Certain Hilbert spaces of polynomials, called Szego spaces [II], are s
tudied. A transformation, called Hilbert transformation, is constructe
d for every polynomial associated with a Szego space. An orthogonal se
t is found in a Szego space which determines the norm of the space. A
matrix factorization theory is obtained for defining polynomials. Meas
ures associated with a Szego space are parametrized by functions which
are analytic and bounded by one in the unit disk. A fundamental facto
rization theorem relates Szego spaces to weighted Hardy spaces.