Provided is an aliphatic polycarbonate macropolyol including —OAO— and Z(O—)a as repeating units. In the aliphatic polycarbonate macropolyol, the repeating units —OAO— and Z(O—)a are linked to each other via carbonyl (—C(O)—) linkers or are bonded to hydrogen to form terminal —OH groups. The number of moles of the terminal —OH groups is from aZ to aZ+0.2Z (where Z represents the number of moles of the repeating unit Z(O—)a). Further provided is an aliphatic polycarbonate-co-aromatic polyester macropolyol including —OAO— and Z(O—)a as repeating units. In the aliphatic polycarbonate-co-aromatic polyester macropolyol, the repeating units —OAO— and Z(O—)a are linked via carbonyl (—C(O)—) and —C(O)YC(O)— as linkers or are bonded to hydrogen to form terminal —OH groups.