基于2007～2022年A股上市公司样本，使用BERT大语言模型构建企业政策性信息披露指标，考察企业政策性信息披露对企业债务融资成本的影响。研究发现，企业政策性信息披露能够显著降低企业债务融资成本，上述结论经过一系列稳健性检验和内生性讨论后仍然成立。机制检验发现，基于披露内容的信息补充机制和基于披露行为的战略倾向机制，是企业政策性信息披露降低债务融资成本的关键作用路径。进一步异质性分析发现，企业政策性信息披露对债务融资成本的降低作用，在民营企业、年报语调情感更积极以及具有长期债务结构的企业中更为显著。

Using a sample of A-share listed companies from 2007 to 2022, this study employs the BERT large language model to construct an index of corporate policy-related information disclosure and examines its impact on the cost of debt financing. The findings indicate that corporate policy-related information disclosure significantly reduces the cost of debt financing, and this conclusion holds even after a series of robustness tests and discussions on endogeneity. Mechanism tests reveal that the information supplementation mechanism which based on disclosure content and the strategic orientation mechanism which based on disclosure behavior are the key channels through which corporate policy-related information disclosure reduces debt financing costs. Further heterogeneity analysis indicates that the cost-reducing effect of corporate policy-related information disclosure is more pronounced among private enterprises, firms with a more positive tone in their annual reports, and firms with a long-term debt structure.