Using IR spectrum, Tyndall effect, electric conductivity, UV-Vis and ESR spectra, the reaction mechanism of catalyst components as studied. The main reduced product of Ni(naph)~2 by Al(i-Bu)~3 was Ni^0. The main reduced product by (i-Bu)~2AlO(i-Bu) was Ninaph. Ni^0 aggregated as colloidal particles (Ni^0)~n, Ni^0 and Ni^+ located on the surface of colloidal particles are active center parts. They coordinate with (i-Bu)~2AlBF~4. Butadiene does not take part in the formation of active center.

Key words: COLLOID, CATALYST, NICKEL COMPLEX, ALUMINIUM COMPLEX, MULTICOMPONENT SYSTEM, INFRARED SPECTROPHOTOMETRY, MICELLAE (=MICELLE), ACTIVE CENTER