Abstract: Anionic polyol (T-PABA) dispersion was prepared by terpene-based epoxy resin and para-aminobenzoic acid. The results showed that the optimum reaction conditions were as follows: the molar ratio of PABA/TME 1.6:1-1.8:1, 2-butanone (1.5 times the mass of PABA) as reaction solvent, reaction temperature 86℃ and reaction time 3 h. The technical parameters of T-PABA were as follows: hydroxyl value 168.9 mg/g, amino value 125.9 mg/g, the total active hydrogen content 5.245 mmol/g. After dispersed in water, the viscosity of T-PABA dispersion was 400 mPa·s with solid content of 30%. The chemical structure of T-PABA was characterized by FI-IR and NMR, and the molecular weight was measured with GPC. Laser particle size analyzer was used to characterize the particle size distribution of the T-PABA dispersion. The value of the Z-average particle size of the dispersion was about 30 nm. The rheological properties of the T-PABA dispersion were examined with rotary rheometer. The apparent viscosity of the dispersion remains constant with the increasing of shear rate, and the value of the flow index was about 1. This indicated that T-PABA dispersion was Newton fluid.

Key words: terpene, epoxy resin, waterborne polyol, anionic, solution property