Copolymers (HSA-98-20, HSA-98-0, HSA-98+20) which are acrylic resin containing 80% solid content were synthesized by the reaction of monomers, including methyl methacrylate, n-butyl acrylate, and 2-hydroxyethyl acrylate with a functional monomer, such as acetoacetoxyethyl methacrylate (AAEM), which may improve in cross-linking density and physical properties of films. The physical properties of prepared acrylic resins, containing AAEM, are as follows : viscosity, 1420~5760cps ; number average molecular weight, 2080~2300 ; polydispersity index, 2.07~2.19 ; conversions, 88~93%, respectively. To prepare acryl resins, four kinds of initiators including α,α'-azobisisobutyronitirile (AIBN), di-tert-butyl peroxide (DTBP), t-amylperoxy-2-ethyl hexanoate (APEH), benzoyl peroxide (BPO) were used. The viscosity of the acrylic resins prepared with these initiators was increased in the order of DTBP〉APEH〉AIBN〉BPO. APEH was proved as a suitable initiator in this study. Shear rates of acrylic resins were constant in respect to viscosity. From these results, it would appear that the resins have Newtonian flow characteristics and good workability.