采用一锅法，先以三羟甲基丙烷（ TMP）作为扩链剂引发 ε-己内酯开环聚合制得聚己内酯多元醇（PCLT）再以 PCLT为原料制得柔韧性优异的低羟基含量丙烯酸分散体（ LHAD）。通过凝胶渗透色谱、傅立叶变，换红外光谱和核磁共振氢谱表征 PCLT，探究 PCLT改性 LHAD制备时的反应温度、 n（己内酯） ∶n（TMP）、溶剂种类， PCLT含量， LHAD理论玻璃化转变温度对 PCLT和 LHAD性能的影响。结果表明：反应温度为145 ℃、n（己内酯） ∶n（TMP）为 12. 17、乙酸丁酯和乙二醇丁醚等质量混合作为釜底溶剂体系， PCLT含量 9. 4%，LnHAD理论玻璃化转变温度为 41. 85 ℃，制得 LHAD粒径较小、黏度适中、固含量高且热贮存稳定性较好。将 LHAD搭配水性多异氰酸酯固化剂（ AQUAPU-298）制备水性双组分聚氨酯涂料，涂层固化后硬度为 F，同时具有优异的柔韧性及光泽。

Polycaprolactone polyol（PCLT）was produced by ring-opening polymerisation of ε-caprolactone using trimethylolpropane（TMP）as a chain extender in a one-pot method，and then low hydroxyl-content acrylic dispersions（LHAD） with excellent flexibility were produced from PCLT. The PCLT was characterised by gel permeation chromatography，fourier transform infrared（FT-IR）spectroscopy and nuclear magnetic resonance（1H NMR）hydrogen spectroscopy，and the effects of reaction temperature，n（caprolactone）∶n（TMP），solvent type，PCLT content，and the theoretical glass transition temperature of LHAD on the properties of PCLT and LHAD were investigated. The results showed that the reaction temperature of 145 ℃，n（caprolactone）∶n（TMP）of 12. 17，the mass mixture of butyl acetate and ethyleneglycol butyl ether as the polymerisation solvent system，the content of PCLT of 9. 4%，and the theoretical glass transition temperature of LHAD of 41. 85 ℃ resulted in the production ofLHAD with smaller particle size，moderate viscosity，high solid content，and better thermal storage stability. The waterborne two-component polyurethane coatings was prepared by combining LHAD with waterborne polyisocyanate curing agent（AQUAPU-298）， and the hardness of the coating was F after curing，and the coating also had excellent flexibility and gloss.