The present invention relates to a water-dispersible binder composition which is suitable for the production of a stoving filler to be processed from the aqueous phase and which containsa) 65 to 95% by weight of a urethane-modified polyester resin containing carboxyl groups,b) 5 to 35% by weight of a crosslinker resin andc) 0 to 2% by weight of an emulsifier,wherein the percentages are based on the total weight of components a) to c), characterized in that component a) has an acid value of 15 to 36, a hydroxyl value of at least 40 and a molecular weight (M.sub.w) of 5,000 to 50,000 and has been obtained by reactinga1) 72 to 80% by weight of a polyester polyol having a hydroxyl value of 130 to 200 and an acid value of 1 to 5 anda2) 4 to 7% by weight of a 2,2-bis-(hydroxymethyl)-alkane carboxylic acid or a quantity corresponding to this quantity of acid of a tertiary amine salt of such an acid witha3) 15 to 24% by weight of at least one cycloaliphatic diisocyanate having a molecular weight of 166 to 294,wherein the percentages are based on the total weight of components a1) to a3).The present invention also relates to a process for the production of an aqueous stoving filler which is suitable for the production of chip resistant coatings and to the chip resistant coatings produced therefrom.