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	-0.036**	-0.048**	0.084***		-0.079**	-0.084**
	(0.018)	(0.022)	(0.029)		(0.032)	(0.033)
delta_ZFD_ein_win_L2L1	-0.010	-0.017	0.157***		-0.196***	-0.185***
	(0.028)	(0.030)	(0.035)		(0.049)	(0.049)
delta_ZFD_ein_win_L1L1	0.067**	0.065**	0.021		0.004	0.008
	(0.029)	(0.032)	(0.034)		(0.043)	(0.044)
delta_ZFD_ein_win_L0L1	0.043*	0.036	0.087***		-0.051	-0.057
	(0.023)	(0.025)	(0.031)		(0.038)	(0.039)
delta_ZFD_ein_win_F1L1	0.062***	0.072***	0.015		0.021	0.025
	(0.023)	(0.024)	(0.027)		(0.036)	(0.036)
delta_ZFD_ein_win_F2L1	0.021	0.020	0.108***		-0.102***	-0.105***
	(0.020)	(0.021)	(0.030)		(0.038)	(0.038)
L3.instrument for firm-level foreign demand shocks				-0.009
				(0.036)
L2.instrument for firm-level foreign demand shocks				0.003
				(0.034)
L.instrument for firm-level foreign demand shocks				0.019
				(0.032)
instrument for firm-level foreign demand shocks				0.213***
				(0.035)
F.instrument for firm-level foreign demand shocks				0.042
				(0.034)
F2.instrument for firm-level foreign demand shocks				-0.092***
				(0.034)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.046	0.047	0.051	0.110	0.052	0.053
Num_of_Obs	14061.000	14049.000	22586.000	21585.000	14036.000	14057.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.