This paper is concerned with analysis of the basic regularities of the kinetics of formation of polymers with a conjugated system. The experimentally found regularities are explained in terms of the proposed chain branched polymerization mechanism. The principal role in the chain polymerization mechanism is played by paramagnetic centers which are formed from the diamagnetic macromolecules of the polymer in the process of synthesis. The formation of paramagnetic centers is also due to the chain mechanism. It has been established that the thermal effect of the reaction leads to localized overheating of the emerging heterophase of the polymer, which has important consequences for the kinetics of polymerization and the rate of formation of paramagnetic centers.