Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	delta_co2_ndrc国有	delta_co2_ndrc非国有	delta_output国有	delta_output非国有	delta_export国有	delta_export非国有	delta_排放强度_ndrc国有	delta_排放强度_ndrc非国有
delta_ZFD_ein_win_L3L1	-0.090	-0.019	0.091	0.087***			-0.101	-0.043
	(0.056)	(0.017)	(0.093)	(0.031)			(0.103)	(0.035)
delta_ZFD_ein_win_L2L1	-0.115*	0.023	0.089	0.172***			-0.183	-0.190***
	(0.061)	(0.029)	(0.094)	(0.036)			(0.116)	(0.052)
delta_ZFD_ein_win_L1L1	0.041	0.040	0.128	0.012			-0.065	-0.006
	(0.048)	(0.030)	(0.110)	(0.035)			(0.116)	(0.046)
delta_ZFD_ein_win_L0L1	0.047	0.038	0.178***	0.053			-0.152**	-0.021
	(0.058)	(0.027)	(0.064)	(0.035)			(0.076)	(0.044)
delta_ZFD_ein_win_F1L1	0.171***	0.021	0.123**	-0.002			0.022	-0.009
	(0.053)	(0.026)	(0.057)	(0.031)			(0.069)	(0.045)
delta_ZFD_ein_win_F2L1	0.055*	0.008	0.143***	0.067**			-0.100*	-0.087*
	(0.032)	(0.026)	(0.049)	(0.033)			(0.056)	(0.053)
L3.instrument for firm-level foreign demand shocks					0.150*	-0.008
					(0.084)	(0.035)
L2.instrument for firm-level foreign demand shocks					-0.024	0.008
					(0.082)	(0.037)
L.instrument for firm-level foreign demand shocks					0.026	0.032
					(0.070)	(0.035)
instrument for firm-level foreign demand shocks					0.121	0.227***
					(0.075)	(0.038)
F.instrument for firm-level foreign demand shocks					0.047	-0.011
					(0.069)	(0.038)
F2.instrument for firm-level foreign demand shocks					-0.086	-0.057
					(0.077)	(0.035)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.118	0.048	0.115	0.055	0.184	0.130	0.118	0.061
Num_of_Obs	3846.000	11123.000	5528.000	19374.000	4332.000	18453.000	3881.000	11060.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.