Water-based coating composition

A coated article characterized in that it has a coating film formed by the coating film forming method of applying a water-based coating composition which comprises:

• (i) 100 parts by weight, on the solid content basis, of a composition comprising 100 parts by weight, on the solid content basis, of a self-emulsifying polycarbonate-based polyurethane resin emulsion and 5 to 100 parts by weight, on the solid content basis, of an aqueous resol phenol resin and the water-based coating composition has a pH of 7.0 to 10.0, and further comprising at least one member selected from the group consisting of oxazoline compounds having a glass transition temperature of not lower than 40.degree. C. and containing a styrenic polymer or a styrene-acrylic copolymer, and melamine resins having a curing initiation temperature of not higher than 140.degree. C., the total amount, on the solid content basis, of said member and the aqueous phenol resin being 10 to 200 parts by weight, and
• (ii) 0.5 to 5 parts by weight, on the solid content basis, of at least one acidic catalyst selected from the group consisting of dodecylbenzensulfonic acid, amine salts and ammonium salts thereof, dinonylnaphthalensulfonic acid, amine salts and ammonium salts thereof, acidic amine salts and ammonium salts of phosphoric acid, aminotri(methylenephosphonic acid), 1-hydroxyethylidene-1,1-diphosphonic acid, ethylenediaminetetra(methylenephosphonic acid), and amine salts and ammonium salts thereof to a target article and drying the coat at 60.degree. to 180.degree. C. for 7 to 60 seconds, said coating film having a glass transition temperature of not lower than 40.degree. C. and an elongation percentage of 2 to 6%.