Firm-level results, instrumental variables

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	delta_co2_ndrc沿海	delta_co2_ndrc内陆	delta_output沿海	delta_output内陆	delta_export沿海	delta_export内陆	delta_排放强度_ndrc沿海	delta_排放强度_ndrc内陆
delta_ZFD_ein_win_L3L1	-0.021	-0.085	0.105***	-0.027			-0.052	-0.088
	(0.016)	(0.066)	(0.032)	(0.092)			(0.035)	(0.107)
delta_ZFD_ein_win_L2L1	0.004	0.008	0.166***	0.164**			-0.227***	-0.052
	(0.028)	(0.073)	(0.037)	(0.077)			(0.054)	(0.100)
delta_ZFD_ein_win_L1L1	0.064**	-0.069	0.036	-0.040			0.014	-0.127
	(0.027)	(0.064)	(0.035)	(0.068)			(0.047)	(0.094)
delta_ZFD_ein_win_L0L1	0.039	-0.009	0.055	0.150***			-0.036	-0.129*
	(0.028)	(0.053)	(0.036)	(0.054)			(0.046)	(0.066)
delta_ZFD_ein_win_F1L1	0.045*	0.052	-0.001	0.097**			-0.001	-0.034
	(0.026)	(0.048)	(0.031)	(0.043)			(0.046)	(0.059)
delta_ZFD_ein_win_F2L1	0.017	0.028	0.054*	0.188***			-0.067	-0.142**
	(0.025)	(0.033)	(0.032)	(0.045)			(0.048)	(0.057)
L3.instrument for firm-level foreign demand shocks					0.044	-0.086
					(0.037)	(0.081)
L2.instrument for firm-level foreign demand shocks					-0.030	0.087
					(0.037)	(0.086)
L.instrument for firm-level foreign demand shocks					0.046	-0.069
					(0.034)	(0.086)
instrument for firm-level foreign demand shocks					0.176***	0.324***
					(0.037)	(0.094)
F.instrument for firm-level foreign demand shocks					0.017	0.122
					(0.037)	(0.085)
F2.instrument for firm-level foreign demand shocks					-0.048	-0.186**
					(0.035)	(0.088)
Fixed_effects	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year	Industry-Year
R2	0.047	0.134	0.054	0.125	0.114	0.184	0.057	0.130
Num_of_Obs	11959.000	3044.000	20924.000	4001.000	21456.000	4056.000	11910.000	3070.000
Note: *, **, and *** indicate significance at the 10 percent, 5 percent, and 1 percent levels.