Encouraging businesses consolidation to expand, internationalize, and deregulate has been constantly emphasized for the financial reform in Taiwan. However, the consolidation of finance and insurance businesses will impact on the overall economy more sensitively and intricately. Motivations of businesses consolidation not only comprehensive regulation but also useful analysis tools are necessary. For providing businesses a simulate procedure with public market information to obtain effects of consolidation, the data envelopment analysis strategy matrix (DEASM) is introduced in this study. DEASM is used to integrate the relative performance indicator, operating efficiency, and the absolute performance indicators, profitability such as earnings per share or benefit-cost ratio. In a DEASM, each business can be positioned as benchmarks, underperforming potential stars, problem branches, or candidates for divestiture. Any business can filter every candidate for consolidation on the basis of the internal and external effects obtained by the simulation approach. Our procedure is illustrated with data of year 2011 for 35 financial and insurance companies listed in Taiwan. A company with disadvantage position in DEASM has been chosen as case study. The chosen company is simulated to consolidate 12 companies, respectively, whose positions are different in DEASM. Effects of internalities in consolidated companies and externalities in the other nonconsolidated companies can be obtained by each consolidated simulation case and can be compared among each other. The results of comparison can be used as a decision guideline for the company to choose the most suitable one to consolidate, also can be used as an advising for the government to develop the policies for promoting and/or approving the consolidation among financial and insurance institutions.