PURPOSE: To obtain the titled polymer suitable as a photoconductive material for electrophotography having excellent sensitivity characteristics and moisture resistance, by esterifying the terminal carboxyl group of a polyester containing dihydroxyanthracene as a constituent component by a specific method.

CONSTITUTION: The objective polymer is prepared by reacting (A) a polyester consisting of (i) an (un)substituted 9,10-dihydroxyanthracene (e.g. 2-methoxy-9,10- dihydroxyanthracene) as a diol component and (ii) an α,ω-dicarboxylic acid (e.g. 1,5-pentanedicarboxylic acid) as an acid component with (B) dimethylformamide dialkyl acetal (e.g. dimethylformamide dimethyl acetal), thereby esterifying the terminal carboxyl group of the component A. The reaction is carried out preferably in a halogenated hydrocarbon solvent.