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Physical mechanisms involved in the light confinement in photonic crystal slab microcavities are investigated. We first present a full three-dimensional numerical study of these microcavities. Then, to gain physical insight into the confinement mechanisms, we develop a Fabry-Perot model. This model provides accurate predictions and sheds new light on the physics of light confinement. We clearly identify two mechanisms to enhance the Q factor of these microcavities. The first one consists in improving the mode-profile matching at the cavity terminations and the second one in using a slow wave in the cavity.