In many years ago, Isgur and Llewellyn Smith addressed that PQCD is inapplicable to exclusive processes, such as the pion form factor.The main problem is that the asymptotic of PQCD is only about one fourth of the experimental value. We reexamine this PQCD deep problem. By including NLO power corrections to the pion form factor, we may arrive at a perturbative explanation for the data. The key realization is that we need to interprete that the strong interaction coupling constant involved in the PQCD result should be taken as an effective coupling constant under nonperturbative QCD vaccum. This implies that one can equally identify the relevant scale for the effective coupling constant as the factorization scale about 1 GeV. We also find that the average momentum fraction variable locates about 0.5, which is in favor of the asymptotic pion wave function. By employing photon-pion form factor with NLO power corrections to factorize out the nonperturbative effects involved in the effective coupling constant, we can extract an effective running coupling constant, which represents an effective coupling involving in the hard scattering subprocesses. The difference between the effective running coupling constant and the usual perturbative running coupling constant ($\Lambda_{QCD}=0.3$ GeV) is very small for $Q^2> 1 GeV^2$. The effective running coupling constant $\alpha_s/\pi$ is smaller than 0.2 for $Q^2>1 GeV^2$. This directly showes that PQCD is applicable to exclusive processes at energy $Q^2> 1 GeV^2$. In summary, with NLO power corrections, PQCD can completely explain the $Q^2$ spectrum of pion form factor.
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