Abstract: The preparation of vinyl ester homo- or copolymers by emulsion polymerization is described. The process is performed in the presence of a polymerization-retarding component in at least two phases, the concentration of the vinyl ester monomer in the polymerization mixture in the first phase having been depleted by not more than 50% at the end of the first phase compared to the concentration of the vinyl ester monomer in the polymerization mixture at the start of the first phase, and the concentration of the vinyl ester monomer in the polymerization mixture in the second phase being depleted compared to the concentration at the end of the first phase. The retarding component is depleted during the first phase. In the second phase, the heat of reaction is removed by evaporative cooling.