Abstract
Unlike the bewildering situation in the form factor, a widespread view is that perturbative QCD can decently account for the recent \textsc{BaBar} measurement of transition form factor. The next-to-next-to-leading order (NNLO) perturbative correction to the form factor, is investigated in the NRQCD factorization framework for the first time. As a byproduct, we obtain by far the most precise order- NRQCD matching coefficient for the process. After including the substantial negative order- correction, the good agreement between NRQCD prediction and the measured form factor is completely ruined over a wide range of momentum transfer squared. This eminent discrepancy casts some doubts on the applicability of NRQCD approach to hard exclusive reactions involving charmonium.
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