[Retracted] Influence of China’s Carbon Emissions Trading Scheme on Green Innovation of Enterprises

Table 5

Results of instrumental variable test.

Variables	The first stage		The second stage
	1	2	1	2
			The patents	The patents
	0.0031	0.0034
	(0.0004)	(0.0003)
			7.9862	7.1356
			(2.8196)	(2.0442)
Constant	−0.1701	0.0757	−10.6924	−3.0606
	(0.0182)	(0.0293)	(0.6748)	(0.6356)
Control variables	Yes	Yes	Yes	Yes
Time fixed effect	Yes	Yes	Yes	Yes
Individuals fixed effect	No	Yes	No	Yes
Region fixed effect	Yes	No	Yes	No
Industry fixed effect	Yes	No	Yes	No
Observations	23726	23726	23726	23726
R-squared	0.0868	0.041	0.0979	0.0163