Based on the data of concurrent independent directors of China A-share listed companies

this paper constructs a social network with listed companies as nodes and independent directors as edges

and theoretically analyzes and empirically tests the peer effect of corporate capital structure decision. It is found that corporate capital structure decision will be positively influenced by companies where its independent directors hold concurrent posts

and there is peer effect from independent directors in capital structure decision. Further research shows that such peer effect in companies with comparatively small market share

companies with comparatively short duration of peer relationship and companies with comparatively central network position is more obvious

indicating that the heterogeneity of peer effect from independent directors in capital structure decision depends on network characteristics. This paper also finds that if a company's capital structure is close to its peers where its independent directors hold concurrent posts

its value will be enhanced

while deviating from its peers will damage its value

showing that the peer learning mechanism from independent directors plays an active role in corporation decision

which confirms the value of the network of independent directors.