PROBLEM TO BE SOLVED: To provide a urethane-(meth)acrylate composite resin and an aqueous dispersion of the composite resin, which can maintain excellent characteristics without damaging a film formed therefrom, even when the resin comes into contact with an oily component, and polyurethane as a raw material of the composite resin.SOLUTION: The polyurethane is produced from a polyol component comprising a polyether polyol, and a polyhydric isocyanate component, in which the polyether polyol includes a constituent unit derived from at least one dicarboxylic acid selected from the group consisting of phthalic acid, isophthalic acid and terephthalic acid. From a mixture solution of silicone oil and the polyurethane (in a weight ratio of 50/50), a film can be formed by casting at 23°C.SELECTED DRAWING: None
