Abstract
Let $\cal{B}$ be a reflexive Banach space of functions analytic on the open unit disc and M be an invariant subspace of the multiplication operator by the independent variable, $M_z$. Suppose that $\varphi\;\in\;\cal{H}^{\infty}$ and $M_{\varphi}$ : M ${\rightarrow}$ M, defined by $M_{\varphi}f={\varphi}f$, is the operator of multiplication by ${\varphi}$. We would like to investigate the spectrum and the essential spectrum of $M_{\varphi}$ and we are looking for the necessary and sufficient conditions for $M_{\varphi}$ to be a Fredholm operator. Also we give a sufficient condition for a sequence $\{w_n\}$ to be an interpolating sequence for $\cal{B}$. At last the commutant of $M_{\varphi}$ under certain conditions on M and ${\varphi}$ is determined.