PURPOSE: To obtain a resin composition which is a dry emulsion having excellent dispersibility in an aqueous solvent, by melt-kneading a hydrophobic thermoplastic resin with a polymer having two specified components and having an R-S- group on one end.

CONSTITUTION: 98W60pts.wt. hydrophobic thermoplastic resin (A) which is a polyolefin, a saturated polyester, a polyamide, PS or a resin of any of formulas IWV [wherein D is a monovinylaromatic compound polymer block, E is a conjugated diolefin copolymer (hydrogenated) block, X is an m-valent polyfunctional group, m is 3W7, and n is 2W10] is melt-kneaded with 2W40wt.% polymer (B) of an average degree of polymerization of 20W300, having two components of formulas VI and VII [wherein Q is a group of formula VIII, -CH2OX, -COOY, -CONH2 or -OCOZ (wherein X is a fatty acid group having a Y group, Y is H or Z, Z is a 1W20 C lower alkyl] and having an R-S- group (wherein R is an 8 C or higher hydrocarbon group) to obtain a resin composition which is dispersible in an aqueous medium and in which component A forms a dispersed phase and component B forms a continuous phase.