[DESCRIPTION] [Invention Title]

TRANSPARENT RUBBER MODIFIED STYRENE RESIN AND METHOD FOR PREPARING THE SAME BY CONTINUOUS BULK POLYMERIZATION

[Technical Field]

<i> The present invention relates to a rubber-modified styrene resin having good transparency, flowability, gloss and impact resistance and a method for continuous bulk polymerization thereof. More particularly, the present invention relates to a transparent rubber-modified styrenic resin having good mechanical properties, flowability, transparency and gloss prepared by controlling the difference between the refractive index of a rubbery copolymer and the refractive index of a matrix resin in each polymerization step and a method for continuous bulk polymerization thereof.

<2>

[Background Art]

<3> In general, acrylonitrile-butadiene-styrene copolymer resin

(hereinafter, ABS resin) has a good balance of physical properties such as processability of styrene, chemical resistance of acrylonitrile, and flexibility and impact resistance of butadiene, and is excellent in appearance. Therefore, ABS resins have been widely used in automobile parts, electronic articles, sheet belts and so on. However, ABS resins are typically opaque, which restricts their application range.

<4> ABS resins are opaque because the refractive index of the matrix resin is different from the refractive index of the dispersed rubber phase, so that light is refracted at the interface therebetween and light in the visible wavelength region is diffused depending upon the size of the rubber particles. Generally, polystyrene resin has a high refractive index. In contrast, the dispersed phase (rubber) has a low refractive index due to the butadiene component. Therefore, for the ABS resin to be transparent, the refractive index of the rubber phase should be identical to that of the

continuous phase (matrix resin). Further, for the ABS resin to have a good balance of flowability, impact resistance, gloss and transparency, the size of the rubber particles should be adjusted properly and the particle size distribution should be uniform to minimize the diffusion of the light in the visible wavelength region.

<5> A transparent rubber-modified styrenic resin is typically prepared by emulsion polymerization, suspension polymerization, solution polymerization, bulk polymerization, etc. A disadvantage of emulsion polymerization is that residual emulsifiers, electrolyte and coagulating agent remaining in the final product degrade the physical properties of the final product. In suspension polymerization, it is difficult to control the rubber particle size and to remove an inorganic suspending agent employed during suspension polymerization. For this reason, organic suspending agents have been recently used. However, these organic suspending agents may also remain in the final product, resulting in the decrease of physical properties of the product. Furthermore, the emulsion polymerization and the suspension polymerization require separate dehydration and drying steps after polymerization, because they employ water as a polymerization medium. In contrast, solution polymerization or bulk polymerization may provide a high-purity product, since they do not require emulsifier or suspending agents typically employed in emulsion polymerization or suspension polymerization. Further, solution and bulk polymerization have the advantage of low production cost and large-scale productions. They are, however, disadvantageous for preparation of transparent rubber-modified styrenic resin, because it is difficult to match the refractive indices between dispersed phase (rubber) and continuous phase (matrix resin).

<6> Japanese Patent Laid-open Publication No.2001-31833 discloses a transparent thermoplastic resin composition produced by adding a specific graft copolymer which contains a rubber component to a resin which does not contain a rubber component melted during continuous bulk polymerization, followed by mixing the blend to adjust refractive index. This technique may

result in a product in which the rubber and resin may have similar refractive index values and which may have increased mechanical properties. The process, however, is not economical because it requires an additional compounding process and the transparency of the resin composition obtained therefrom may be degraded.

<7> U.S. Publication No. 2002/0032282 discloses a transparent rubber-modified styrenic resin composition of improved chemical resistance and moldability prepared by controlling the specific morphology of rubber particles and specific molecular distribution of the matrix resin in a continuous bulk polymerization to disperse the rubber particles (dispersed phase) into the matrix resin (continuous phase). The resin may have a good balance of flowability and impact resistance; however, the resin has a problem of low transparency, since the refractive index is not controlled during the reactions.

<8> In general, conversion rates of monomers even under the same polymerization conditions are different from each other, thereby reducing transparency due to the difference in refractive index.

<9> Accordingly, the present inventors have developed a transparent rubber-modified styrenic resin having excellent flowability, transparency and gloss while maintaining good mechanical properties and a method for continuous bulk polymerization thereof by adjusting a difference of refractive index between a rubber phase (styrene-butadiene rubbery copolymer) and the matrix resin (methylmethacrylate-styrene-acrylonitrile terpolymer) to be about 0.005 or less at each polymerization step.

<io>

[Disclosure] [Technical Problem]

<π> An object of the present invention is to provide a transparent rubber-modified styrenic resin having good transparency, flowability, gloss and impact resistance.

<i2> Another object of the present invention is to provide a method of

continuous bulk polymerization for a transparent rubber-modified styrenic resin by controlling a difference of refractive index between a rubbery copolymer and a matrix resin to be about 0.005 or less, while making a particle size distribution uniform, so that the transparent rubber-modified styrenic resin may have good transparency and impact strength.

<13> A further object of the present invention is to provide a method of preparing a transparent rubber-modified styrenic resin having good transparency, flowability, gloss and impact resistance in a simple consecutive continuous bulk polymerization without requiring any additional steps to adjust a difference of refractive index between a rubbery copolymer and a matrix resin to be about 0.005 or less.

<i4> Other objects and advantages of this invention will be apparent from the ensuing disclosure and appended claims.

<15>

[Technical Solution]

<16> One aspect of the invention provides a transparent rubber-modified styrenic resin composition which comprises about 5—30 parts by weight of a styrene-butadiene rubbery copolymer; and about 0~15 parts by weight of a matrix resin comprising about 20—40 parts by weight of styrenic monomer, about 30—60 parts by weight of unsaturated carboxylic acid alkyl ester monomer and about 0—15 parts by weight of vinyl cyanide monomer, wherein a difference of refractive index between the rubbery copolymer and the matrix resin is about 0.005 or less. According to the invention, the transparent rubber-modified styrenic resin composition has a haze of about 5 % or less as measured by a Nippon Denshoku Haze meter using a 3 mm thick test sample.

<17> In exemplary embodiments of the invention, the styrene-butadiene rubbery copolymer is a block copolymer or a random copolymer having a bound styrene content of about 5—50 %.

<i8> Another aspect of the invention provides a method for preparing a transparent rubber-modified styrenic resin by continuous bulk polymerization. The method comprises the steps of (1) polymerizing a reactant mixture

comprising styrenic monomer, unsaturated carboxylic acid alkyl ester monomer, vinyl cyanide monomer and styrene-butadiene rubbery copolymer to a point of phase inversion in a first reactor to prepare a first polymerization product, (2) continuously introducing the first polymerization product into a second reactor and polymerizing therein while supplying styrenic monomer or unsaturated carboxylic acid alkyl ester monomer to prepare a second polymerization product, and (3) continuously introducing the second polymerization product into a third reactor and polymerizing therein, while supplying styrenic monomer or unsaturated carboxylic acid alkyl ester monomer to prepare a third polymerization product.

<19> In exemplary embodiments of the invention, the first polymerization product is prepared by polymerizing the reactant mixture in the first reactor at a temperature within the range of about 80—130 °C for about 0.5—2 hours. The second polymerization product is prepared by polymerizing the first polymerization product in the second reactor at a temperature within the range of about 100—150 °C for about 1.5—3 hours, while supplying about 0—5 parts by weight of styrenic monomer or unsaturated carboxylic acid alkyl ester monomer per 100 parts by weight of the reactant mixture. The third polymerization product is prepared by polymerizing the second polymerization product in the third reactor at a temperature within the range of about 110 —160 ^° C for about 1.5—3 hours, while supplying about 0—5 parts by weight of styrenic monomer or unsaturated carboxylic acid alkyl ester monomer per 100 parts by weight of the reactant mixture.

<20> In exemplary embodiments of the invention, the third polymerization product may be devolatilized through a devolatilizer to remove unreacted monomers and solvent.

<21>

[Description of Drawings] <22> FIG. 1 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Example 1. <23> FIG. 2 is an electron micrograph showing a particle size and

distribution of transparent resin obtained in Example 2. <24> FIG.3 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Example 3. <25> FIG.4 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Example 4. <26> FIG. 5 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Comparative Example 1. <27> FIG.6 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Comparative Example 2. <28> FIG.7 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Comparative Example 3. <29> FIG.8 is an electron micrograph showing a particle size and distribution of transparent resin obtained in Comparative Example 4.

<30>

[Best Mode]

<3i> Transparent Rubber-Modified Styrenic Resin Composition

<32> One aspect of the invention relates to a transparent rubber-modified styrenic resin composition which comprises a styrene-butadiene rubbery copolymer; and a matrix resin comprising styrenic monomer, unsaturated carboxylic acid alkyl ester monomer and vinyl cyanide monomer.

<33> The styrenic resin composition comprises about 5—30 parts by weight of a styrene-butadiene rubbery copolymer; and about 0—15 parts by weight of a matrix resin comprising about 20—40 parts by weight of styrenic monomer, about 30—60 parts by weight of unsaturated carboxylic acid alkyl ester monomer and about 0—15 parts by weight of vinyl cyanide monomer.

<34> In exemplary embodiments of the invention, the styrene-butadiene rubbery copolymer may be a block copolymer or a random copolymer having a polystyrene content of about 5—50 %.

<35> Examples of the unsaturated carboxylic acid alkyl ester monomer may include methyl methacrylate, ethyl methacrylate, propyl methacrylate, butyl methacrylate, 2-ethylhexyl methacrylate, methyl acrylate, ethylacrylate,

butylaerylate, 2-ethylhexyl acrylate, etc. These unsaturated carboxylic acid alkyl ester monomers can be used alone or in combination with one another.

Among the aforementioned monomers, methyl methacrylate is preferred. <36> Examples of the styrenic monomer may include styrene, α-methyl styrene, α-ethyl styrene, p-methyl styrene, vinyl toluene, etc. These styrenic monomers can be used alone or in combination with one another. Among the aforementioned monomers, styrene is preferred. <37> Examples of the vinyl cyanide monomer may include acrylonitrile, methacrylonitrile, ethacrylonitrile, etc. These vinyl cyanide monomers can be used alone or in combination with one another. Among the aforementioned monomers, acrylonitrile is preferred. <38> According to the present invention, a difference of refractive index between the rubbery copolymer and the matrix resin is about 0.005 or less.

Further, the resin composition of the present invention has a haze of about 5

% or less, preferably about 0.1—3 % as measured by a Nippon Denshoku Haze meter using a 3 mm thick test sample. <39> The resin composition of the present invention may obtain excellent transparency by lowering a difference of refractive index between the rubbery copolymer and the matrix resin to about 0.005 or less and lowering a haze value to about 5 % or less.

<40>

<4i> Preparation of Transparent Rubber-Modified Styrenic Resin Composition

<42> Another aspect of the invention provides a novel method for preparing a transparent rubber-modified styrenic resin.

<43> The method comprises the steps of (1) polymerizing a reactant mixture comprising styrenic monomer, unsaturated carboxylic acid alkyl ester monomer, vinyl cyanide monomer and styrene-butadiene rubbery copolymer to a point to phase inversion in a first reactor to prepare a first polymerization product, (2) continuously introducing the first polymerization product into a second reactor and polymerizing therein, while supplying styrenic monomer or unsaturated carboxylic acid alkyl ester monomer to prepare a second

polymerization product, and (3) continuously introducing the second polymerization product into a third reactor and polymerizing therein, while supplying styrenic monomer or unsaturated carboxylic acid alkyl ester monomer to prepare a third polymerization product.

<44> In exemplary embodiments of the invention, the first polymerization product is prepared by polymerizing the reactant mixture in the first reactor at a temperature within the range of about 80—130 ^° C for about 0.5—2 hours. The second polymerization product is prepared by polymerizing the first polymerization product in the second reactor at a temperature within the range of about 100—150 "C for about 1.5—3 hours, while supplying about 0—5 parts by weight of styrenic monomer or unsaturated carboxylic acid alkyl ester monomer per 100 parts by weight of the reactant mixture. The third polymerization product is prepared by polymerizing the second polymerization product in the third reactor at a temperature within the range of about 110 —160 "C for about 1.5—3 hours, while supplying about 0—5 parts by weight of styrenic monomer or unsaturated carboxylic acid alkyl ester monomer per 100 parts by weight of the reactant mixture.

<45> The reactant mixture is a rubber-dissolved solution in which the styrene-butadiene rubbery copolymer is dissolved in a mixed solution which comprises styrenic monomer, unsaturated carboxylic acid alkyl ester monomer, vinyl cyanide monomer and a solvent.

<46> In exemplary embodiments of the invention, the rubber-dissolved solution may be prepared by mixing styrenic monomer, unsaturated carboxylic acid alkyl ester monomer, vinyl cyanide monomer and solvent in a dissolving tank to form a mixed solution, and adding styrene-butadiene rubbery copolymer thereto with stirring to dissolve the rubbery copolymer in the mixed solution.

<47> The solvent can be a conventional organic solvent. Examples of the organic solvent may include, but are not limited to, aromatic solvent such as ethylbenzene, benzene, toluene, xylene, etc; methyl ethyl ketone, acetone, n-hexane, chloroform, cyclohexane, etc.

<48> The proportion of mixture comprising styrenic monomer, unsaturated carboxylic acid alkyl ester monomer and vinyl cyanide monomer is adjusted to match the refractive index of the styrene-butadiene rubbery copolymer. Preferably, the difference of refractive index between the rubbery copolymer and the monomer mixtures is about 0.005 or less.

<49> In exemplary embodiments of the invention, the amount of the styrene-butadiene rubbery copolymer is about 5—30 parts by weight, the amount of the styrenic monomer is about 20—40 parts by weight, the amount of the unsaturated carboxylic acid alkyl ester monomer is about 30—60 parts by weight, and the amount of the vinyl cyanide monomer is about 0—15 parts by weight, per 100 parts by weight of total monomers.

<50>

<5i> Prepa ^r ation of a First Polymerization Product

<52>

<53> The first polymerization product may be prepared by polymerizing a reactant mixture comprising styrenic monomer, unsaturated carboxylic acid alkyl ester monomer, vinyl cyanide monomer and styrene-butadiene rubbery copolymer in a first reactor.

<54> In the polymerization, thermal polymerization, initiator polymerization using an initiator, or a combination thereof may be performed. Of these, initiator polymerization is particularly preferred for adjusting a refractive index of each reactor, because polymerization conversion in each reactor can easily be controlled by using the initiator polymerization.

<55> Examples of the initiators are organic peroxides such as benzoylperoxide, cumene hydroperoxide, dicumylperoxide, t-butylhydroperoxide, etc; organic peresters such as l-l-di(t-butylperoxy)cyclohexane, 1,1-bis(t ^~ butylperoxy)-3,3,5-trimethyleyelohexane, l-l-bis(t-butylperoxy)cyclohexane, etc; organic peroxycarbonates such as t-amyl(2-ethylhexyl)peroxycarbonate, t-butyl(2-ethylhexyl)peroxycarbonate, D-2-ethylhexyl peroxycarbonate, etc; or azo compounds such as azobisisobutyronitri Ie, l-l-azobis(cyclohexane-l-carbonitri Ie) ,

l-t-butylazo-l-cyanocyclohexane, etc. These initiators can be used alone or in combination with one another. The amount of the polymerization initiator may be varied depending upon the kind of initiator used or temperature, preferably, about 0.02—1 parts by weight per 100 parts by weight of total amount of the monomers.

<56> During each polymerization step, a molecular weight controlling agent can be added. As for the molecular weight controlling agent, alkyl mercaptan represented by the formula of CH ₃ (CH ₂ )nSH can be used. For example, n-butylmercaptan, n-octylmercaptan, n-dodecylmercaptan, t-dodecylmercaptan, etc, may be used. Of these, n-octylmercaptan, n-dodecylmercaptan and t-dodecylmercaptan are preferred.

<57> The first reactor is a continuous stirring tank reactor (CSTR) in which a reactant mixture is introduced into the bottom of the reactor and a polymerized product is discharged from the top of the reactor, which is called a full charge reactor. The polymerization is conducted at a temperature of about 80—130 °C for about 0.5—2 hours. The conversion of monomers in the first reactor is in the range of about 10—30 %. The reactant mixture is polymerized to a point of phase inversion to prepare a first polymerization product, followed by transferring the first polymerization product to a second reactor. The mixed solution forms a matrix resin (continuous phase). The conversion rate of the mixed solution is controlled so that the refractive index of the dispersed phase (rubber) is similar to the refractive index of the continuous phase (matrix resin) such that the difference between the refractive index of the dispersed phase and the refractive index of the continuous phase is about 0.005 or less. Further, the reactant mixture forms stabilized rubber particles in the first reactor, thereby improving impact strength and physical properties.

<58>

<59> Preparation of a Second Polymerization Product

<60>

<6i> The first polymerization product is continuously added into a second

reactor to prepare a second polymerization product. <62> The second reactor can be a continuous stirring tank reactor. The polymerization is conducted at a temperature of about 100—150 ^° C for about 1.5—3 hours. The conversion of monomers in the second reactor is in the range of about 40—60 %. In the second reactor, styrenic monomer or unsaturated carboxylic acid alkyl ester monomer may be further added to match the refractive index of the rubber (dispersed phase) and the matrix resin (continuous phase). The additional monomers are added based on conversion in the first reactor to match the refractive index of the rubbery copolymer and the refractive index of the matrix resin to thereby improve transparency. The difference between the refractive index of the rubbery copolymer and the refractive index of the matrix resin is preferably about 0.005 or less. The additional monomers can be continuously added into the second reactor using a quantitative pump. The amount of the additional monomers is about 0—5 parts by weight, preferably about 0.1—4 parts by weight per 100 parts by weight of the reactant mixture. If the amount of the additional monomers is more than 5 parts by weight, the composition of the matrix resin prepared from the second reactor becomes significantly different from that of the matrix resin prepared from the first reactor, so that it may be difficult to control the refractive indices of rubber and matrix to match the same.

<63>

<64> Preparation of a Third Polymerization Product

<65>

<66> The second polymerization product is continuously added into a third reactor to prepare a third polymerization product. The polymerization is conducted at a temperature of about 110—160 ^° C for about 1.5—3 hours. The conversion of monomers is in the range of about 70—90 %. In the third reactor, styrenic monomer or unsaturated carboxylic acid alkyl ester monomer may be further added based on conversion in the second reactor to match the refractive index of the rubber (dispersed phase) and the refractive index of the matrix resin (continuous phase). The amount of the additional monomers is

about 0~5 parts by weight, preferably about 0.1—4 parts by weight per 100 parts by weight of the reactant mixture. The third polymerization product from the third reactor may have high impact strength and good gloss due to stabilized rubber particles and uniform particle size distribution, which results in prevention of diffused reflection on the surface of a molded article. Accordingly, the refractive index of the rubber phase is similar to that of the matrix phase, so that the third polymerization product may achieve excellent transparency and physical properties. The difference between the refractive index of the rubbery copolymer and the refractive index of the matrix resin may be about 0.005 or less.

<67> In exemplary embodiments of the invention, the third polymerization product may be devolatilized through a devolatilizer to remove unreacted monomers and solvent.

<68> The invention may be better understood by reference to the following examples which are intended for the purpose of illustration and are not to be construed as in any way limiting the scope of the present invention, which is defined in the claims appended hereto. In the following examples, all parts and percentage are by weight unless otherwise indicated.

<69>

[Mode for Invention] <70> Examples

<71>

<72> Example 1

<73> 28 parts by weight of styrene monomer, 38 parts by weight of methyl methacrylate monomer, 2 parts by weight of acrylonitrile monomer, 12 parts by weight of styrene-butadiene rubbery copolymer (polystyrene content: 25 wt.%) and 20 parts by weight of ethyl benzene are added into a mixing tank with stirring until the styrene-butadiene rubbery copolymer become completely dissolved. On a basis of 100 parts by weight of a initial mixture (a mixture of monomers and solvent), 0.12 parts by weight of t-butyl (2-ethylhexyl)peroxycarbonate as a polymerization initiator and 0.26 parts by

weight of n-dodecylmercaptan as a molecular weight controlling agent are further added thereto to prepare a raw material solution. The formulation in a monomer mixture is adjusted to provide a refractive index of styrene-methyl methacrylate-acrylonitrile terpolymer (continuous phase (matrix resin)) in a first reactor to match that of the styrene-butadiene rubbery copolymer, (dispersed phase). The raw material solution is fed into a full charge type continuous stirring tank reactor (full-charge CSTR) as a first reactor. In the first reactor, the polymerization is conducted at a temperature of 85 "C and 120 RPM for 1 hour to prepare a first polymerization product. The first polymerization product from the first reactor is fed into a continuous stirring tank reactor as a second reactor and polymerized at a temperature of 105 °C and 100 RPM for 2 hours, while continuously adding 0.5 parts by weight of styrene monomer (per 100 parts by weight of the initial mixture) using a quantitative pump thereby obtain a second polymerization product. The second polymerization product is fed into a third reactor and polymerized at a temperature of 125 °C and 70 RPM for 2 hours, while continuously adding 2.5 parts by weight of styrene monomer (per 100 parts by weight of the initial mixture) using a quantitative pump thereby obtain a third polymerization product. The third polymerization product is fed into a devolatilizer to remove unreacted monomers and solvent therefrom and then pel letized to obtain the final product.

<74>

<75> Example 2

<76> Example 2 is prepared in the same manner as in Example 1 except that 30 parts by weight of styrene monomer, 36 parts by weight of methyl methacrylate monomer, 2 parts by weight of acrylonitrile monomer, 12 parts by weight of styrene-butadiene rubbery copolymer (polystyrene content: 25 wt.%) and 20 parts by weight of ethyl benzene are used as an initial mixture. Further, the amount of methyl methacrylate monomer added in the second reactor is changed to 3 parts by weight, and that of styrene monomer added in the third reactor is changed to 3 parts by weight.

<77>

<78> Example 3

<79> Example 3 is prepared in the same manner as in Example 1 except that 21 parts by weight of styrene monomer, 45 parts by weight of methyl methacrylate monomer, 2 parts by weight of acrylonitrile monomer, 12 parts by weight of styrene-butadiene rubbery copolymer (polystyrene content: 15 wt.%) and 20 parts by weight of ethyl benzene are used as an initial mixture. Further, the amount of styrene monomer added in the second reactor is changed to 3 parts by weight, and that of styrene monomer added in the third reactor is changed to 3 parts by weight.

<80>

<8i> Example 4

<82> Example 4 is prepared in the same manner as in Example 1 except that 23 parts by weight of styrene monomer, 43 parts by weight of methyl methacrylate monomer, 2 parts by weight of acrylonitrile monomer, 12 parts by weight of styrene-butadiene rubbery copolymer (polystyrene content: 15 wt.%) and 20 parts by weight of ethyl benzene are used as an initial mixture. Further, the amount of styrene monomer added in the second reactor is changed to 1 part by weight, and that of styrene monomer added in the third reactor is changed to 2 parts by weight.

<83>

<84> Comparative Example 1

<85> Comparative Example 1 is prepared in the same manner as in Example 1 except that no monomer for matching the refractive indices of the matrix resin (continuous phase) and the rubber phase (dispersed phase) is added at the second reactor or the third reactor.

<86>

<87> Comparative Example 2

<88> Comparative Example 2 is prepared in the same manner as in Example 3 except that no monomer for matching the refractive indices of the matrix resin (continuous phase) and the rubber phase (dispersed phase) is added at

the second reactor or the third reactor.

<89>

<90> Comparative Example 3

<9i> Comparative Example 3 is prepared in the same manner as in Example 1 except that reaction time in the second reactor is changed to 1 hour thereby lowering the polymerization conversion in the second reactor.

<92>

<93> Comparative Example 4

<94> Comparative Example 4 is prepared in the same manner as in Example 2 except that reaction time in the third reactor is changed to 1 hour thereby lowering the polymerization conversion in the third reactor.

<95>

<96> The polymerization conditions of Examples 1—4 and Comparative Examples 1—4 are shown in Tables 1 and 2.

<97>

<98> [Table 1]

<99> <100>

<101> [Table 2]

<102> <103>

<104> The physical properties of the final products obtained from Examples 1 ~4 and Comparative Examples 1—4 are measured as follow, and the results are shown in Table 3.

<105>

(solid content - content of styrene-butadiene rubber)

(1) Conversion (%) = x 100 (100 — solvent content)

<106>

<107> (2) Particle size : The size of particles is measured by means of a Mastersizer S Ver 2.14 produced by Malvern Co. <108> (3) Refractive Index : The refractive index is measured using a 2010M Model produced by Metricon Co. <109> (4) Izod Impact Strength (1/8", kg- cm/cm) : The Izod impact strength is measured in accordance with ASTM D256. <110> (5) Haze(%) : The haze is measured by a Haze meter produced by Nippon Denshoku Co., using a 3 mm thick test sample. <111> (6) Flowability(g/10 min, 5 kg, 220"C) : The flowability is measured in accordance with ASTM D-1238.

<U2> (7) Gloss : The gloss is measured in accordance with ASTM D-523. <113> <114> [Table 3] <115>

<117>

<118>

<119>

<120> * Refractive Index of Polymerization Product: The polymerization products from the first reactor, the second reactor and third reactor are respectively sampled and dissolved in a solution containing toluene and methylethylkenone (in a volume ratio of 50:50). The dissolved solution is then centrifuged twice by using a centrifugal separator at 25,000 rpm for 1 hour, to thereby completely separate the rubber phase and the matrix resin. The refractive indices of the rubber phase and the matrix resin are measured respectively.

<i2i> * Refractive Index of Test Sample: The refractive index of an injection-molded test sample of 100mm (length) X 100mm (width) x 3.0mm (thickness) is measured.

<122>

<i23> As shown in Table 3 and Figures 1 to 8, the resin composition may have excellent impact strength, flowability, gloss and transparency by matching the refractive index of the dispersed phase (rubber) with that of the continuous phase (matrix resin) and optimizing conversion rate so that the rubber particles may have a uniform morphology.

<124>

<125> In the above, the present invention was described based on the specific preferred embodiments, but it should be apparent to those of ordinary skilled in the art that various changes and modifications can be added without departing from the spirit and scope of the present invention which will be defined in the appended claims.

<126>