From the perspective of exit threat, this paper takes the listed companies in Shanghai and Shenzhen A-share that have made OFDI from 2009 to 2022 as the research sample to examine how non-controlling major shareholders governance affects the business performance of “going-out” enterprises. Findings reveal that non-controlling major shareholders governance can effectively improve the business performance of “going-out” enterprises and the finding remains after considering the endogeneity issue. Further research finds that the exit threat of non-controlling major shareholders keeps more significant in three models: overseas M&A, overseas M&A plus greenfield investment and greenfield investment. The positive effect is weakened when the concentration of equity is higher, and that kind of effect can be more significant when the enterprises are non-SOEs.