Abstract: The entrepreneurial studies tend to ignore the influence of peer groups at home and abroad. Based on Shaanxi, Chongqing 14 universities in the micro-investigation data, this paper analyzes the peer groups of university graduates entrepreneurial intention. This study shows that：If there were entrepreneurs in the peer groups, college students' entrepreneurial intention is higher; the closer relationships with entrepreneurs, entrepreneurial intention of college graduates is higher; no matter before and after graduated from university five years, the results are very significant. Using parents of peer groups of entrepreneurs as instrumental variable, analysis results show that after removal of endogenous problems, there is causality between peer groups and entrepreneurial intention. Peer groups effect play the role mainly through example effect and knowledge spillover effect.