We study theoretically the origin of photoconductivity in conjugated polyme
rs. The charge carriers are released when excitons dissociate through the d
eep levels within the semiconductor bandgap caused by either oxidation (car
bonyl group) or structure defects. Our results explain the recent observati
ons of the temperature-independent photocurrent in the sweep-out regime and
the transient photocurrent at high excitation. The tightly bound exciton v
ersus semiconductor band controversy on the photocarrier generation process
is clarified.