The copolymerization of styrene (M(1)) with N-phenylmaleimide (M(2)) in chloroform with 2,2’-azobis(isobutyronitrile) as an initiator was investigated. The kinetic parameters, such as reactivity ratios, overall activity energy, and the effect of molar fraction of monomers on the initial copolymerization rate, were determined. The bimolecular termination of the copolymerization was proved. The treatment method proposed by Yoshimura and colleagues was used to estimate quantitatively the contribution of the charge-transfer complex (CTC) and the free monomers in the copolymerization process. The propagation reactivity ratios of CTC and free monomers were calculated by a new method.