The classical Hardy space $H^2$ has a natural structure of a module
over the algebra of polynomials $\mathbb C[z]$. In this setting the
theorem of Beurling describes all closed $\mathbb C[z]$-submodules of
$H^2$. In this paper we prove a Beurling-type theorem for $H^2$ as a
module over a finitely generated polynomial algebra.