No, not quite. Here's how it works: Every 3 seconds, they print out a bunch of new Steem. 90% of that goes as SP to holders of SP as "interest" or "holding rewards" or what have you.

10% of the new SP goes to author and curation rewards. 10%. Not more, not less. This number does not depend on voting! All voting does is decides who gets the 10%.

If you vote for an article, you're saying "hey guys, this is a neat article. Let's take some of the rewards that are currently allocated to everybody else and give it to this article instead."

If you flag/downvote an article, you're saying "hey guys, let's take some of the rewards that are currently allocated to this article and give them to everybody else instead."