PURPOSE: To produce an aqueous resin dispersion being excellent in film-forming properties and flow and giving a coating film of good heat resistance by emulsion-polymerizing a radical-polymerizable unsaturated monomer in the presence of a dispersant being a low-molecular-weight copolymer prepared by using a surfactant having a radical-polymerizable unsaturation.

CONSTITUTION: This dispersion is produced by polymerizing a radical- polymerizable unsaturated carboxylic monomer with other radical-polymerizable unsaturated monomers in water in the presence of a chain transfer agent and a surfactant having a radical-polymerizable unsaturation in the molecule to produce a copolymer of a number-average molecular weight of 500-20000, and emulsion-polymerizing a radical-polymerizable unsaturated monomer in the presence of a dispersant being the above copolymer. According to this process, the obtained dispersion has very excellent water resistance without detriment to film-forming properties and flow properties characteristic of a water-soluble resin. Further, it can be produced without using any solvent, a high-molecular- weight polymer being effective for developing water resistance and having good solvent resistance can be obtained.