Abstract: In a process comprising adding an ethylenic monomer or monomer mixture (B) to a rubbery polymer (A) latex, emulsion-polymerizing it to produce a graft copolymer (C) latex, then adding an acidic substance or an electrolyte to said graft copolymer (C) latex to partially coagulate the latex, thereafter either first adding an ethylenic monomer or monomer mixture (D) and then adding a suspension polymerization stabilizer or simultaneously adding an ethylenic monomer or monomer mixture (D) and a suspension polymerization stabilizer, and carrying out suspension polymerization to obtain a graft copolymer (E) in the form of beads, a process for producing an impact-resistant resin wherein:(1) said rubbery polymer (A) contains at least 60% by weight of a diene monomer component and has a degree of swelling of 10-35, a gel content of 70% by weight or more and a weight average particle diameter of 0.2-0.5.mu. and the major part of the particles has a particle diameter ranging from 0.03.mu. to 1.0.mu.