What does this equation mean?

Transition state theory recasts this in thermodynamic language. Treating the activated complex as in quasi-equilibrium with the reactants gives $k = \kappa\,\frac{k_{\mathrm B}T}{h}\exp\left(-\frac{\Delta G^{\ddagger}}{RT}\right)$. in which the universal frequency factor sets the timescale, the Gibbs energy of activation sets the barrier, and the transmission coefficient absorbs the failures of the picture — recrossing of the dividing surface, tunnelling, and the fact that the chosen reaction coordinate is rarely perfect. Splitting the activation Gibbs energy into enthalpic and entropic parts is the point of the exercise. It makes explicit that a catalyst can help either by lowering the enthalpic cost of bond reorganisation or by paying the entropic price of bringing partners together and holding them in the right geometry. Enzymes exploit both routes; heterogeneous catalysts lean heavily on the second, because a surface that has already adsorbed both partners has removed most of their translational and rotational freedom before the reaction begins.