The reaction of dimethyl acetylenedicarboxylate with OH-acid such as 2-naphthol in the presence of trimethyl or triphenyl phosphite under solvent-free conditions produce oxaphosphaphenanthrene derivatives in good yields. Also, the reaction of dimethyl acetylenedicarboxylate and trimethyl phosphite in the presence of 1-naphthol leads to succinate derivatives in excellent yields. Using triethyl phosphite and dimethyl acetylenedicarboxylate in the presence of 1-naphthol or 1-naphthol produces chromene-4-carboxylate derivatives in good yields.