A transition metal complex obtained by causing a transition metal compound to act on the polymer having structural units derived from a 2'-diarylphosphino-1,1-biphenylen-2-yloxy(6,6'-divinyl-1,1'-binaphthalene- 2,2'diyloxy)phosphine derivative which is represented by the following general formula (III) ##STR15## wherein Ar is an optionally substituted phenyl group or an optionally substituted naphthyl group;
- R.sup.1 and R.sup.2 each independently is a hydrogen atom, a lower alkyl group, a halogen atom, a hydrogen substituted lower alkyl group, or a benzyloxy group;
- R.sup.3 is a lower alkyl group, a lower alkoxy group, a halogen atom, a halogen substituted lower alkyl group, or a benzyloxy group;
- provided that R.sup.2 and R.sup.3 may be bonded to each other to form a hydrocarbon ring, which may have one or more substituents selected from lower alkyl groups, halogen atoms, lower alkoxy groups, halogenated lower alkoxy groups, benzyloxy group, and vinyl group;
- and k is an integer of 2 to 100.