PURPOSE: An oil-free alkyd resin having excellent solubility and chemical resistance, prepared from a polyhydric alcohol and an acid mixture containing an aliphatic polybasic acid and an aromatic polybasic acid, substituted at least partially with an alicyclic compound.

CONSTITUTION: A polyhydric alcohol is reacted with an acid mixture containing an aliphatic polybasic acid and an aromatic polybasic acid which is substituted at least partially with an alicyclic compound of the formula, wherein R1, R2, R3 and R4 are each H or a C1W3 alkyl and R and R' are each H or a C1W8 alkyl. With respect to the amount of the alicyclic compound, 5mol% or more based on the total of the compound and the aromatic polybasic acid suffices, and preferably, the amount is more than 50mol%. When the amount is below 5mol% it is impossible to achieve the desired improvement in properties.