How to Share a ContentDocumentLink using "Set by Record"

Set By Record can be done upon assigning

ShareType = "I", where it means:

Inferred permission. The user’s permission is determined by the related record. For shares with a library, this is defined by the permissions the user has in that library.

Other Share Types are:

V Viewer premission. The user can explicitly view but not edit the shared file.

C Collaborator permission. The user can explicitly view and edit the shared file.

Given a small piece of code for this assignment

//create an account 
Account acct = new Account(Name='TEST_ACCT');
insert acct;

ContentVersion contentVersion = new ContentVersion(
  Title = 'Test',
  PathOnClient = 'test.jpg',
  VersionData = Blob.valueOf('Test Content'),
  IsMajorVersion = true
);
insert contentVersion;    
List<ContentDocument> documents = [SELECT Id, Title, LatestPublishedVersionId FROM ContentDocument];

//create ContentDocumentLink  record for that account
ContentDocumentLink cdl = New ContentDocumentLink(
            LinkedEntityId = acct.id, ContentDocumentId = documents[0].Id, shareType = 'I');
insert cdl;

Also, created a file with Set By Record at my org.

Workbench query

For more information, refer ContentDocumentLink

This is available now in the Winter '20 release! https://releasenotes.docs.salesforce.com/en-us/winter20/release-notes/rn_files_sharing_set_by_record.htm