Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	delta_co2_ndrc	delta_co2_IPCC	delta_output	delta_domesticsales	delta_export	delta_排放强度_ndrc	delta_排放强度_IPCC	c6高通风
delta_ZFD_ein_win_L3L1	-0.038	-0.037**	0.204***	0.028			-0.234***	0.018
	(0.035)	(0.018)	(0.048)	(0.033)			(0.059)	(0.051)
delta_ZFD_ein_win_L2L1	0.047	-0.025	0.125***	0.186***			-0.135*	-0.180***
	(0.049)	(0.031)	(0.042)	(0.044)			(0.070)	(0.065)
delta_ZFD_ein_win_L1L1	0.019	0.067**	0.009	0.034			-0.034	0.013
	(0.049)	(0.030)	(0.054)	(0.040)			(0.067)	(0.055)
delta_ZFD_ein_win_L0L1	0.060**	0.015	0.049	0.064			-0.060	-0.046
	(0.030)	(0.035)	(0.041)	(0.043)			(0.046)	(0.055)
delta_ZFD_ein_win_F1L1	0.051	0.054*	0.007	0.028			0.017	-0.024
	(0.034)	(0.031)	(0.037)	(0.036)			(0.044)	(0.051)
delta_ZFD_ein_win_F2L1	0.032	0.027	0.113***	0.048			-0.128***	-0.062
	(0.024)	(0.031)	(0.037)	(0.038)			(0.039)	(0.059)
L3.instrument for firm-level foreign demand shocks					0.029	0.020
					(0.049)	(0.045)
L2.instrument for firm-level foreign demand shocks					0.012	-0.010
					(0.055)	(0.042)
L.instrument for firm-level foreign demand shocks					-0.008	0.045
					(0.051)	(0.040)
instrument for firm-level foreign demand shocks					0.251***	0.193***
					(0.053)	(0.044)
F.instrument for firm-level foreign demand shocks					0.075	-0.003
					(0.053)	(0.044)
F2.instrument for firm-level foreign demand shocks					-0.103**	-0.049
					(0.051)	(0.042)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.083	0.061	0.081	0.065	0.131	0.119	0.084	0.075
Num_of_Obs	6434.000	8594.000	10062.000	14903.000	10306.000	15235.000	6416.000	8588.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.