)
F.instrument for firm-level foreign demand shocks		0.046
		(0.033)
F2.instrument for firm-level foreign demand shocks		-0.065**
		(0.032)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.047	0.096	0.053	0.053
Num_of_Obs	24164.000	24708.000	14521.000	14548.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.