Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	delta_co2_ndrc 2001-10	delta_co2_ndrc 2001-07	delta_output 2001-10	delta_output 2001-07	delta_export 2001-10	delta_export 2001-07	delta_排放强度_ndrc 2001-10	delta_排放强度_ndrc 2001-07
delta_ZFD_ein_win_L3L1	-0.040**	-0.047*	0.006	-0.045			-0.033	-0.055
	(0.017)	(0.028)	(0.034)	(0.041)			(0.036)	(0.042)
delta_ZFD_ein_win_L2L1	0.006	-0.066	0.141***	-0.050			-0.168***	-0.132
	(0.028)	(0.057)	(0.049)	(0.075)			(0.054)	(0.094)
delta_ZFD_ein_win_L1L1	0.096***	0.132**	0.133***	0.285***			-0.044	-0.091
	(0.030)	(0.059)	(0.040)	(0.072)			(0.045)	(0.095)
delta_ZFD_ein_win_L0L1	0.006	0.034	0.141***	0.340***			-0.117**	-0.289***
	(0.027)	(0.060)	(0.043)	(0.084)			(0.046)	(0.104)
delta_ZFD_ein_win_F1L1	0.064**	0.126**	0.045	0.042			-0.008	0.066
	(0.025)	(0.054)	(0.038)	(0.075)			(0.042)	(0.085)
delta_ZFD_ein_win_F2L1	0.021	0.065*	0.083**	-0.067			-0.058	0.103
	(0.024)	(0.039)	(0.040)	(0.056)			(0.045)	(0.068)
L3.instrument for firm-level foreign demand shocks					0.018	0.047
					(0.043)	(0.073)
L2.instrument for firm-level foreign demand shocks					0.019	0.121*
					(0.041)	(0.073)
L.instrument for firm-level foreign demand shocks					0.027	-0.062
					(0.043)	(0.076)
instrument for firm-level foreign demand shocks					0.208***	0.161**
					(0.048)	(0.072)
F.instrument for firm-level foreign demand shocks					-0.036	0.025
					(0.043)	(0.059)
F2.instrument for firm-level foreign demand shocks					-0.050	-0.004
					(0.041)	(0.064)
L.废水治理设施数（套）	0.003	0.004	0.001	0.004	0.001	0.001	0.004**	0.003
	(0.003)	(0.005)	(0.002)	(0.003)	(0.003)	(0.008)	(0.002)	(0.004)
L.废气治理设施数（套）	-0.001	0.000	0.000	-0.000	0.001*	0.003**	-0.001	-0.001
	(0.001)	(0.001)	(0.000)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
L.NRG	0.045***	0.063***	0.026**	0.031	-0.006	0.002	0.026*	0.049*
	(0.013)	(0.021)	(0.011)	(0.019)	(0.013)	(0.021)	(0.015)	(0.026)
研发虚拟变量		0.001		0.027		0.028		-0.016
		(0.018)		(0.019)		(0.020)		(0.023)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.051	0.049	0.067	0.077	0.122	0.090	0.059	0.064
Num_of_Obs	12101.000	3976.000	13672.000	4462.000	13944.000	4583.000	12071.000	3972.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.