PURPOSE: To obtain a cold drying type aqueous emulsion-based coating material, good in chipping resistance and damping properties, capable of forming a film having a low specific gravity and suitable as a coating material for undercoating such as repairing.

CONSTITUTION: This cold drying type aqueous emulsion-based coating material is obtained by using a styrene-modified acrylic resin and an urethane resin in combination as resins to be a film component in the emulsion-based coating material prepared by dispersing resins to be the film component in water and blending resin balloons therein. A resin having a glass transition temperature different from a styrene-modified acrylic resin having 0-50°C glass transition temperature and a polyurethane resin having -60 to -10°C glass transition temperature by ≥20°C is used in this case.