PURPOSE: To obtain the subject colorless compound by transesterifying a phenol with a carbonic acid dialkyl ester using a specific catalyst in a vapor phase, having excellent qualities useful as a raw material for polycarbonate without requiring separation of a reaction product from the catalyst and without admixture of the catalyst.

CONSTITUTION: The objective compound is obtained by transesterifying (B) a phenol (e.g. phenol) with (C) a carbonic acid dialkyl ester (e.g. dimethyl carbonate) in a vapor phase by using (A) a catalyst prepared by supporting a Lewis acid {e.g. a compound of the formula TiX3 (X is a halogen, an alkoxy or an aryloxy), the formula RnSnX4-n (R is an (aryl)alkyl; (n) is 0-3], the formula FeX3, the formula AlX3, the formula TiX4 or the formula PbX2}. The component A has preferably 0.01-50wt.% supporting amount of Lewis acid based on the whole amount of the component A.