Abstract: This study analyzes the influence of different tax rate on dividends over the company’s maturity structure of liabilities. The theoretical model introduces the growth opportunity, based on the external financing analysis framework under asymmetric information. Through theoretical derivation and numerical calculations, this study gets some meaningful conclusions. The long-term debt increases with the increasing of different tax rate on dividends. The short-term debt decreases with the increasing of different tax rate on dividends and growth opportunity. In other words, the debt maturity structure will be influenced by growth opportunity and different tax rate on dividends. Furthermore, the different tax rate on dividends is beneficial to the entrepreneur engaged in long-term investment.